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 wealthwithforex.com 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.

am2

fine print

am3

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.

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

  1. PETER H OLTERSDORF

    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.

    Reply
  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.

    Reply
    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!

      Reply
      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%.

        Reply
  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.

    Reply
    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!

      Reply
  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?

    Reply
    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 http://www.jarrattdavis.com/perfomance/. I would suggest you look into that to see if it’s true before taking his course though.

      Reply
    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.

      Reply
    3. John

      Don’t whatever you do get sucked in to the learntotrade system It’s not a safe thing to get involved in. I know from experience!

      Reply
  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.

    Reply
  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”

    Reply
    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!

      Reply
  7. jason

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

    Reply
  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 !!

    Reply
  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!)

    Reply
  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.

    Reply
  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.

    Reply
  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.

    Reply
    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.

      Reply
  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.

    Reply
    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.

      Reply
      1. Ryan

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

        Reply
        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.

          Reply
          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?

  14. Ben G.

    Trading takes time. I have read his story on FPA, it all sums up similarly to my personal experience. It was a tough journey.
    However, much of the strategies and study of the chart from the higher time frame to the lowest is all true. Look here friends, everything on the chart is important, i wont say all indicators… but the chart and all studies pertaining to winning on the chart is important. Drawing trendlines both vertical and horizontal and looking out for breakouts before entering trades is all important. Looking out for Resistance and Support zones, Studying to detect Supply zones before selling or buying, you need all that knowledge. All the price action patterns, detecting price reversals by the use of the candlestick formation..those pin bars and doji and all that you think is nonsense and not necessary to study. Study and learn all of them, spend more time on the market. Study and know which are main trends and which are counter trends, then you will know which level price is bound to pull back to before continuation of the main trend. You can never do away with Fibonacci when you get to this level. And one more important thing, You need all the Time frames to be successful in forex, From the Monthly to the lowest. And master patience, you will lose money from the beginning, but don’t worry, that ONLY shapes your PSYCHOLOGY and PATIENCE. And AVOID over trading. OR you will always blow your account. Accept compound interest, check your lot size and enter a trade or two at a time. Also make good use of the Trading Sessions, Always Be on Time !!
    Don’t blame that Andrew Guy much, all he teaches or all other people including Babypips teaches is True. But they never teach you how connect all the studies together. Learn everything, even those butterfly and Gartley harmonic patterns, you need to study them and even apply Fibonacci to them. Study everything, and most importantly SPEND MORE TIME ON THE MARKET everyday if you can. That is the only way to succeed after you have been taught. Then you will realize how simple an ART forex will become to you. Even after you are great, you will understand that you can never go against the trend of any market. Take it easy, and NEVER STOP !! The problem is that people are not great teachers. After you break through, then you will realize that your teacher/mentor helped you a tremendous deal. Teaching is not easy, i have never taught anyone to trade forex, but i thank the universe that i am successful now. Everybody needs a little help, i was passing by FPA to find out most rated and most reliable and trusted broker and i read that guys story, then i read more of comments of people struggling. I hope these words, every single line will help someone break through. I might not even come back here again. You can get a little guidance of hope if you want, email me at bengoodmann71@gmail.com And again, i dont teach forex ! People are just impatient !! Thank you.

    Reply
    1. Just GJM

      hmmm interesting… can you connect your account to myfxbook for us to see please. That wd be the bets way to share your success initially

      Reply
    2. George

      Typical retail trader response by Ben, thanks Ben. Keep believing and perpetuating the BS. Now for starters, understand that the markets are inter-correlated and dynamic, in that the relationships markets have with other markets change according to a set of circumstances and other money flow dynamics like risk on/off and inflation risk. You cannot just focus on one price chart and you cannot focus on price alone and expect to be a long term profitable trader. Understand the many different relationships one currency will have with other markets and you begin to understand VALUE. Value moves the market, not price. Value is a leading ‘indicator’ of what is likely to happen in the markets. Understand fundamentals. This is also a very important aspect of understanding value and money flow. Forget the retail garbage that is sold by scammers such as the Mitchem gurus, peddled also by newbie traders that clearly do not have a clue. I know, I used to be one of them.

