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ForexMentor.com (Peter Bain) Review

Overall Rating: (3.856)
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Total Reviews: 99
Last Updated: 2014-09-21
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Frank Paul, Vancouver, Canada

Rating: No Rating
Date of Post:2013-12-16
Review: It's really unfortunate that the Internet provides the means for certain people to engage in cowardly character assassination attempts from the comfortable anonymity of their computer workstation, hiding behind the convenience of obviously phony user names. It's the same kind of garbage that goes on with news service message boards and a variety of other forums where people can basically vent their personal frustrations by attacking others with the most extreme (and often unfounded) vitriol that they're capable of summoning. What I'm reading here in some of the obvious examples of this sort of thing directed at me is not any remotely responsible attempts at constructive or fair criticism, but rather some uninformed yahoo who thinks it's OK to completely smear someone without recourse to fact. The only thing I can conclude in those cases is that the person dishing it out is probably too lacking in personal maturity or skill to take the trading tools that they have been provided and use them in a disciplined manner, so what to do they do? Simple: just slam the person who authored the tools. With anonymity and without recourse to personal responsibility for making those smears.

I could go in to great detail providing numerous rebuttals to some of the pointedly baseless critiques I see here, but frankly so many of them are so ridiculous as do not even dignify a response. As but one example I note the (so-called) "reviewer" below who takes me to task for not speaking phonetically correct Japanese in the Ichimoku course I presented in the FX SystemsLab series. Really? That strikes you as a justified criticism of the course content in question? For the record, I did state very clearly in that particular course, in a clear but light-hearted manner, that I am quite admittedly not a speaker of the Japanese language, and I even went so far as to apologize in advance for any mis-pronunciation of the terms in question. But I think it would be far-fetched in the extreme to suggest that my pronunciation was so bad one could not even understand which specific chart elements I was referring to. I think it's also incredibly mean-spirited to slam somebody for a pronunciation issue which they even took the time to address in a proactive fashion. So what I don't speak phonetically correct Japanese? When did that ever become a specific requirement to teach Forex trading methods? I'd like to ask the so-called "reviewer" in question how many foreign languages he speaks fluently and elegantly?

I could go on and on addressing other similarly ridiculous and utterly baseless smears that are presented in the paragraphs below, but frankly I've got better things to do with my time than respond to those lacking in social graces who'd rather engage in dissemination of slander and libel than provide useful and constructive feedback. Fortunately, I can take heart in referencing the many hundreds upon hundreds of positive feedbacks and emails I've received over the years from people I've worked with that provide a useful counter to some of the gratuitous crap pretending to be a reasoned review of any kind that appears on this page.

Ordinarily I would never address comments from a current or former customer in this fashion, but I refuse to let stand unchallenged garbage information of the kind that has been presented here.

Steven, , USA

Rating:
Date of Post:2013-06-29
Review: I have bought and have been a member at ForexMentor. Here are my 2 cents:

0 STAR: Frank Paul is a dud. I keep getting those emails how he banked 400 pips on a 30:1 reward/risk ratio, but when I subscribed to the service, its not as planned. Out of the 12 currency pairs, maybe 1 will work out, the others will fail miserably. He was selling a MACD course, then a PSAR, course then a Elliot Wave course, Fibonacci Swing Trader course etc. He could never stick with one program. Now he is selling a FXM Trend Trader course. In one of the videos, he was talking about Ichimoku. He couldn't even pronounce the Ichimoku, Tenkan-sen, Kijun-sen, and Chikou-span correctly. All a waste of time.

3 STARS: Fund Trader Acadmey. Jarratt Davis, a nice guy. Great at replying to emails. However, the setups examples he had in the course were not practiced in the trading room. Andrew Jeken does the trading room, but only does pattern trading (Gartley's, Butterfly's, Bat's etc). Not my cup of tea. It would be nice to see those examples in the course being used. Although when Jarratt does come into the trading room, he does give trades based on the course samples.

4 STARS: RFP and LCT. Great course. Vic is a nice guy and in these days, it is hard to meet some honest people and not those out for a quick buck. He's been vigilant in replying to emails and giving me great hints and answers to my emails. I still use the stuff in the video in my trading today.

