Andrew Mitchem Forex Trading Coach – You Must Be Joking, Right ?

By | January 25, 2015

Someone sent me an email asking for my opinion on Andrew Mitchem. This person wanted to buy his forex course but was of two minds about it – on one hand, with it being priced at $2,500 he thought that it must be valuable, on the other hand he wasn’t quite ready to part with his money before asking around first.

After just a little bit of research, my thoughts could be perfectly summarized by the title I chose for this article. But unfortunately for the poor saps who end up paying extortionate fees to this guy, it’s not a joke. 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 Mitchem ? In his own words he is a ‘full-time currency trader, investor, private funds manager and trading coach’.

Fund manager: He operates the corny sounding site where he offers managed accounts if you have a minimum $20k to ‘invest’. Although he supposedly offers ‘a low risk trading strategy that provides consistent and profitable results’, there is no third-party verified performance track-record on the website.

Trading coach: He offers a $2,500 online forex course  and a $20,000 (!) one-on-one private coaching at your home or office,  for one day, wherever you are in the world. After seeing this, it’s easy for beginners to mistakenly equate high price with high value when in fact all that Mitchem does is to sell the trading dream for a very expensive price.

Let me go through some of the most ridiculous, false and misleading statements that prompted me to write this article. On the homepage the latest video is called ‘One trade makes more money than keeping your savings at the bank for a year’. Really ? This is like comparing apples and oranges and it’s totally ridiculous. Even if you don’t make any return on your savings, you know that at the end of the year that money will still be there whereas in trading there’s no guarantee you’ll finish the year in the black.

Also on the homepage, Mitchem boasts that “Forex traders from over 48 Countries have taken my course and the success rate of those students has been incredibly high”. Not only is that an unsubstantiated claim, but there’s no proof that Mitchem himself is trading forex successfully. Bear that in mind before giving him $20k of your money.

In the FAQ, he says that he’s making 5% per month trading h4 and h1 charts (of course there’s no proof of that). A couple questions below, he says that it takes 1-3 months for a student to learn his system effectively, thus implying that after only 3 months one could be making 5% returns monthly. That’s akin to saying that after 3 months of med school, a student will be a better brain surgeon than the ones who’ve been operating for decades.

Then there’s the pitch with the new trader who follows his free advice and he’s already averaging $100-$150 daily with his $3500 account. If he keeps compounding that 3-4% daily return I guess we’ll find him in Forbes 100 in a few years. :)

Andrew Mitchem’s sales pitch

Browsing through his website I noticed that Mitchem repeatedly says how he only risks around 0.5% of account on any trade. That supposedly makes him sound professional. Don’t be fooled though, because that aspect of money management, by itself, is meaningless. You can still lose your account even when risking just 0,5% of equity if you don’t have an edge – it’s called ‘death of a thousand cuts’ .

To conclude: Don’t fall for the hype! Andrew Mitchem calls himself a trading giant – at least that’s how he is known on ForexPeaceArmy. But as far as I’m concerned, he’s just a snake-oil giant.

Update December 2015:

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.

Christmas sale

Christmas sale

So if you decide to fork over $2000 to Mitchem you not only get a 40% discount, but guaranteed 20% performance for next year. Imagine your luck ! :)

Now, let’s look through the facade, shall we ? First of all, you’d be better off spending the $2k on a nice vacation during Christmas and New Year. That discount is a mirage – you can’t discount a bucket full of horseshit because it’s worthless to begin with.

Secondly, you can’t call yourself a trader anymore (let alone ‘professional’) if you talk about guaranteed results.


fine print


fine print

Reading the terms&conditions we can quickly realize the sleight of hand Mitchem uses with his 20% guarantee: what he practically does is to send out daily trading recommendations. It’s up to the customer to decide which ones he follows and how exactly he implements them. If after one year, the company (Mitchem) doesn’t achieve 20%, then the customer can ask for a refund within 4 weeks.

But here’s the bait and switch: the company doesn’t do any trading !! It’s one thing to say buy EUR/USD, sell USD/JPY and USD/CAD for instance, and a totally different thing to actually take the trades. When the customer will say that his performance is negative, Mitchem can very well retort: well, I only took the EUR/USD and I’m profitable now.

I’m going to repeat myself: don’t be deceived by the shiny website or the smiling face of this scumbag.

24 thoughts on “Andrew Mitchem Forex Trading Coach – You Must Be Joking, Right ?


    FINALLY there is someone who tells it as it really is. AND THAT YOU CAN TAKE TO THE BANK!! The interest alone is worth more then all the money you surely loose with this idiot MITCHERM.

