Cutting Through the Bull – Forex Price Action

By | February 4, 2015

keep-calm-and-cut-the-bullshitI’ve never held the guys selling Forex price action courses in high regard for one basic reason: not one of them can show that what they teach and charge for is profitable. As far as I’m concerned, in trading money talks and bullshit walks. You can have the best designed website and hundreds or thousands of subscribers but if you can’t produce at the very least a year’s worth of verified track-record then you’re at best dishonest and at worst a complete fraud.

What prompted me to write this article was reading the latest post on ForexExposed. What I hope to achieve is to get any person who considers spending money on forex price action sites to think twice about it. They should realize that: 1. they’d be buying very expensive trading education and 2. that it is of a dubious quality from a dubious, potentially fraudulent seller. Some of you will point out that at an average of $300, these courses are very cheap compared for example to the $2500 Andrew Mitchem charges. But what if I tell you that you can get the twenty or so best trading books on Amazon for around $200 ? Yes, I know, a book is not like an interactive website where you get daily or weekly updates and get to ask questions. But let’s see who the guys that answer your questions are. If you search ‘forex price action’ on google, you’ll get the following sellers on the first two pages:

– Dale Woods at

– Nial Fuller at

– Justin Bennett at

– Chris Capre at

– Johnathon Fox at

You will notice that the websites look pretty much alike and use the same approach to attract members: trade setups for a forex pair or two, with the invitation to register in order to view setups for other pairs. Testimonials so over the top that they are funny: supposedly, traders who have been losing for years, bought their services and now are consistently profitable, doubled accounts and so on. :)

Regarding the trade setups and commentaries, the internet is full of them, from the ones you can find on trading forums to the ones on various sites like ForexLive. Their quality varies considerably, but it’s mostly poor. Just because you start paying $300 doesn’t automatically make them top-notch. Particularly when they come from sources which make unsubstantiated claims of profitability and success to entice aspiring traders in parting with their money.

Regarding the quality of the courses as reflected in testimonials, as I said in the beginning of this article, not one of these guys, although they’ve been in business for 4 years or more, will offer a verified performance record of the strategies they teach. That should tell you all you need about their real value.

To conclude: I see no valid reason for anyone to spend money on forex price action websites. You would be paying for something – trade setups, chat room, emails – that you can find on the internet for free anyway. There’s hardly anything to indicate that these guys are qualified to be trading mentors to other people. If you’re still deluded in thinking you’re paying for access to ‘forex professionals‘, as they call themselves, ask them for a verified track-record. And then come back here and leave a comment with their excuses for not producing one.

6 thoughts on “Cutting Through the Bull – Forex Price Action

  1. Andrew

    Agreed on the 3rd party verification!! Convenient huh?
    By the way, where’s your 3rd party verified results?

    1. JLTrader Post author

      If I’ll start offering any kind of paid services (education and/or managed accounts) I’ll provide 3rd party verified results.

  2. Andrew

    The only thing I would avoid is putting results in forums, especially if you are profitable. The losers will attack you like crazy and say “it’s not real”, “there’s no way”, etc.. even though were only talking about 50 – 100% returns over the course of many months. They will really try to put doubt into your head. Been there, done that.

    Don’t forget about the gurus either. There are lots of those that take peoples’ money. The CFTC should go after any American-based guru or course that doesn’t show 3rd party verified results in *REAL* accounts. IF they show results, it’s usually in demo accounts, but I’ve seen demo accounts get manipulated very easily.

  3. William

    Vlad, what do you think about Walter Peters / Fxjake.
    Another price action courses and signals seller.
    He seems to milk motivational junkies that prefer hopes from the markets rather than actual money and results.

    1. JLTrader Post author

      Hmm, what is there to think about a guy who has this kind of homepage? LOL
      Another self-professed professional trader with no track-record, just like all the other price action gurus.

      One more thing that shows how ‘honest’ this guy is: on the sale page of his $980 or so course, you can find this paragraph:

      ”But I can tell you this – if you join the program and (for *any* reason) don’t find it fit for you, I will give you 100% of your money back, so there really is no risk to you.
      (And this is a real 100% money back guarantee… no funny business. You email my team if you don’t find this to be the best trading program you’ve ever gone through, and we send your money back.)”

      But in the terms & condition page you’ll find this:

      ”Refunds will only be granted if a program participant makes an application for a refund in writing after the initial workshop or webinar of any program. Refunds will be given at the discretion of a Insider Information team member. After the initial workshop or webinar of any program no refunds are available. ”

      LE: This answer confirms that FXjake is full of BS:

  4. priceactionguru

    What a collection of con-artists you got here! All the mania with price action started in ForexFactory forum 10 years ago. The success of James16 thread over there spawned a bunch of imitators – Nial Fuller, then Johnathan Fox (who at least in the beginning copied so much off Nial’s site that people believed they were the same person haha) then Dale Woods.
    Nial Fuller was kicked from BabyPips forum for being overly promotional and his usual ass%ole self, Chris Capre and Johnatan Fox learned from his mistakes so they were able to run long threads there, attracting naive people like moths are attracted to fire and banning anyone who showed signs of having an IQ above that of a chimpanzee and who was questioning their words. Both threads are now deserted.


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