In the most recent YouTube video, Shirley Hudson banked 18,000+ pips in 6 months with only 1 losing trade. An impossibility in itself. If she is banking almost 36,000 pips/year at a 1% risk (lets say 20 pips of risk), this figure compounded after each completed trade, she would have made over $80 million in the last year !!! There is a hiccup in the RFP course. Shirley says "on one of her accounts". Does that mean she has more than one and she is using only the profitable trades in her samples ?? I keep seeing an MS Excel spreadsheet in the videos. How about the Detailed Statement from the MT4 platform to prove the results instead of a user inputted (created) spreadsheet ?? You can blot of the account number and any other privacy issues,

tim merrit, , USA

Rating:
Date of Post:2013-03-31
Review: i have a hard time believing somebody would say frank paul is legit. the guy didn't modify some brilliant system, he abandoned a loosing system and the changes made are so much that it couldn't be called the same thing. his system was based on swing points. and where frank was having problems was on the final swing point that got you in the trade. he doesn't even use swing points anymore. this cat is a looser big time. his whole system was based on swing points, by throwing it out the window it isn't a modify move it is a whole new system. everybody who purchased his triple screen swing point system got ripped. and the strange thing here is that i don't think all of forex mentor is a scam. chris lori certainly seems legit. but poor judgement on the part of some of the staff at forex mentor for sure. bob handles the phone, and he seems ok, but i know he must have got a lot of complaints on frank paul. i think peter bain had a serious talk with frank paul and frank got rid of the swing point system. peter should of fired frank. i was a member of franks club and i would email him time and time again when he would pull snake moves and take credit for for all these winning trades when most of them didn't qualify and then on the loosing trades where with his system you would have a really lot of pips, he would come up with bizarre explanations of why he wouldn't have gotten into the trade. where i really nailed him was when he kept video tapes of his recommendations. so when he would try and get out of a loosing trade that lost 300 pips or so and he would deny it and say to me "oh i never said this was a go and to enter the trade". i would say look at your video you said enter the trade. then he would say something really ignorant like like "oh i meant to change that and i told such and such to change it ". it got really ridiculous and i dropped out of his club and a few months later he changed the whole system. if i had to guess i would say the complaints came in by the truck load and peter bain and frank paul had a serious talk on the phone. where i hold fault to peter bain is not following through and canning frank.

2012-04-29 1 Star this is an update on Forex mentor. Frank Paul has abandoned the system he was selling on Forex mentor, he now has some totally new way of selling his snake oil approach. the course that i bought is useless and is nothing like what he is peddling now. this guy is a joke and a half. the other people on Forex mentor might be legit but this company has all the looks of a scam.

2012-01-26 2 Stars forex mentor has 4 or 5 instructors, each with their own angle and program on teaching. most of it appears ok. like chris lori course. but i was part of the fibonaci swing trader with frank paul and and even that appears ok and some of the trades he recommends work but he pulls snake moves like you will have two identical trades, one worked and one didnt. he will take credit for the one that worked and then come up with a bunch of nonsence about how the one that didnt work doesnt count. he is a good talker and makes the whole company look bad. nothing special with forex mentor, its a company you want to stay away from, at least the fib swing trader is a scam.

Vic Noble, , Canada

Rating: No Rating
Date of Post:2012-10-31
Review: To FxTrader, Germany: I hate to even dignify your comments with a response, but this is the problem with forums like this: Anyone can say anything they want, whether or not it’s true.

For the weekly trade examples, Of COURSE it’s a demo account! I have often stated that in the video. I don’t show my personal account, and won’t be. The weekly trade examples are a free service, and are for illustration. Who cares what the order size is? If this really bothers you, here’s an idea: stop watching them, it’s OK.

I do NOT get the same results as Shirley Hudson or anyone else for that matter. NOBODY will ever get the exact same results as someone else. This is something that you haven’t learned yet obviously. We trade different pairs, we have different abilities to handle multiple pairs at once, have different risk tolerances, etc etc. But you can still be successful.

I should already be a millionaire? So you now know my financial status do you? LOL!! Enough said. FxTrader, Germany, or whoever you are, maybe your comments are more a reflection of your own inabilities. Sounds to me like this game may not be for you.

Vic Noble. Marketing expert!?? I wish.

FxTrader, , Germany

Rating: No Rating
Date of Post:2012-10-26
Review: Mr. Vic Noble does not seem to be a trader, he looks more like a marketing expert.

I watched a video showing him making two London Close trades. On the status bar of his trading software I saw the word "Demo". Why would a successful trader bother to toy around with paper money?

Despite this, lets assume it was real money. But why did he then apply a tiny order size of only 100K? He presented a strategy which he claims has a 93% hit rate with a risk:reward of 1:1.24. Given that performance characteristic, an order size of far more than 1M would be appropriate, like 3M or even 10M. Above that, one could get bad fills because of a lack of liquidity.

So, if the strategy would be that great, why is he not able to trade it for himself? He already should be a millionaire by trading this strategy. Possibly the reason is that Mrs. Shirley Hudson who trades that strategy so successfully is a really good trader and that makes the difference. So if Mr. Vic Noble with his claimed 30 years experience of trading is not able to adopt her strategy, why should anyone else be able to do this?

