# Forex Coach



## merlinnn (9 January 2011)

Hi Everyone, 


Has anyone heard of Andrew Mitchem? He provideds forex coaching services from NZ, I am looking for a legitimate course in relation to forex, that isn't a $10k scam from a cigar smoking snake oil salesman. I cannot find anything bad about him or his course on the web. Any opinions, thoughts or otherwise would be greatly appreciated.

Cheers


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## TulipFX (11 January 2011)

merlinnn said:


> Hi Everyone,
> 
> 
> Has anyone heard of Andrew Mitchem? He provideds forex coaching services from NZ, I am looking for a legitimate course in relation to forex, that isn't a $10k scam from a cigar smoking snake oil salesman. I cannot find anything bad about him or his course on the web. Any opinions, thoughts or otherwise would be greatly appreciated.
> ...




This is my opinion.

Start with www.babypips.com and a demo account.

Once you have the hang of it, by not means an expert but have an idea of the basics, give yourself 3 x $1,000 accounts. Real money.

If you blow up those three accounts this game is not for you. 

You will learn more reading the various forums and losing $3k of your own money then you will having someone tell you things which are on those forums for a higher cost.

If you want to watch a serious trader trade live you can here: http://compassfx.com/forexsignals/ . His account is over $20 million, so he's not someone talking it up. Best bit is, it is free.


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## >Apocalypto< (13 January 2011)

merlinnn said:


> Hi Everyone,
> 
> 
> Has anyone heard of Andrew Mitchem? He provideds forex coaching services from NZ, I am looking for a legitimate course in relation to forex, that isn't a $10k scam from a cigar smoking snake oil salesman. I cannot find anything bad about him or his course on the web. Any opinions, thoughts or otherwise would be greatly appreciated.
> ...




I agree with Tulip, learn the basics and get yourself a demo and trade. you got to learn in your own way and the style that agrees with you.


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## TulipFX (13 January 2011)

>Apocalypto< said:


> I agree with Tulip, learn the basics and get yourself a demo and trade. you got to learn in your own way and the style that agrees with you.




Even more importantly, lose some money. Sounds self defeating but in the long run worth every cent.


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## >Apocalypto< (13 January 2011)

TulipFX said:


> Even more importantly, lose some money. Sounds self defeating but in the long run worth every cent.




yep, one of the learning tools!


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## FxTrader (13 January 2011)

merlinnn said:


> Has anyone heard of Andrew Mitchem? He provideds forex coaching services from NZ, I am looking for a legitimate course in relation to forex, that isn't a $10k scam from a cigar smoking snake oil salesman.



There is nothing wrong with seeking out a mentor or trading coach.  But, depending on what he's charging, you should not employ him to teach you the basics of Forex trading. There are plenty of resources on the internet for that.  Find out if you like Fx trading first, it's a tough highly leveraged market that takes no prisoners. Only about 15% of Fx traders actually make money.

Coaches are best utilised by experienced traders looking to refine their trading skills and psychology. If you are looking for specific trading strategies to trade mechanically then you need to research the program and material on offer, there are quite a few. 

As for Mitchem, his advice looks practical enough although some of the statements in the interview below are controversial. Since he's selling education, a trading strategy and plan, he should be able to provide his trading results over serveral years for examination.  The more discreationary his strategy, the more difficult it will be to duplicate his results.

http://www.tradingcoachdirectory.com/Andrew_Mitchem.htm

_"What is the one biggest lesson that you have learnt since starting trading?
That almost all indicators do not work in real time."_

I find this statement to be somewhat nonsensical.  Indicators are just that, they indicate something about price action and present information in a certain way graphically. They aid the trader in decision making, some more than others.

He's running a "million dollar challenge" to turn a $10k live account into a million bucks in one year, 2011. Let's see how he performs.

http://10kto1million.com/Home_Page.html


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## merlinnn (16 January 2011)

Thank you everyone for your advice.

I have decided at this stage to go over the babypips school a few times as well as the james16 thread at forex factory and hopefully build some basic knowledge, followed by a demo account for a few months, then live in micro and see where I am after that.

Cheers


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## Wysiwyg (16 January 2011)

FxTrader said:


> He's running a "million dollar challenge" to turn a $10k live account into a million bucks in one year, 2011. Let's see how he performs.
> 
> http://10kto1million.com/Home_Page.html




I notice the Challenge is up $250 so far with a stop loss of around $200 and five wins /six losses. Maybe an Expert Advisor? The lots are quite varied.