      Reply
      1. JustGJM

        I think this is some truth, Scary how similar Georges comments/thoughts are to the one person I have spoken to that actually does trade for a living and has shown his real returns. Dirk if you ever read this you are the real deal, although George here sounds alot like you… George are you Dirk… hahaha. One thing we know, The stats are all wrong, 100% of technical / price action retail traders dont make a living from trading. And 100% of retail technical traders that comment here are not making consistent money from trading. I do not believe its possible anymore. I have seen the light. Like Dirk said its all randomness, and the as George and Dirk put it down, its about identifying value in the primary light of Fundamentals, no such thing as precise timing, The tanker takes a long tome to slow and turn, just catch it somewhere on its arc, you just need a long long long breath hold so to speak. I dunno, but I do know.

        Reply
  15. Lizzie

    Full disclosure: I’m not actually Andrew, I have no affiliation to him, I know nothing about him, or whether he can trade or teach successfully.
    News! That does not make me an expert on him or his trading or his teaching. But many here don’t seem to realise that.
    Mob mentality and jealousy is such an ugly thing. Negative criticism is so easy to publish. This Andrew guy is tried and defamed and insulted by a self-appointed kangaroo court based on no evidence other than he’s in some way successful. When someone does say that actually this isn’t very fair he’s treated as traitorous (“Good advice, Ignorant! You deserved to be scammed.”). Charming.
    A website that promotes this sort of “discussion” is serving no-ones interest other than as a cathartic outlet for some of society’s more ugly personalities, the like of which Twitter and Facebook is already full.
    I suspect, although I obviously have no proof whatever(!), that many of the contributors are failing traders whose own egos and bitter dispositions are preventing them from being successful and so trawl around looking for opportunities to spill their poisonous bile. But that is just a personal opinion. My favourite? “You could be a girl for all I know.” A girl? Trading? One can only wonder!

    Reply
    1. JLTrader Post author

      So you admit you know nothing about Andrew Mitchem, the subject of this article, yet you accuse me of jealousy, setting up a kangaroo court and other BS. Brilliant!

      Reply
      1. Lizzie

        Your article lacks any objectivity, evidence or research other than your “little bit of research”, which presumably was reading his website or something. Did you contact him to ask for evidence of his performance or even speak with Forex Peace Army about the many reviews he has? No. Yet you concluded he was a “scumbag” and a “sleazeball”. Very objective.
        It seems to me, you made assumptions that coincided with your particularly jaded view of the world. He was just a target who had no opportunity to speak for himself before being flamed in this backwater website. This, to me, indicates that this website is not a useful resource for traders, as I had hoped, but a place for you and other, similar types, to vent your spleen. By all means do so if it makes you feel better, but if you are trying to provide a useful, objective forum, you fall very short of that.
        I all too often find that those that can, do; those that can’t, gripe and moan about those that can.
        I’ll leave you and your lynch mob to find some other individual to flame. There’s nothing of interest here.

        Reply
        1. JLTrader Post author

          Yeah, I emailed him under pseudonym before writing this article and he sent a couple of photos with his latest (winning, of course) trades. I guess that’s what he understands track-record to mean. LOL
          I also contacted him officially on Twitter, so he had a chance to answer to this article.He didn’t, because he knows he’s got nothing. Peel off the layer of marketing, and all is left of the ‘great’ Forex coach Mitchem is a pile of garbage and lies.
          Also, if you had bothered to google his name, before coming here and wasting my time, you’d have noticed he was challenged on trade2win forum back in 2011 to substantiate his claims and beside waffle, he didn’t contribute anything.
          You’re right, this place is not useful for traders. A new guy should pay $2,5k or whatever Mitchem charges now and then waste his time on the ‘teachings’ of a liar and con artist. You’re free to do just that.

          Reply
        2. George

          Gosh Lizzie, I do feel sorry for you. Yes, a lot of comments here could benefit by being better written, but other comments you have failed to recognise are absolutely very useful. If you read a bit more closely and pick out the bits which reveals what Mitchem is selling, and then the other bits that reveal that trading is much more about indicators etc.

          Then perhaps you would like to investigate and join the conversation about real trading subjects such as orderflow, macro fundamentals, sentiment and value. This would benefit everyone and further reveal why Mitchem is such a scam artist who got lucky for a couple of years with a simple system, but like all simple systems, end up failing leaving many losing a large amount of lolly.

          So, keep up your sob story for Andrew, and whilst you are at it, lets all have a group hug and feel sorry for Bernie Madoff, Enron, Lehman Brothers, CUC, MF Global, Fanny Mae etc etc…need I go on. Mitchem is just smaller fry in comparison, but innocent…. he is not.

