My wife and I are full time traders. We have been using a trading system from Andrew Mitchem and TheForexTradingCoach.com since February 2010. Now, 6 months later, it is time to review our experience warts and all
There is a one off upfront fee to pay and the package consists of proprietary software that provides;
SMS, email and visual/audio chart alerts that identify potential trade set ups
candle patterns identifiers e.g. pinbars, engulfing bars, outside bars, hanging men, dojis etc.
negative or positive divergence alerts using the slow stochastic setup
daily support and resistance levels (automatically updated prior to the Asian session open)
OCO (one cancels other) entry, stop and exit application for news trading
Fibonacci retracements and extensions
round number levels
The software is applicable to all time frames e.g. scalping, swing and position trading and comes with a comprehensive instruction manual written in plain English, so it'fs not that difficult to understand.
Your money also buys you
A one day coaching session with Andrew Mitchem, either one on one, a small group (up to 6 people) or by webinar. The fee is scaled depending on which coaching option is chosen.
Daily trade recommendations. These are emailed between 10am -11am New Zealand time prior to the Asian open with a detailed explanation of why the recommended currency pairs should be traded in the upcoming Asian, London and New York sessions. These are trades taken by Andrew Mitchem using his live account and the live accounts of clients who have managed funds with TheForexTradingCoach.com.
Reviews and updates of the previous days trade recommendations. This update catalogues which trades have hit their profit target, trades that have been stopped out or trades that are still active, either out of the money or in profit and why they are still valid trades.
Ongoing training and educational webinars. These are held at 8.30pm New Zealand time during the London session. If a short term trade set up presents itself, then a live trade will be taken. The webinars run for approximately 60 – 90 mins, they are interactive and questions are encouraged.
Technical software updates (at no additional charge)
Customer support. Whether this be of a technical nature or asking for thoughts/views on a particular trade, enquiries were answered promptly.
From the 6 month period of 22 February 2010 to the date of this review (30 July 2010), there have been 313 daily trade recommendations received. Using a 1:2 win/loss ratio, each trade was recorded over a 24 hour time frame (the upcoming Asian, London and New York sessions). 117 of these trades were stopped out for a total loss of 8,585 pips and 196 trades were profitable for a potential total gain of 21,630 pips. This represents a 62.5% win/loss ratio and a potential nett gain of 13,045 pips (or an average of 576 nett pips per week). This is an excellent win/loss record by any professional traders standard.
To further illustrate these figures; during the same 6 month recorded period, we were able to bank between nett 100 to 500 pips per week. We had an exceptional week from 14 – 21 May 2010 where we placed 36 trades, were stopped out on 9 and had 27 winning trades for a nett total of 1,198 pips.
It has been difficult to obtain accurate profit data from other Forex trading organizations in order to compare profit results with TheForexTradingCoach.com. Our experience has been that the few profit data histories we did receive fell far short when compared week by week and month by month with TheForexTradingCoach.com trade historical data.
In conclusion, we find it hard to fault the coaching/software package, ongoing webinar training/education, daily trade recommendations and customer support. Not having to pay a monthly subscription fee is a pleasant surprise compared to most other trading organizations in the Forex world. We think that this is a trading system suitable for the raw beginner who knows zip about Forex and the experienced trader looking for that edge. In hindsight, if we'd had this information when we first started trading, we could have saved ourselves the pain and agony of blowing our first account.
It is our opinion that this complete package represents exceptional value for money.