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## Wysiwyg (17 January 2011)

> He's running a "million dollar challenge" to turn a $10k live account into a million bucks in one year, 2011. Let's see how he performs.
> 
> http://10kto1million.com/Home_Page.html




Matter of fact if this guy makes half that amount in this calender year from 10 k start then I will become a disciple.


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## TulipFX (17 January 2011)

Wysiwyg said:


> Matter of fact if this guy makes half that amount in this calender year from 10 k start then I will become a disciple.




Through his affiliate link to goMarkets or from trading?

I don't think he's the first to have done this. Seem to remember hearing about someone else doing something similar. Are his trades live, or all post announced?


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## Wysiwyg (17 January 2011)

TulipFX said:


> Through his affiliate link to goMarkets or from trading?



Oh I would be interested in how the entry rules and position size calculations are derived. Stop loss seems set at a hard $200.



> Are his trades live, or all post announced?



Don't know. Only checked the statement.


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## reventon (8 April 2011)

i view this with some scepticism but think it would be an amazing feat, i wish him the best of luck. i too will become a disciple if he accomplishes the task at hand. 

 does anyone know if there is anyway to actually track his trades, rather than just putting up a trade log?


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## TulipFX (8 April 2011)

Anyone who is serious and wants to present verified accounts will use a reporting site like www.myfxbook.com . That way post trade modifications of results cannot be done - the whole thing is there displayed, warts and all.


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## FxTrader (12 April 2011)

TulipFX said:


> Anyone who is serious and wants to present verified accounts will use a reporting site like www.myfxbook.com . That way post trade modifications of results cannot be done - the whole thing is there displayed, warts and all.




And here is the link to the challenge results so far...

http://www.myfxbook.com/members/10kto1million/forex-trading-coach-10k-challenge/98985

Individual trade details are also here...

http://10kto1million.com/uploads/statement.pdf


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## bpdoz (16 April 2011)

babypips.com rocks..
really like the fundamental parts.. 

anyway, anyone heard about jimmy young?
lots of good review about this guy.


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## Wysiwyg (16 April 2011)

> And here is the link to the challenge results so far...
> 
> http://www.myfxbook.com/members/10kt...hallenge/98985




Forex price is so erratic I can't make a consistent go of it. In reality this dude won't crack a million in one year. His EA mini bets will take a lot longer at this rate.


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## FxTrader (16 April 2011)

Wysiwyg said:


> ... In reality this dude won't crack a million in one year. His EA mini bets will take a lot longer at this rate.




No EA I have seen or studied trades like the trades this guy is putting on across many pairs and times but it's still possible he's using one given the odd lot sizes for the trades.  Since TulipFX is an EA provider perhaps he can comment on whether or not he thinks this guy is using an EA robot.  If he is using an EA then I would say that, even if he developed it, that's a bit of deception on his part as a trading coach.

You're right though, trading mini and micro lot positions will not get him anywhere near 1 million in a year.  At his current rate of return on a $10,000 initial investment he won't even make it to 100k in a year.  He would however hit the million dollar mark in about 28 months assuming an average return of 18%/month, not a bad achievement if successful.


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## Wysiwyg (16 April 2011)

FxTrader said:


> No EA I have seen or studied trades like the trades this guy is putting on across many pairs and times but it's still possible he's using one given the odd lot sizes for the trades.



Yes either the position sizing algorithm is complex or random but probably complex to confuse the monitors. 







> Since TulipFX is an EA provider perhaps he can comment on whether or not he thinks this guy is using an EA robot.



  The 'roo' is the most expensive EA I have seen and one wonders why?







> > If he is using an EA then I would say that, even if he developed it, that's a bit of deception on his part as a trading coach.



 As I mentioned the other day. If one reveals their edge, then it is gone.


> At his current rate of return on a $10,000 initial investment he won't even make it to 100k in a year.  He would however hit the million dollar mark in about 28 months assuming an average return of 18%/month, not a bad achievement if successful.



Yeah for sure it would be a great achievement but the market won't give it to him in a year.


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## TulipFX (17 April 2011)

FxTrader said:


> Since TulipFX is an EA provider perhaps he can comment on whether or not he thinks this guy is using an EA robot.




I see no evidence that it is an EA being used. No constant SL or TP values for example.


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