  2. Barney

    You are correct. His course is obscenely expensive when you consider what he is offering.
    All he offers is how to 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. That’s all he is. Please people. Don’t make the same mistake I did and fall for the reviews on forexpeacearmy. You will drain your account, as I did.

    1. Johnny B Good

      @ Barney, Just curious Barney…how did you manage to “drain your account” from trading a method with only a .5% risk per trade??? You gotta be honest with yourself — did you follow his trading to the “T” and did you use the proper Money Management (.5%) risk per trade as Andrew strongly recommends? It is mathematically impossible to drain (go from start to $0) a trading account if using .5% risk per trade. As your equity shrinks, your volume per trade gets smaller (reverse compounding) and smaller and smaller. After just 8 losing trades in-a-row…one would take a serious look into one’s trading strategy — one would stop trading and take a break — one would get support from trading coach — or lastly one would simply realize that he/she does not have the personality/attitude to be a profitable trader and simply quit! So either you did NOT drain your account but instead lost some money and blame someone else or the market OR you did drain your account by over-trading and using a much higher risk by trying to “get even” with the market or begin “revenge trading” which many beginners and experts have done in their trading career!

      1. JFSab

        It is statistically possible. When you’re account drops below a certain point (let say $1,000) it soon becomes impossible to trade .5% of your account size as you can’t trade less than 1 micro lot (0.01) lots which is what you would need to do. So trading the absolute minimum your broker will let you, you will end up trading more than .5%.

  3. Decent trader

    I have not paid for Mitchem’s system, nor will I. However, I did a backtest of a strategy I formulated based on his Forex Peace Army posts, and, ummm, yeah, he’s legit. (The test involves exactly what Mitchem says not to do: blindly placing trades according to his recommendations. I just tweaked the time frame.) Sorry to break it to everyone, he’s very legit. Now, granted my backtest only analyzed 120 trades, but so far the results are ridiculously good. I won’t say the number of pips over 120 trades because it will sound like one of those cheesy websites that just tick me off.

    That being said, he uses fib levels and whatnot in his course?!!! That’s an ill-advised move on his part. No wonder people are losing money after taking his course. Fib levels and 95% of all technical analysis is complete garbage. If his course teaches that hocus pocus, then I agree: it’s a waste of money. I can only attest to his stuff on FPA, which will get you ludicrous results if you do it the way I’m going to. Now, after reading this, I’m going to extend my testing because if he’s using that technical analysis garbage to make his FPA recommendations, then I’m doomed if I base my system on it. Thanks for the heads up on that. I’m also gonna look into JLTrader’s stuff. I like his no-nonsense approach.

    1. George

      Are you talking about the way he calculates his daily strengths and weaknesses? Sadly, that’s pretty basic and will only do well when the currency trends on the daily. Pins and engulfs on the lower time frames trading with his daily recommendations will 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 come out on top.

      You are better off looking at other tools for daily bias though such as risk on/off and what the options writers have priced in for said currency futures or other futures instrument.

      If I were a newbie I would want to knw the inner workings of the market, not some hashed up daily candle closed bullshit -and he doesn’t even factor in volume for christ’s sake!

  4. Nigel Porter

    I’ve been researching training courses on Forex trading, there’s a lot of people offering different things out there, coming in pretty fresh its hard to know what to believe. I attended a “Learn to Trade” free seminar last night and as suspected it was just a sales pitch to get me to shell out a big chunk of change to learn their “secrets of success”. now I’m not saying it doesn’t work, obviously there’s plenty of people out there making piles of money trading Forex, I just wasn’t ready to part with $5K for something unknown. 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…. what is the best way to learn to trade? I’m fully prepared to pay for a decent education in Forex, any other profession or training will take time and money so why not Forex?
    I’ve had a browse through the Babypips course and it’s pretty good at teaching the HOW to trade, currency spreads, trading times, stop loss etc., but what I want to know is WHY! Why should I get in at this point? why is this particular spread likely to make money? Why should I take the money now instead of holding on a bit longer? Professional traders talk of strategies and knowing when the market is ready, many of those automated programs track the market and give a green light when a particular currency is “ready” for trading so there must be patterns or trends or indicators to signal times to trade. Where do I go to learn these “strategies”?
    If not Andrew Mitchem, Can anyone suggest a proven program or trainer in Forex?

    1. JLTrader Post author

      I would suggest you adopt a ‘guilty until proven innocent’ approach when looking for trading (forex) courses. In other words, assume those who charge are (almost) clueless about trading and just out to take advantage of people new to the game. They should prove they are professional traders and can make money trading as opposed to just being web marketeers before expecting you to shell out $5k or whatever. As to the best way to learn to trade – apply yourself, read as much as you can, develop strategies that fit who you are, try them out on demo. Even if you find a good trader and pay him, don’t expect that you’ll be able to instantly transfer all his knowledge and experience to yourself. Jarrat Davis appears to be a proven forex trainer. He claims to have verified performance 2008-2013 I would suggest you look into that to see if it’s true before taking his course though.

