Is anyone familiar Andrew Mitchem - the forex trading coach? online forex course

[NVP]

Hi N

I think I must have lowered your credibility ratings since I came on the scene - but still at least you understand what I get up to


Regards


F

I stopped worrying about credibility here years ago F .........I find the less I worry about such things and other such distractions and noise the more successful and focused I am at my trading

N

 

[icmarketsfx]

Which anyone can do by looking at a chart,or perhaps if you have super TA skillz you may find adding an MA to a chart helps.

Its the PA and MM which is key, and unlikely you will learn that by paying this or any other dude.

Golden Words :clap:

 

[erobbs]

What you all guys are doing here is making fun of someone and posting useless comments and the rest of discussion by senior members is completely off topic.

I have seen Andrew's Daily Forecast at FPA and took many trades in that direction and mostly they were successful.

You can take it as a challenge by him and prove him wrong.
I am not his client and I am not in favor of him, I am also not looking to join him in any case Instead of wasting time we should carry some positive and meaningful information which will be useful for many readers.

Let me start from his market forecast for 29-04-2014

Andrew Mithchem predict total 11 Pairs direction for next 24 hours in advance just after NY closed. Reference Thread

Buy Trades

EUR/JPY (Right Prediction)
EUR/AUD (Right Prediction)
EUR/NZD (Right Prediction)
CAD/JPY (Right Prediction)
GBP/JPY (Right Prediction)
GBP/NZD (Right Prediction)
CHF/JPY (Right Prediction)


Sell Trades

AUD/CAD (Right Prediction)
NZD/USD (Right Prediction)
NZD/CAD (Right Prediction)
NZD/CHF (Wrong Prediction)

Result:
10 out of 11 pairs predictions were quite right.

I agree with the above thread. I made 3 trades on consecutive days (6 in total) and all were successful trades, with the largest being 50pips - could have been slightly more if I held on a bit.....

Can comment on his course though.....I am very skeptical of people who claim to be 'experts' selling 'secrets' of the trade.....

Has anyone here actually purchased this course? Sorry if this has been answered before, I am new to the forum.

Thanks

 

[Porkpie]

the core of my own systems is to identify individual currency strengths and weaknesses but to give generic directional calls at such high TF levels is frankly of little use for real trading and making money

N

The problem I have with currency strength meters, which i guess is what Mr Andrew Mitchem is using, is that you end up looking to enter the market when the currency has already strengthened or weakened. It sounds all very logical to identify the weakest and the strongest currencies to then pair up and trade, but this relationship can turn on a dime. Past strength/weakness does not mean future strength or weakness. Still by identifying the weakest and strongest pairs I suppose its better than determining the trend with an ema of any pair without identifying strongest or weakest individual pairs to trade against.

Getting into a potential trend from the start using volume, price and time using a multiple time frame top down approach would probably give you better odds of bigger gains with reduced risk rather than getting into a pair where the trend has already been established.

 

[yellowfloyd]

Recently I heard this name twice, Andrew Mitchem,
I heard he is a great trader and he has a forex trading course online.

Does anyone know it? had the course? recommends?
I am looking for an objective opinion.

thanks guys!

I've not directly heard of Andrew but am not a fan of courses in general. They tend to costs thousands and teach you nothing you can't learn from books at a fraction of the cost.

 

[erobbs]

I've not directly heard of Andrew but am not a fan of courses in general. They tend to costs thousands and teach you nothing you can't learn from books at a fraction of the cost.

If you havent head of him, why reply?

His cost is $2k (which as far as courses go, not too bad)

Why he does offer is access to his daily trades, and atm he is offering a 20% return guarantee in the first 12 months or he refunds the entire course fee. So if you start with a trading account of $2k you will be guaranteed at least to get your money back.

Have a read of the reviews at FPA and see for yourself.

Granted you can get a lot for free, but there are some things you can not learn from a book. He has live webinars and is available for questions.

Thats just my opinion.

 

[Sigma-D]

His cost is $2k [...]

he is offering a 20% return guarantee in the first 12 months or he refunds the entire course fee. So if you start with a trading account of $2k you will be guaranteed at least to get your money back.