          Reply
    2. John

      I appreciate your comments here Lizzie. There are so many who are quick to condemn based on little or no evidence and their own experience. I’ve been stung by a training provider in Sydney. Excellent presentation and marketing skills that pull you in, not exposing the true cost of getting in to it. And there’s no backing out once you sign on the line. There’s heaps of extremely fine print that you’re pressured to overlook in the hype of the moment, and that’s where you get caught. I spent over $7k on the course and funding an account and have lost 34% of my capital in just over 3 months following their 60-80% guaranteed (but without any real guarantee) success rate rules, plus paying a monthly subscription of AUD$120 for their dedicated software overlay to MT4. The majority of the signals to buy or sell are incorrect. Most of the times when I have made money are when I have gone against what the trainer said to do. They said to risk 2% capital on each trade with 1:1 risk to reward, and do nothing when the price goes against you, just accept the loss and chill. I explained this all to Andrew Mitchem and he was horrified! I trust him much more than the training provider I forked out thousands of dollars to. In the last 2 weeks of using Andrew’s Engulfing Candle strategy I have begun to reverse the losing streak, have cancelled the expensive software subscription I had, and am feeling much better about trading. I can’t afford to take Andrew’s course now, but will certainly consider it again when I am able to afford such an investment.

      Whatever happens in trading, we have to remove emotion from the process, and spend the time needed to learn how to read the charts. No amount of fancy software can replace the human brain, and I’ve learned that the hard way! If we don’t do that we have no-one to blame but ourselves. Wishing every trader success.

      Reply
  16. Chun Khoo

    I will put it as simple as possible.

    I did not achieve success with Jarratt Davis’s courses (Yes u read that right. Courses and not course because he kept emailing new courses for us to sign up) until I signed up with Andrew Mitchem. Only after that I started making progress by merging both their teachings.

    Hence I find it unfair that he is being labelled as a scumbag because his course doesnt work for some of you. Jarratt Davis’s courses did not work for me initially. Shall I label him as a scumbag con- artist too?

    Reply
  17. JustGJM

    Any one that makes any comment like “this is working for me” ;
    if it is working for me you would not find me scouring forums for quality input.
    If something is working for you interesting that you not sharing/bragging with real verifiable results.
    That alone proves what would happen to a successful trader; they just get busy doing, not sharing I am sure.
    There may be some that are for real and are sharing sure, I have not found them though in my 5 years of looking into CFD trading as a option for capital growth.
    If I could do.. I would be busy doing and not reading this commentary.
    I know someone that trades for living, and he shares nothing, he actually says dont trade, its too risky… as he smiles and lives on a Pretoria Golf Estate.
    Come to think of it I would probably become like that… Now where did i bookmark holy grail formula again…..hahaha

    Reply
  18. Chun Khoo

    That someone who lives on a Pretoria Golf Estate is correct to advise u not to trade. I lost a total of £80k on capital alone within a period of 5 years (not including the profits i made before i lost them all). I only started gradually recovering my losses a year ago.

    And fyi, i wasnt scouring. This forum was forwarded to me.

    In regard to your comment on bragging rights, did that Pretoria Golf Estate bloke bragged to u his trading results? Folks who made money on forex usually do not brag on their results unless they are Fund Managers or owned some kind of companies dwelling in forex trading to attract clients.

    Reply
    1. JustGJM

      No, didnt brag. Said he traded bwilc. I ggl’d it and its some strategy that requires monster capital. Its a system that definitely rules me out the picture. Though I am trying my hand at my own currently silly rudimentary plots and plans. I dont believe all these guys that are invisible and are successful learnt from someone else… they got it right and, put new locks on their office doors, and waited for Jack to call them for an interview for his next market wizards book.

      Reply
  19. Luke

    I have countless emails from the guy lol argument after argument. I took his so called no1 strategy pointed out with the info released you have no rr estimates making it a death trap for traders. I have however tweaked it and added some of my knowledge and it does work.

    I am happy to share with anyone FREE

    Reply
  20. John

    Luke i would appreciate any free advice on how to make the No 1 strategy work.

    Reply
    1. Luke

      Hi John please email me as I work a lot. I am more than happy to send you what I have got so far :)

      Lukesparks1985@gmail.com

      Also I saw a comment saying you can’t trade .5% on a 1k account that is a lie in have just been doing that exact thing and made +16% in the month

      Reply
  21. Andrew

    This guy had a Managed Account at Vantage FX about 5 years ago, did nothing but lose money. Was down about 20% after 5 months. Just stay clear of him, as they say, those who can do, those who cant teach!