    2. George

      Nigel can I suggest you look for info regarding compassfx and their institutional course taught by a certain ‘Ray’. Its amazing. Best money I ever spent and I don’t say that lightly.

  5. Nigel Porter

    Thanks for the advice JL, I’ll take a look at Jarrat Davis.
    I see you have a trading education link on your page. I’ll check back on that as well.
    Appreciate the help.

  6. Simon

    he must have a marketing arrangement with the people from forex peace army. it’s really offensive they keep this clown as a ”trading giant”

    1. George

      A giant scam, that’s all he is. 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!

  7. jason

    but if he has 20% guarantee … why not? unless they dont get refund

  8. Bobby Z

    ”To conclude: Don’t fall for the hype! Andrew Mitchem calls himself a trading giant – at least that’s how he is known on ForexPeaceArmy. But as far as I’m concerned, he’s just a snake-oil giant.”

    SO TRUE !!!
    Forex Peace Army has a business relationship with Andrew Mitchem; it’s all about the money. Ads to theforextradingcoach are splashed all over FPA’s website, so go figure.

    Right now I see he has another sale – don’t waste your money people !!

  9. Donne

    Thanks guys for the heads up. I just DL his lot calculator today. No doubt will be deluged with offers now.

    A pity the FPA has lost its integrity.(if it had any in the first place!)

  10. Rahamut

    Andrew Mitchum is a fraud, plain and simple. If you are a newbie , you 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.

  11. StinkyPete

    Andrew Mitchem … Total BS!

    I was talking to a friend of mine who had taken his course, I was planning on taking it too but wanted to wait until she’d been through it before I spent my $$$.

    I wanted to give you her take.

    First of all Mitchem is a purely technical trader and an ex dairy farmer.

    She said the online course was amateur at best and you’d be better off going to baby pips or similar and going through their course which is much more comprehensive. 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 2011. In 2015 his own daily trade track records show a loss of close to 20% for the year!

    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. You can just go to Oanda’s currency heat map and get a better indication. Just select 1w and then yesterday’s date and it will almost exactly match his recommendations.

    He runs fortnightly webinars and admits that he runs 2 accounts. This is a big giveaway as most ‘FX Coaches’ run two accounts so they can hedge their own trades. They then choose to show the account that is winning and close any losing trades. He will even leave a few losers in so it seems more realistic . He also reads out email from students who are excited that they have made a huge return on a trade, but never an email showing a losing trade. The thing to do if he was a real coach would be to explain any potential reasons that a trade didn’t work out.

    In one of his weekly YouTube Videos and Podcasts he had the balls to say that he’d met plenty of technical traders that made money but never met a fundamental trader that makes any money! Do you think hedge funds and banks ONLY watch indicators and candle patterns all day. Does he think they do business and economics degrees for fun? They use technical to purely time entries. They have teams of fundamental analysts to try and predict the future. Retails traders that trade technicals just give the pro’s the liquidity to get out of their trades as they picked whats going to happen 3-6 months prior and put their trades on then and are laughing their arses off.

    To day trade, you need volatility and the sheer amount of retail participants and bots that are scalping tiny amounts millions of times a day have taken volatility away (unless something big happens).

    Mitchem’s aggressive marketing also indicates churn e.g. retargeted banner advertising (those banners that follow you around the net). He constantly needs to generate new members to earn a living. If he was making money off his trading he wouldn’t need to be so aggressive recruiting students. After all he did buy a shiny helicopter last year that he needs to maintain. Although this could be part of the marketing too, who knows.

    Don’t be fooled, you need to take a longer term fundamental approach, plan to be in trades for at least 1 month, which I know people don’t want to hear. They want to hear you can trade Forex purely on technicals but if you do you will lose in the end. You need a combined approach.

    She has now found a mentor who is retired investment banker and hedge fund manager and is doing well from it. ( notice no affiliate referral link here). This post is not bait to get you to message me to find out who my friends mentor is. They are hard to find but they are out there… always question their motives, if they say they just want to ‘give back’ then run!

    If you want to succeed as a retail trader, don’t learn to trade from an ex dairy farmer, ex shopkeeper, ex dog-walker or ex porn star who now claims success. This is another marketing ploy… “if an ex dairy farmer can do it, so can I” . Also, don’t learn from so called ‘broker education’ they teach strategies to get you to trade as often as possible so they can make their commission on each trade. Trading is a world of businesses and individuals with massive conflict of interest.

