Form altered select field is submitting the wrong values
For dynamic list text no need of form alter for a content type.

You can achieve this goal using Content Construction Kit (CCK) module.

Install this module and configure field as below image

and define function statement like 

function _options_english_side_menu(){
    $english_side_menu_list = array('1' =&gt; 'value1', '2' =&gt; 'value2');
    return $english_side_menu_list;
}


Using this function you can assign dynamic list to list text.