Does he include basic maths as part of the course?

 

[Porkpie]

If you havent head of him, why reply?

His cost is $2k (which as far as courses go, not too bad)

Why he does offer is access to his daily trades, and atm he is offering a 20% return guarantee in the first 12 months or he refunds the entire course fee. So if you start with a trading account of $2k you will be guaranteed at least to get your money back.

Have a read of the reviews at FPA and see for yourself.

Granted you can get a lot for free, but there are some things you can not learn from a book. He has live webinars and is available for questions.

Thats just my opinion.

That's bonza mate. 20% woohoooo! :clap:
I think everrything you need is here in this thread regarding his method. If it appeals to you then trade it and be disciplined with it.

 

[Sigma-D]

I
His cost is $2k [...]

[...]he is offering a 20% return guarantee in the first 12 months or he refunds the entire course fee. So if you start with a trading account of $2k you will be guaranteed at least to get your money back.

You pay $2K for the course. Your start with a $2K account. You lose the lot.

Even if he doesn't quibble about you not following his methods/trades/system and refunds you fully, you're still $2K down

Does the course include a section on basic arithmetic?

Bonza indeed mate.

 

[crabbydog]

So was the 20 trade trial ever completed?

 

[jotekfinance]

Still, in the long run, not too bad a deal.

 

[neilco]

If Andrew Mitchem is a fraud, then where are all the dissatisfied clients??? I can't find them anywhere. After several years of offering a trading course you would think there would be people complaining if he had “scammed” them out of $2k. I haven't taken the course, but I am strongly considering it. Theforextradingcoach.com has probably trained hundreds of clients by now. After extensive searches, I can't seem to find one past customer who felt ripped off. The only negative words I can really find are from people who have NOT purchased the program! I would love to hear more from past clients.

 

[NVP]

If Andrew Mitchem is a fraud, then where are all the dissatisfied clients??? I can't find them anywhere. After several years of offering a trading course you would think there would be people complaining if he had “scammed” them out of $2k. I haven't taken the course, but I am strongly considering it. Theforextradingcoach.com has probably trained hundreds of clients by now. After extensive searches, I can't seem to find one past customer who felt ripped off. The only negative words I can really find are from people who have NOT purchased the program! I would love to hear more from past clients.

then go take it ............this is a forum .........nothing more nothing less

N

 

[NVP]

people miss the point............even a crap system will make money in good markets ............the test is losing minimum money in poor market conditions

N

 

[Porkpie]

So was the 20 trade trial ever completed?

20 trade trial!! Come on. If you know anything, 20 trades means didly squat in the whole scheme of things.

At then end of the day it does not matter what method you are using as long as you have an edge. You can pay $97 or you can pay $9997, you either have an edge or you don't. To know if you have an edge you have to understand how the market works (NO TECHNICAL ANALYSIS COURSE IS GOING TO TEACH YOU THAT).

You have to have experience trading that technique. If you understand the logic to a method and it has an edge with regards the market dynamics, and the money management makes sense with regards that method then all you need now is many thousands of hours experience trading that technique to really make it work for you.

Just because you can follow a recipe does not mean you know how to cook. Same with trading. Just because someone spoon feeds you a method that you spent thousands of $s for or zero $s for, does not mean it will work for you.

 

[neilco]

then go take it ............this is a forum .........nothing more nothing less N

The point of my post was to hear from past or present clients who actually know the value of the training. And if there are dissatisfied clients, where can I find that info, because I haven't been able to find it on my own.

NVP, thanks for replying, but I didn't get any useful information out of your response. Maybe you know of a link somewhere with Andrew Mitchem's dissatisfied customers?

The title of this thread is, Is anyone familiar Andrew Mitchem - the forex trading coach? online forex course so I think I am in the right place to ask for and gather information about this provider.

Is there anyone here that has actually purchased the course that can give an informed unbiased opinion about it? And does anyone know of some reviews by clients other than the reviews on FPA. Just trying to gather as much info as possible and do my due diligence before I make a purchase. Thanks for your help.

