No / Wavelet based multicarrier systems have attracted the attention of the researchers over the past few years to replace the conventional OFDM systems in the next generation communication systems. In this paper we have investigated the performance of such wavelet based systems using forward error correction with covolutional coding and interleaving in a Wavelet-SISO system and then in a Wavelet multicarrier modulation (WMCM) multiple input multiple output (MIMO) system using Convolutional coding and beamforming to reduce the source bit rate and overall system error and increase the data rate. Results show outstanding Bit Error Rate vs. Signal to Noise Ratio Performance. Other than better performance the proposed systems keep the computational burden off the receiver that has more cost and power constraints.