Got it to work. Simply download mass effect 2 1.02 no-dvd fix from VITALITY and paste it in your mass effect 2 folder. Replace the original masseffect2.exe with the VITALITY masseffect2.exe. Launch the game using masseffect2.exe and the trainer works. I am able to use the retail version of the trailer. Never tried the steam version and i launch the masseffect2.exe as administrator.
Got it to work for me as well, using the renaming suggestion. There were two app files in my binaries folder (MassEffect2 and ME2Game) Not sure what the MassEffect2 file is (as it is only 162 KB in size). I renamed it MassEffect2(2) and then I renamed ME2Game (which is 15.6 MB in size) to MassEffect2. I also put the trainer file in the Binaries folder. Ran the trainer (didn't run in compatibility mode or as an admin), and then I ran the game (using the exe file in the binaries folder to start it up)...worked just fine for me after that.