 

[Porkpie]

I don't understand what you want. If there were unsatisfied customers they would have already spilled their guts on forexpeacearmy. Are you saying you don't trust that website?

There was a guy called Beau Hicks who is/was a customer of Andrew Mitchem, that used to post on various forums about the course fairly frequently. He seems to have disappeared. So you can make your conclusions from that.

Put yourself out of your misery and hand your cash to Mr Mitchem. I am sure he is really hurting right now what with the low liquidity at the mo, so he could do with a few extra pennies.

No pain no gain. Those who dare wins. Just do it.....

Agreed NVP, e.g. Mr Mitchem's results speak volums on a year to year basis, his daily signals doing fabulous and then last year not great and this year in the red so I hear. But thats trading.

 

[neilco]

I don't understand what you want. If there were unsatisfied customers they would have already spilled their guts on forexpeacearmy. Are you saying you don't trust that website?

here was a guy called Beau Hicks who is/was a customer of Andrew Mitchem, that used to post on various forums about the course fairly frequently. He seems to have disappeared. So you can make your conclusions from that.

Put yourself out of your misery and hand your cash to Mr Mitchem. I am sure he is really hurting right now what with the low liquidity at the mo, so he could do with a few extra pennies.

No pain no gain. Those who dare wins. Just do it.....

Agreed NVP, e.g. Mr Mitchem's results speak volums on a year to year basis, his daily signals doing fabulous and then last year not great and this year in the red so I hear. But thats trading.

Thanks for responding Porkpie. I will look for posts from Beau Hicks.

Yes, I am saying I don't necessarily trust FPA. The problem is there is potential bias there since Mr. Mitchem is a contributor, or whatever they call it, to the FPA site. I'm not saying there is any wrongdoing, but I also don't want to be naive. As far as putting myself out of my misery, I'm in no hurry and just want to get more info first. There's really not much for reviews online about Mitchem's coaching program other than on FPA, so I'd like to hear from other places. There are a lot of positive reviews on FPA and nearly no reviews of any kind anywhere else that I can find. I don't frequent forums very much and thought there might be some places that I don't know about to get some additional info...such as here. I also hope some of his clients will see my posts. Of course if they truly are making money and are happy with the program, they probably aren't out looking for people who want more info...

 

[Porkpie]

Thanks for responding Porkpie. I will look for posts from Beau Hicks.

Yes, I am saying I don't necessarily trust FPA. The problem is there is potential bias there since Mr. Mitchem is a contributor, or whatever they call it, to the FPA site. I'm not saying there is any wrongdoing, but I also don't want to be naive. As far as putting myself out of my misery, I'm in no hurry and just want to get more info first. There's really not much for reviews online about Mitchem's coaching program other than on FPA, so I'd like to hear from other places. There are a lot of positive reviews on FPA and nearly no reviews of any kind anywhere else that I can find. I don't frequent forums very much and thought there might be some places that I don't know about to get some additional info...such as here. I also hope some of his clients will see my posts. Of course if they truly are making money and are happy with the program, they probably aren't out looking for people who want more info...

You could ask Mr Mitchem to speak/email with one of his customers also I am sure he will oblige.

 

[Porkpie]

A damning review recently posted for Mitchem. Obviously not a happy customer. Not sure why his second dated post is a retraction. Maybe Mitchem threatened him!:

A User, uk, United Kingdom
Rating: No Rating
Date of Post: 2015-01-28
Review: I'd like to retract my review in full please...............................

Review Moderation Team Note: The FPA rarely allows reviews to be retracted. When this is done, the reviewer needs to contact us and provide information about why the review is being retracted. Please use the Contact Us link at the bottom of the page.

2015-01-25 2 Stars The course is well explained. The method is very very simple so it would be very very difficult not to present it clearly and to cause confusion. So it is very easy for him to produce a few videos and text for each indicator and then a video of how to use it all together.

Andrew seems very sincere and honest. You are giving him nearly $2k so he would be silly to ruin his reputation by not being nice or seemingly honest. But suggesting (in his course) that Banks use fib pivots in their trading is a gross generalisation and therefore a lie. Or, an honest admittance that he is completely naive in believing this.