    Reply
    1. John

      As a teacher of 20+ years I can tell you that the insulting statement at the end of your comment is totally false. Had I not been able to do the skills I certainly would not be able to teach others those skills.

      Reply
  22. JustGJM

    I would love to see a “heat map” of what articles on what characters creates the most buzz. I think our beloved Andrew here would be on the podium though :)

    Reply
  23. Elijah

    To all those people saying technical analysis doesn’t work etc. I completely disagree. my trading system is centered around technical analysis, I analyze charts and trends in order to predict market sentiment, price breakouts, and when trends will start although don’t get me wrong it is a trend based strategy. I think what you guys are trying to allude to is trading purely on technical analysis is awful, which it is. I never trade around any major news announcements as that skews the data and makes the market more unpredictable. I will say I am a very successful trader though, I am not some multi-millionare.. yet 😛 but I do trade for a company called “bluepointtrading” and am just a few months away from becoming a senior level trader, and before them I had been trading profitably and consistently for around 6-7 months. Technical analysis is wonderful, I personally created my own custom indicators that I based on ichimoku, in order to give multiple moving averages from different time periods etc. and by following my rules and systems, I do very well. In short, trading based on technical analysis does in fact work, and for some, very very very well, but trading purely on technical analysis is a horrible idea. That’s my 2 cents

    Reply
  24. FXTRADER

    Guys,

    I had taken his video program for a whopping amount of USD 2000!!!! All the information on the course is no different than what we see on Baby Pips and other sites – Fibs, Round Nos, Engulfing Bar, Bollinger Bands, Divergence etc.

    His Daily Trade Recommendations are RIDICULOUS….ENGULFING BEARISH BAR – SELL, BULLISH PIN BAR – BUY! VERY VERY NAIVE!!

    FOR HEAVENS SAKE – THINK ABOUT THIS!!! THOSE SHINY WEBSITES, TONS OF ADVERTISEMENTS, TONS OF VIDEOS ETC. IS NOT DOABLE UNLESS ONE IS FOCUSING A LOT ON SELLING THE PROGRAM! A GENUINELY SUCCESSFUL AND BIG TIME TRADER NEVER DO THIS….THEY MIGHT PROVIDE “MENTORSHIP” which looks at forex markets on a holistic basis rather than the FREE INFORMATION AVAILABLE ON WEBSITES BUT ONLY ON A SELECT BASIS!!!

    SO, PLEASE (PLEASE!!!) DO YOURSELF A FAVOR AND STAY AWAY FROM THIS IDIOTIC COURSE / PROGRAM

    I ABSOLUTELY HAVE NO DOUBTS IN ADVISING TO STAY AWAY FROM HIM

    Reply
    1. Phil

      Thank you for this info. I too have done the course and it is exactly what you say. Although not a scam he is not what he says he is, and he offers little to no support after you spend the cash….AVOID THIS SNAKE OIL MERCHANT

      Reply
      1. Paul

        First of all. Both of the last 2 comments are incorrect. I have been a client of Andrew’s since April 2015 and done very well. The comment about no ongoing email or any other support is ludicrous and a joke. What both failed to mention is that there is a forum site, webinars every week, and even a chat room within the forum site. There is PLENTY of support! Idiotic program wow. Did you mention that there is a 20% guarantee for daily trades that no one else out there offers?? No one mentions that because its against their case.

        Reply
        1. Phil

          It’s not some sort of case we are making. It’s a very strong caution. Would love to see your stats on how many people continue after paying for the program Andrew

          Reply
          1. Paul

            Hi Phil,

            Your word of caution is fine but I am a client and I have experienced there is with Andrew. Why in the world would the guy offer a 20% guarantee if he wasnt serious about the program and course. I am as skeptical as they come but have not found a red flag with Andrew and I surely tried to find one because I had an awful first Forex experience years before I found TFTC.

          2. John

            I agree with Andrew. I was almost wiped out before I took Andrew Mitchem’s course and am now making my way back slowly but surely. My previous course providers claimed a lot but didn’t provide what they claimed.

  25. Fxtrader

    Paul – now I understand how come these so called”coaches” get positive reviews….there are many jerks like you who mislead other people due to naivety..

