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{Updated review. Posted on Forex Peace Army. 30/7/2010}
My wife and I are full time traders. We have been using a trading system from Andrew Mitchem and TheForexTradingCoach.com since February 2010. Now, 6 months later, it is time to review our experience warts and all
There is a one off upfront fee to pay and the package consists of proprietary software that provides;
SMS, email and visual/audio chart alerts that identify potential trade set ups
candle patterns identifiers e.g. pinbars, engulfing bars, outside bars, hanging men, dojis etc.
negative or positive divergence alerts using the slow stochastic setup
daily support and resistance levels (automatically updated prior to the Asian session open)
OCO (one cancels other) entry, stop and exit application for news trading
Fibonacci retracements and extensions
round number levels
The software is applicable to all time frames e.g. scalping, swing and position trading and comes with a comprehensive instruction manual written in plain English, so it'fs not that difficult to understand.
Your money also buys you
A one day coaching session with Andrew Mitchem, either one on one, a small group (up to 6 people) or by webinar. The fee is scaled depending on which coaching option is chosen.
Daily trade recommendations. These are emailed between 10am -11am New Zealand time prior to the Asian open with a detailed explanation of why the recommended currency pairs should be traded in the upcoming Asian, London and New York sessions. These are trades taken by Andrew Mitchem using his live account and the live accounts of clients who have managed funds with TheForexTradingCoach.com.
Reviews and updates of the previous days trade recommendations. This update catalogues which trades have hit their profit target, trades that have been stopped out or trades that are still active, either out of the money or in profit and why they are still valid trades.
Ongoing training and educational webinars. These are held at 8.30pm New Zealand time during the London session. If a short term trade set up presents itself, then a live trade will be taken. The webinars run for approximately 60 - 90 mins, they are interactive and questions are encouraged.
Technical software updates (at no additional charge)
Customer support. Whether this be of a technical nature or asking for thoughts/views on a particular trade, enquiries were answered promptly.
From the 6 month period of 22 February 2010 to the date of this review (30 July 2010), there have been 313 daily trade recommendations received. Using a 1:2 win/loss ratio, each trade was recorded over a 24 hour time frame (the upcoming Asian, London and New York sessions). 117 of these trades were stopped out for a total loss of 8,585 pips and 196 trades were profitable for a potential total gain of 21,630 pips. This represents a 62.5% win/loss ratio and a potential nett gain of 13,045 pips (or an average of 576 nett pips per week). This is an excellent win/loss record by any professional traders standard.
To further illustrate these figures; during the same 6 month recorded period, we were able to bank between nett 100 to 500 pips per week. We had an exceptional week from 14 - 21 May 2010 where we placed 36 trades, were stopped out on 9 and had 27 winning trades for a nett total of 1,198 pips.
It has been difficult to obtain accurate profit data from other Forex trading organizations in order to compare profit results with TheForexTradingCoach.com. Our experience has been that the few profit data histories we did receive fell far short when compared week by week and month by month with TheForexTradingCoach.com trade historical data.
In conclusion, we find it hard to fault the coaching/software package, ongoing webinar training/education, daily trade recommendations and customer support. Not having to pay a monthly subscription fee is a pleasant surprise compared to most other trading organizations in the Forex world. We think that this is a trading system suitable for the raw beginner who knows zip about Forex and the experienced trader looking for that edge. In hindsight, if we'd had this information when we first started trading, we could have saved ourselves the pain and agony of blowing our first account.
It is our opinion that this complete package represents exceptional value for money.
Gavin and Beverley Hurlimann
Gavin & Beverley Hurlimann
Auckland, New Zealand After trading forex for 18 months and just managing to break even most months i dont even know why i didnt give up to be honest. After realising i was a victim of one of many well marketed scams out there that suck you in by making outragous claims of how much money you will make ect, i decided not to give up, which led to coming across TheForexTradingCoach.com.
After communicating with Andrew via email (all replys were same day) i had a good feeling as he seemed to be a genuine guy. The thought of being trained one on one by a full time trader and not just a salesman claiming he is a successfull trader really appealed to me.
I have now been trading using Andrews system for three months and have been very profitable every week since. This month i am up to 13 consecutive winning trades with no losers so far, it almost seems too good to be true.
I would highly reccomend Andrew's course to anyone looking at acheiving realistic goals with their trading. Adam N
Melbourne, Australia The suggestion to check out Andrew Mitchem's Forex Trading Coach website came from a Forex Broker I was trading with at the time.
After considerable thought, contact with Andrew followed and his personable, straightforward down to earth approach, had me enrolled for his course and software.
The support Andrew has provided through one on one tuition, prompt responses to both phone and email enquiry, on going software upgrade and regular online live trading webinars has assisted my knowledge of his forex trading philosophy and system.
His encouragement to "trade what you see and not what you feel" has proved sound advice and in my experience contributed greatly to my trading success.
W.N
Christchurch, New Zealand I have been involved in Forex trading for the last 12 months. In that time I have come across a number of scams, get rich quick schemes and systems which promise everything but deliver very little.
However, Andrew - the Forex Trading Coach, is one of the good guys.
He teaches a system based on bespoke indicators which works...and follows that up with mentoring, support and frequent live-trading webinar sessions to provide a complete package.
Happy to recommend
Sandy Russell
Auckland, New Zealand I completed the webinar training session which worked exceptionally well. Supported by hardcopy materials and some MT4 indicators, Andrew took me carefully through his system.