Over emphasising people's wins in the webinars (and not their difficulties or losses), and even emphasising the fact that some clients made 15% on the SNB saga recently - it's not technically being dishonest is it.

However, leaving out the fact that trading chf during the SNB announcement was tantamount to very high risk gambling, can be considered to be hiding very important issues that need to be highlighted and discussed which he chose to ignore.

Andrew prefers not to discuss and highlight the dangers of trading or to berate his members for trading such a risky trade where they could have easily wiped out their accounts, and possibly be heavily in debt. Call me critical but Andrew prefers to operate his webinars behind an Advertising bubble and not based on any reality.

Does the method work or rather does it have a market edge? It is of my opinion that trading candle patterns within a structure of SR can have a small edge over time with appropriate risk management. Andrews results (at least of his Daily trade suggestions), does show extremes of high % gain to very mediocre results in recent years, so there is a very large dose of luck involved.

His RR ratio is very worrying at just barely over 1:1.5 on most trades it seems (D1). Very rarely is he reporting much higher than 1:2 yet some of his members lead by example and stick to trades that do not offer less than 1:3. This is cause for concern and leads me to consider that Andrew is not bothered about his RR.

Has he forgotten, perhaps happy enough to keep rolling along secure in the knowledge that client fees far outweigh any gains/losses he makes on his trading. In other words: he does not care about his trading. I believe he is being complacent as a result of his success as a forex marketeer.

And of his edge in the market? Given that his RR is sooo low, and given that his Daily trades at least (he does not reveal stats for his other trades), out of approx 16 trades in January 2015, only 2 trades were profitable! This is very poor indeed and will see an account wiped out in no time.

The fact is, if you have such a poor hit rate a successful system has to have a much higher RR. Only a system that has a high hit rate can survive with such a low RR as Andrew's system. This is common sense. Low hit rate with low RR = Account wipe out.

Value for Money? Well lets see. You get a very simple system shown with some text and videos. You get back dated webinars to view of 2 hours each (which basically all show the same thing with very little new insight in each video). You get automatic generated emails from Andrew asking how you are doing - that's his 'personal' service box ticked lol! But he will respond to emails promptly - well that's a relief just that with such a basic system I am baffled to know what questions to email him.

So value for money? Lets consider the forex education market. I have seen much better methods with a quantifiable market edge being sold for less than a quarter of what Andrew charges. I have seen free methods presented in an equally basic and easy manner (without the email back up) for free. So, as a course in a market place of other courses to choose from, the reality is that it is very poor value for money. To add insult, alarmingly, every so often a client of his has the odd webinar slot to sell his very own mentorship services!

So, you've just spent nearly $2K on Andrew's wonderful course and there is some other guy - Robert, with a webinar slot selling you a different, yes a different(!) method to everyone - just in case you are not able to grasp the simple course you have just spent $2K for!

I am sorry but this is just an insult and is the typical route most so called Forex gurus use once you have paid your initial cash. Selling other services to mask the failings and poor value of the initial service you have spent money on.

In sum, Andrew is a professional marketeer who has lost his way trading the very method he once used to make money in the forex markets. His over priced simplistic course is very poor value for money and I expect many of the glowing reviews are from early students with very high hopes and a few get 'luckys' who are thrilled with the odd wins, be it on very risky SNB trades or from initial lucky trades. The truth is that nobody has shown consistent results despite Andrew's claims of clients trading for a living from his course. Andrew over emphasises wins but glosses over losses or the potential danger of gambling tactics of other members.

I am not suggesting the trade method will not work but I am suggesting the method is the least of your priorities as a trader. Of course it matters but not as much as trader development and of course some real world insight in trading probabilities and how the complex market actually works. Trader development structure and insight is what you would least expect from a course and from someone who calls himself a 'Trading Coach'. Sadly the course severely lacks this.

To end: A well over-priced simple system being sold by someone who clearly is a professional marketeer first and trader second. There are much better products and teachers out there.