Estimated reading time: 6 minutes
We got an email from an aspiring trader who wanted to know more about Andrew Mitchem’s The Forex Trading Coach program. He basically wanted to invest in this Forex training, although his mind was still divided.
You see, for a training program to be priced at $2,500, there must be some real value in the course…….. Most people will think so.
On the other hand, he didn’t want to send money just like that without first inquiring from people who might have a clue.
This prompted us to conduct an in-depth research on the said Forex course offered at “the forex trading coach website”. In the process of analyzing it to find out the truth, we also discovered that Mitchem of The Forex Trading Coach program was luring poor fellows to pay exorbitant fees in the name of getting ”quality” Forex training.
It is a bad joke that people are paying such high fees just to get into a sham. This fact alone has prompted us to write a review about this bogus Forex coaching program. We couldn’t hold back our discoveries since our job is to keep you safe from falling in the hands of Forex fraudsters.
This website (theforextradingcoach.com) should be a no-go zone to anyone who seriously wants to learn how to trade.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
The reason why we are saying this is because that site is selling lies, misconceptions and falsehood, while charging extortionate fees for the vice. Consequently, it would only be fair to warn the general public as opposed to just one person.
Okay, let’s get to the meat and bone of the matter. Who exactly is Andrew Mitchem?
Well, according to his own words, he is a full time Forex trader, a private fund manager, an investor and a trading coach. Those are too many things in one. Now, let’s tackle each one of those:
You will be mangled by this fake ”fund manager” because his reputation is shoddy. He operates another corny site by the name wealthwithforex.com, and there he claims to be a fund manager who will open an account for you if you can ”invest” a minimum of $20,000.
But the problem is very clear. He states that his ”investment” strategies are low-risk yet high return oriented. But how come there are no third-party verification on the site? No track record to prove that he is speaking the truth. Others are also raising the same issues against this FX training school.
As if adding insults to the injury isn’t enough, this online con goes ahead to introduce the infamous Forex Trading Coach program. He charges a whooping $2,500 to get started — yet he claims on his website that he can subscribe you for free if only you sign up with your email.
Besides that, he is charging a whooping $20k just to train you privately at home or on a one-on-one coaching session. Worse still, this coaching only runs for one day, and boom! Your 20k is gone!
After seeing all this trickery, we deduced that Andrew Mitchem was targeting high net-worth clients who wanted to invest in Forex trading and didn’t know where to start.
Secondly, this man seems to be targeting people who equate a high price tag with quality. After all, this is the psychology of everyone out there. But in the real sense, he is selling the ultimate dream of a trader for a very very expensive price.
Let’s get back to the false and misleading statements that piqued our interest. The website has since posted several videos (they are broken into episodes).
Episode 227 purported to be offering real trading results. We analyzed and found them to be false. Now, we are concerned with one particular episode that was entitled ”just one trade will make you more money than what you can save in the bank for a year”.
That statement can be described as ridiculous. First of all, it is generally acceptable that money which you save in the bank will remain as is if it doesn’t add any interest at the end of the day. But with trading, there is no guarantee that the profits you’ve made in your account today will remain the same at the end of the year.
On the homepage, this guy boasts that he has over 10 years of experience, and that he has trained individuals from over 58 countries.
What’s more, he claims that the success rate of his students has skyrocketed ever since they passed through his hands.
But look, we want you to realize that this is an unsustainable claim. Secondly, there is no one particular proof that shows that this man is a trader himself even from his forex trading coach website. Take that into your brain before you donate him some $20k cold cash!
We also ventured into the FAQ section of this site where we encountered even more jokes. He says that he makes 5% per month when trading on the h1 and h4 time frames respectively (of course no proof is given on this one either).
He promises his students that his methods will transform them from zero to hero status in record 90 days, and that they will instantly see a 5% increase in their accounts.
But let’s be clear on this: the above statement is akin to saying that you will be a better neurosurgeon with just 3 months of attending med school, and that you will beat those who have been there for decades.
It is clear that Andrew is targeting the diligent trader who follows his ”free advice” the same way sheep follows its owner.
In his pitch, he claims that he first started on a $3,500 worth of trading account, and that he was averaging $150 everyday.
If his 5% return story is true, then he could compound those earnings, and soon we will be seeing him on Forbes, right?
We don’t like his claims because he is misleading thousands of traders. If you browse his site, you will catch him saying that he never risks more than 0.5% of his equity. In truth, that percentage is meaningless in the sense that you will still lose everything if you don’t have an edge. You can call it death of a thousand cuts.
Now, the good news is that you don’t have to fall for scams like The Forex Trading Coach. Stick on the good side by joining mentors on this platform. Forex Mentor is worthwhile in all aspects of learning.
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