In terms of the system: It is based off some sound principles of price action (which the indicators help identity) and risk/reward ratio - and it works. He covers a money management concept where I can accumulate my account through risking only 0.05% of my bank per trade.
In terms of the webinar: this worked well and was easy to follow along with in real time.
In terms of customer service: Excellent - Andrew provides free followup questions in addition to some other regular reinforcement emails/webinars. As we covered everything in ahead of the normal time he allows - Andrew offered a one hour followup session in a couple of weeks at no charge to make sure I was good with the system.
Highly recommended.
John Mulley
Sydney, Australia The forex trading coach Andrew Mitchem. I highly recommend Andrew. He has spent a lot of time setting out the course so it's easy to understand. I did the his course via Webinar over 2 days, I live in Australia, he in New Zealand so it can be done any were in the world .There is support when you need and lots of videos & reading material to go through, he has fortnightly webinars with live trading so you don't feel alone after the course .
Alvin Gaissl
Melbourne, Australia
I have been under Andrew's guidance now for over 6 months. I am currently trading and studying Fx full time. I learn every day.
In trying to learn the Forex Market, I've learnt that forex is full, and I mean chocka block with rip off artists. People & companies hiding behind the huge disclaimer that comes with their trading instrument, taking advantage of people's naivety. They all sell a system but very very few back it up.
As I see it, a system teaches you to view the market, learn and develop your own style of trading but this takes a lot of time. So to me, it was the back up support (on going learning) that seemed so VERY Important and "how" it got delivered.
Andrew shines in this area, as well as having a system that he trades, teaches and lives by personally, he seems to passionately care.
That's the important bit, "he cares".
In my search for a coach to learn forex through ("and it's hard"), he has been excellent in helping me to develop slowly with ongoing support. I admire him.
I give Andrew permission to give other people my number so they can call me to verify the above. Shane Watkins
Lake Tekapo, New Zealand Hi Andrew,
You might remember I was a little sceptical before signing up. Any worries I had were quickly dispelled with the quality of your course notes and software. Definitely the best value I have had from any forex education. Thanks again.
Cheers, Mark
Mark W
Auckland, New Zealand Hi Andrew,
Just had our best trading week so far.....
36 trades taken. Stopped out on 9 trades for a total of 306 pips lost. 27 winning trades for a total of 1504 pips gained
Nett gain of 1198 pips banked in the last 5 days
Pretty cool eh???
Have a great weekend
Kind regards
Gavin & Beverley Hurlimann (email received on 22nd May 2010)
Gavin & Beverley Hurlimann
Auckland, New Zealand The Forex Trading Coach is fantastic. Andrew flew over from New Zealand to teach me how to trade. It's a very simple system that Andrew teaches, but it's highly effective. My first week of trading the Forex I made 600 pips. The support is very good and all my questions got answered within the day. I highly recommend The Forex Trading Coach to anyone that wants to be profitable in the Forex market. C.Davies
Noosa Heads, Queensland, Australia A serious health setback forced me to look at a new way of earning an income. For 5 months I spent 10 hrs a day looking at and learning trading systems. The market is flooded with scams and automated systems that do not work. There are dozens of lagging trend, volume and oscillating indicators, that show you what you should have done. You are always too late. You can never believe how stupid you are. You hear yourself saying “I should have known”. The thing is you don’t know. Hind sight is exact sight!
To find an honest trading coach with a proven system that has a high percentage success is a blessing. His software system uses Japanese candlestick pattern recognition, Fib ratios, and support and resistance levels which enable you to select high probability trades.
The course includes trading software and a course manual covering everything taught on the course. He teaches you when to enter and exit. I understand Forex trading now better than ever and trade with confidence. I have reduced my time in front of the computer incredibly and increased my success rate unbelievably.
Andrew is a friendly polite person, whom offers great follow up support, either by phone email or skype. I find the regular training videos I receive by email excellent. The course costs are inexpensive considering what you can loose and what is charged in the market.
I am a happy camper, and look forward to 2010.
Thank you Andrew. Johann Loots
Auckland, New Zealand We took the Forex coaching course 2 months ago and found it has improved our understanding of the market movements and enabled us to choose the most probable trades with amazing accuracy.
This method is superior to trading automated FX signals as it enables understanding of technical analysis and individual risk management.
The system is independent from news trading and reliable in results and we certainly recommend it. Andrew is very supportive in his training and always answers questions promptly. He has a sound knowledge of the FOREX market and the training videos are easy to understand.
Since using the Forex Coach system we have been able to improve our risk reward ratio while avoiding unfavourable trades.
A.G
Auckland, New Zealand Dear Andrew,
You are first of all a very kind and sympathetic person. You are very profesional and with you I learnt a lot about Forex. Your course is very helpful and your trading system works !! The template you installed in my computer makes it very easy to apply your strategy. You taught me not only "theory" but we also operated with live charts during the course. I saw immediately the strength of your trading system.
I recommend everybody to follow this course. It has saved me time and makes me money!! Andrew, thanks again and good luck! C.Ropraz
Valencia, Spain I thoroughly enjoyed Andrew’s training. It is a lot to learn in a day but a very useful course. After completion of the course I tried to combine Technical trading along with Fundamental trading. The Stop Loss, Take Profit and Fibonacci methods help a lot. Well worth doing the course for anyone who is considering to do Forex trading seriously. Nirav Oza
Auckland, New Zealand |