    First off, I didn’t mention”lack of support”…I said Information which is freely available on net is being bundled and sold for crazy amounts…

    Next, having forums, webinars and chat room doesn’t add to credibility to his offering

    Finally, use some common sense…a real deal (Genuine coach) would never run so many advertisements, so many programs, so many videos etc…Instead he will be the GO-TO person with his reputation and verifiable track record…

    I’m from investment banking domain and I have worked with many traders during the course of my job ..some traders provide mentorship programs but they never have so much time to put up a fancy website and attract 000s of customers…with so many crappy videos..etc..AINT IT SELF EXPLANATORY????

    Further, it’s fine to be a salesman who packages crap into a fancy box and do mass marketing..but does this justify so much price?????

    Not surprised why people like ANDREW MITCHEN THE SO CALLED FOREX TRADING COACH thrive ..there are SO many gullible people to prey upon!!

    P.S. THE COACH DOESN’T EVEN KNOW HOW TO DRAW FIBS ACCURATELY…HE DOES IT EXACTLY OPPOSITE!!!

    HAVE MERCY ON YOURSELF READER AND AVOID THIS COURSE!!!

    Reply
  26. Paul

    Having forums extra webinars and a chat room while not adding to the price does increase his credibility very much so. He doesn’t have to do that or give a 2 month bonus at Christmas either but he does because he is a genuine business who is not just about money. Again the 20% guarantee is what hooked me. Who else offers that? And in terms of daily trade results that I verified…..
    https://plot.ly/~TFTC/3.embed?autosize=True&height=500&link=false&modebar=false&logo=false

    Reply
    1. FXTRADER

      Throwing garbage into webinars – Yes – Its amazing service – You gotta go to NZ and pat his back? :))))

      Everything is priced in. There’s no free lunch in this World. Or are there really some Christmas Gifts that the Santa is giving you still? My daughter believes that there’s SANTA, now i will tell her that she isnt the only one to believe this :)

      Forget everything. TELL ME ONE “SINGLE” (I MEAN JUST ONE HECK “SINGLE” ) THING THAT YOU LEARNT FROM HIS COURSE WHICH ISN’T AVAILABLE ON INTERNET?

      AGAIN, ABOUT DAILY RETURNS – Try this – On every stupid engulfing pattern or pin bar – take a trade with about say 1:1.5 / 1:2 Risk to Reward Ratio. May be in one year, you will make 100% and in the other year, you will be chopped!

      Giving a positive review on few positive trades or results that ARE NOT VERIFIED BY MYFXBOOK is insanely stupid.

      My comment / review is solely based on the quality of information received vis-a-vis the free information that’s available today, in light of the hefty charges.

      I’m utterly surprised that its so (so!!) easy to fool people and prey upon them.

      Tell me one great fund manager / trader who is into so much marketing and advertising? Or yeah – You might think that this is a social service and compare him with Mother Terresa? Dont get to that level, please!

      Readers – Ignore all the supporters of that idiot Andrew Mitchem and find some MOOCs for USD 10 or 20, you will get more information than what you will get from THE (SOCALLED) FOREXTRADINGCOACH! In fact, to learn what he teaches, you dont even need to spend that money – You can go to BabyPips :)

      Reply
  27. Paul

    FXTRADER,

    You must be the one who wrote 2 bogus reviews on FPA? How can you make a review based on your assumptions and it seems like anger if you have never actually been a client? You are simply making assumptions which are all not true. If you are not in favor of getting the course then just don’t get it, why do you need to say anything negative about it?? The borderline slander against the guy is overboard. It is not just about engulfing or pin bars, only one part of taking trades, many other factors to consider as any smart trader would know. He is in the business of selling a course and it makes sense to do marketing and advertising for it, wouldn’t you if you had a business? The Christmas sale is a great discount to the standard price, don’t see how there is anything wrong with that. Seems like you have had negative experiences in trading and lashing out against Andrew. All I can say is that the course has done great things for me and filled in my education gaps that I needed. he has communicated very well and there are a few really neat scripts and different type charts that aren’t standard MT4 in addition to the MT4 ones. There are now 2 webinars, one in the US session along with the one in the European session which is cool. The forum site is nice as it helps develop community on different trades and anything else trading related. Sure, 2015 was a tougher year but still positive by a few percent. I have gone back and verified numbers for daily trades because all of the history is there and is accurate. Sure, the cost I paid, $1997 was a bit much at the time, but the 20% guarantee was nice and I wasn’t left alone or in the dark after paying. Very happy with it. There are many things about the course which if you are not a client you don’t know its there and its not all on babyPips.

    Reply

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