    Watching Mitchem’s videos, he looks very friendly and seems like a nice guy. His simplistic system may have worked 10 years ago or work now for a month or two here and there but do it long term and you will lose all your $$$. If technicals we’re the way to go all the banks would be doing it. You’d do better doing the opposite of what he says!

    You can be successful just please…please…please take take the right approach and be patient. Don’t believe his ‘profitable in 90 days BS’ either.

    It cost her a few K but she walked learned a valuable lesson which she said was probably worth the money.

    Finally… Forex Peace Army is a marketing site, always has been pure and simple. Trading ‘Giants’ sponsor the site and FPA blows smoke up their arse.

    Hope this helps! I wouldn’t be surprised if Andrew hunts down this post and replies. In my research, he does this with vigour all over the net.

  12. Phil

    I took his course before I researched enough about him and concur exactly with the above. I saw an article in the NZ Herald app and didn’t realise it was a sponsored article.

    The initial webcast that he plays seems live but I’m sure it’s not. It’s a con to get you to sign up quick for a special rate….I fell head first…what a dickhead. Me that is. Andrew is a smart man and makes money off fools like me. Fortunately I earn a reasonable salary and was just looking for a way to earn from a different source. I helped buy his R44 helicopter I guess.

    He said I have an hour of one on one tuition as part of my sign up. That was over a year ago and apart from his automated emails asking me for more money I have had zero personal contact from the get go. Save for some MT4 issues.

    I was able to warn quite a few of my friends off as like the above poster they were waiting in the wings….id be better off as a Dairy Farmer.

    1. StinkyPete

      Hi Phil, don’t be too hard on yourself, he has a very slick pitch. I would have fallen for it too had it not been for my friend who took a bullet for me. I hope he gave you a good discount.

      Looking at his website, one of his testimonials is from a guy call Siimon Reynolds (yes he spells it with two ‘i’s. He was very big in the Advertising industry in Australia and is now a business mentor and coaches business in improving sales, I think Andrew might have had some coaching of his own on how to fleece people.

      I’m ranting on a bit now. I’m just so pissed off with these guys, I like to think that most people are inherently good. The trading world has shown me how many con men there are out there.

  13. Ryan

    I have not yet taken his course but we have to admit the reviews in fpa are real. For some people his course may have worked very well and for others not so well but that should go without saying. I think it’s unfair to say he is a scumbag considering many people have been helped by him. I have taken the baby pips course and am planning on taking it again. I am looking for some help putting it all together as it is a lot of info! I was planning on taking Andrews course so I can put together what I learned from baby pips. I’m not sold on him being a bad trainer.

    1. Phil

      Like I said I took his course so I am qualified to comment. I suspect “Ryan” might be Andrew. He doesn’t take kindly to bad press.

      He will sell you a series of videos and invite you to live webinars. There is learning to be had don’t get me wrong. However as has been advised there are free sites that will give you the same info.

      Also importantly he will “give” you some proprietary software which requires some assistance to get going and once the course finishes that’s the end of it.

      Like I said before. His initial webinar is pre recorded and you will not get ANY further support from him. He is not a con artist but I feel his main source of income is from convincing people to part with s large amount of cash

      Nothing illegal. But expect no support. I’m still waiting for my “free” hour of one on one tuition.

      So Ryan/ Andrew deal with your bad press with some humility. You’re not breaking any laws however you are fully immoral.

      1. Ryan

        Phil that is an ignorant comment and just ridiculous. I don’t know Andrew and I live in NJ.

        1. George

          Good advice, Ignorant! You deserved to be scammed. Honestly some people. His method is splashed all over other sites such as t2w for example. You want to pay for the same info?? That’s just sheer madness. You just don’t want to put in the work like most retail traders. The market is news and data related with some technicals that identify areas of liquidity. The concept is that simple. Go ahead and believe the fat bastard scammer Mitchem…Unbelievable.

          1. Phil

            Ryan, how do you know anything is true on the internet. You could be a girl for all I know. So it’s not ignorant im being, just suspicious.

            Also I agree with the above poster I should have done more research. I wasn’t looking for a short cut and after doing the course that the same info is available.

            Apart from my comment that you might be Andrew, none of the other info is ridiculous. I am not sure why you support Andrew so much when I can guarantee you that he will gladly take your money and you will be left to your own devices.

            I have no problem paying money for education. But I would have hoped the educator would have looked into how his students were going. Take pride in his ability to educate.

            The more you support him the more I will debunk him.

            But that said I meant no offence. …however me thinks you protest too much😀

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