Review of The Forex Trading Coach by a newbie – Part 1
4 stars based on
Someone sent me an email asking for my opinion on Andrew Mitchem. After just a little bit of research, my thoughts could be perfectly summarized by the title I chose for this article. This fact led me to writing the present article, instead of just a short email reply.
There are so many ridiculous, false, misleading claims on his website, and he charges such large amounts of money that I felt I have to give a warning not just to one person, but to the general public. All right, so who is this Andrew Forex trading coaches review He operates the corny sounding site wealthwithforex.
Let me go through some of the most ridiculous, false and misleading statements that prompted me to write this article. Browsing through his website I noticed that Mitchem repeatedly says how he only risks around 0. That supposedly makes him sound professional. I was made aware that Andrew Mitchem has a Christmas sale, another opportunity to see the real sleazeball masquerading as professional trader and fund manager. When the customer will say that his performance is negative, Mitchem can very well retort: Forex trading coaches review course is obscenely expensive forex trading coaches review you consider what he is offering.
All he offers is how forex trading coaches review trade an engulfing bar pattern with fib pivots and stochastic divergence, round numbers; entering at fib levels and targeting fib levels. Using the daily candle as intraday bias.
I stupidly paid for his course a few years ago. He is a snake oil salesman through and through. You will drain your account, as I did. As your equity shrinks, your volume per trade gets smaller reverse compounding and smaller and smaller. It is statistically possible. So trading the absolute minimum your broker will let you, you will end up trading more than. I wish I would have seen this website before shelling out my money for this course! Can you expound more on this?
I am a current client and there is a lot to offer. Andrew has added many things to enhance the course at no extra cost to the client in the last years. Hi Bill, I am also a current member of the service and I think this article is rude and harsh but factually accurate of what forex trading coaches review offered.
His approach is quite unsophisticated and often leads to losses. When I noticed that the daily recommendations had a low win rate, I started systematically tracked forex trading coaches review and found that they are a slow loosing journey. Forex trading coaches review reviewers have also made the same forex trading coaches review and Andrew has repeatedly countered this with high compounded results but no proof verified or otherwise.
I have used an alias for this post. Only trade with the trend. Confirm with the 30 min chart. This is the 15m blade runner. Only enter a trade rejected from the ema and confirmed with close of next candle.
Try it on the demo works for me also stay away from ranging markets. The test involves exactly what Mitchem says not to do: I just tweaked the time frame. Now, granted my backtest only analyzed trades, but so far the results are ridiculously good. That being said, he uses fib levels and whatnot in his course?!!! No wonder people are losing money after taking his course. If his course teaches that hocus pocus, then I agree: Thanks for the heads up on that.
I like his no-nonsense approach. Are you talking about the way he calculates his daily strengths and weaknesses? Pins and engulfs on the lower time frames trading with his daily recommendations forex trading coaches review get you slaughtered when the daily time frame is not trending. But will do well when it is. So long as you are making more money on your wins you might still forex trading coaches review out on top.
Sure, I could buy an automated trading platform, they probably work well but what I really want is to know is WHY its working well, or perhaps more importantly, why its NOT working well if I start going backwards. So, my question is…. Why should I get in at this point? Why should I take the money now instead of holding on a bit longer?
If not Andrew Mitchem, Can anyone suggest a proven program or trainer in Forex? In other words, assume those who charge are almost clueless about trading and just out to take advantage of people new to the game. As to the best way to learn to trade — apply yourself, read as forex trading coaches review as you can, develop strategies that fit who you are, try them out on demo. Jarrat Davis appears to be a proven forex trainer.
He claims to have verified performance http: I think Jarratt Davis is very good, unfortunately expensive but when I used mostly fundenmetals, if you are new to the idea then his 47 dollar course is a good way to get the picture of what he is about. I did Andrew Mitchum course years ago. Jarratt Davis is fundamentals based. You really need a good news service as well. A good news service is expensive on a small account but it has worked well for me. When you trade this way you are entering for a specific reason which gives you confidence and you get out for a specific reason but you are forex trading coaches review entering just on the basis of a candle or other tech reason which matched with daily strength and weaknesses is what Andrew does.
Each to their own, fundamentals work better for me, as for this thread why dosent the author approach Andrew and tell him you are critically analysing him and ask him questions and see what he says. He has always seemed approachable to me. JD, you are joking right!? This is what JD capitalises on. You also need to know the forecasts. Sentiment can be traded the day before after all other news releases for the day.
So why is he a failed trader. Unlike most people who set themselves up as educators he does have a verified track record of a certain class of account. So someone teaching an forex trading coaches review way of trading into or out of data releases, not through, recognising sentiment and trading accordingly with good risk management systems is apparently a rip off merchant.
Why do you say this? Have you done the course and found it wanting? If not how could you be in a position to judge? Fx street, forex live, action forex the various financial press are a great way to start and read analysis but sites like ransqwark and MetaStock xeneith have instant feeds of data releases up to date analysis and rolling news, and forecasts out the wazoo. Why would you say anyone teaching this stuff is a failed trader. I should state I only have a small account.
When I started trading the only thing I knew was I was interested in the idea of trading. Andrew Course was pretty expensive about 2k. But it did occur to me that every time I saw a photo or news shot or documentary showing a trader in a firm with 3 to 6 screens. Most of the screens had news and financial info on them.
Still, trading is volatile and I would want to see another year and a half of forex trading coaches review consistency before I considered significantly upping my trading account size. If you want to be wealthy do it the standard way, become self employed, invest in shares and property and let time do its thing. I know from experience! I see you have a trading education link on your page.
His daily strength and weaknesses are based simply on whether the currency made a strong move and close for the previous day…what a joke! Thanks forex trading coaches review for the heads up. I just DL his lot calculator today. No doubt will be deluged with offers now. Andrew Mitchum is a fraud, plain and simple. If you are a newbieyou will be better of using the free stuff on the net until you are better able to make a decision on whether this is y our cup of tea.
Use a demo account for as long as it takes before using real money. And be very careful of people like Andrew Mtiichum. Wish I knew what I know now before wasting my money.
And if you think that you are going to get a refund…think again. Good luck with that. She did say that his communication was good. Mitchem also publishes his daily trade recommendation track records for his members and his returns have been slowly declining since His daily strength and weakness analysis is total BS it tells you what happened in the past just like all technical indicators which is useless.
He runs fortnightly webinars and admits that he runs 2 accounts.