Shinshiro, Cape Town, South Africa

Rating: No Rating
Date of Post:2012-09-17
Review: "...If you follow the risk management techniques that i teach in the course, you will almost certainly not blow your account up...But all the nonsense about them hunting your stops and whatever else you think they do is just not true unfortunately, i know and deal with people who work in brokerage houses, and when you understand how they operate you will understand how this kind of behaviour is just not in their interests...." This is Jarratt Davis's (I presume) "forex trader extraordinaire" response to a forum participant who raised the issue of stop hunting . Either the man is poorly educated/informed and has no business mentoring aspiring forex traders or he is deliberately spreading misinformation...why he would do so is beyond my comprehension. Read more @ The Safe trade - Page 3 And For more information on stop hunting which Mr Davis claims is not in the interest of forex brokers visit Stop Hunting With The Big Forex Players

My advice is, approach forexmentor.com with extreme caution...I, for one, am staying well away. Successful forex trading is not easy and whoever claims it is is either lying and potentially stands to make a quick buck from these misrepresentations or simply, they have no idea of what they are talking about. In this 'game', Information is everything...but take no ones word as gospel...
 
Rebuttal: Added by Jarratt Davis on 2013-01-24 10:19
  Hi Everyone,
After consulting with the moderation team here at FPA we have decided to post a rebuttal to the post above by ‘Shinshiro’.

The reason for this is that this person’s understanding on the topic of stop hunting is unfortunately a little off base and they have basically posted something incorrect, which we feel requires further clarification.

There are two things that we feel need clearing up here:

1, First of all we need to clarify what our opinion is on stop hunting, which you can read at a blog that we posted here:

www.jarrattdavis.com/2010/03/16/do-forex-brokers-hunt-your-stop-losses-part-1/

As you can see, the point we make is that brokers hunting your stops is false.

2, the second point is to clarify what the reality of stop hunting is, as outlined in our blog posts above. In a nut shell, stop hunting is performed by large market players like banks and hedge funds and they simply target pools of liquidity at which to execute their large orders.

So it has never been stated that stop hunting doesn’t happen, just that it isn’t carried out by brokers.

Shinshiro very conveniently provides a reference to an article that we can use to get a deeper understanding of the issue of stop hunting, and the article is called ‘Stop hunting with the big Forex players’ Which I have provided a link to for anyone interested in reading it:

http://www.investopedia.com/articles/forex/06/stophunting.asp#axzz2In1Lv7S4

The main point of this rebuttal is that this article basically says the exact same thing as the blog post, which is that it is the large players (hedge funds, banks) that hunt stops.

Therefore there is no spreading of misinformation or incorrect beliefs, as is claimed by Shinshiro, and we are actually a little confused why he believes this after reading both articles and points of view.

We hope this helps to clear up any confusion.

Thanks
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Chris, Cape Town, South Africa

Rating:
Date of Post:2012-09-07
Review: I purchased the Recurring Forex Patterns and London Close courses and I was extremely happy with both. Out of the 7 strategies taught in these 2 courses I liked "The Figure and Noble Entry" the most and I'm having good results with it so far.

Sure you can get tons of free informaton on how to trade support and resistance, but it can take you years to sift through all the garbage out there and you can still get nowhere.

Forexmentor fan, SA, South Africa

Rating:
Date of Post:2012-08-09
Review: 1 guy says got nothing out of it, mmh did you not learn about sell the rallies in downtrend buy the dips in rallies. Did you not click what that really is? Its worth a fortune and Peter (when I did course) talked about that millions of times. London close reversals are there fact, but someone else can't see it mmh. One guy wanted his money back surprise surprise he got it. One guy says Frank Paul changed tack and did something new, like he can't also grow and develop when EVERYONE says you have to in trading. Frank Paul is brilliant. Often in trading as in life lessons cost money, their lessons cost money but from each of them comes gems of knowledge you can take and run with.

Lance , Canal Winchester, USA

Rating:
Date of Post:2012-07-07
Review: ForexMentor has some solid courses to teach the forex market, but they do not provide enough daily support. The live connect or fund trader academy is the closest they have to a daily analysis service but is run by a complete amateur trader Andrew. In the past it was much better with Jarratt Davis being more active and Chris Mathis who seemed to enjoy working with us all live and was very good at what he did. The live service went downhill and the main course with Peter Bain is badly outdated. Vic Noble is a very good coach for beginners, but tends to let people do their own thing and became a very confusing service with too many different strategies being shown. Frank Paul is a good talker and very smart but too much so as the average person cannot relate when he tries to sound smarter than everyone else. I have also not been impressed with the actual trading that he shows. Chris Lori is probably the most impressive of the group with his trading and financial knowledge. Overall I think they need updated content and to condense what is there so there is not so much. I was never very impressed with Peter Bain's after the fact analysis, I would have much rather had some analysis to take into my trading day, not 20/20 hindsight. I think that Chris Lori, Jarratt Davis, Chris Mathis, and Vic Noble would be a good core group to start some fresh new material. If they would do that and simplify what was once a very good course and education they would earn 5 stars from me. The course is a solid beginning education but beyond that they could use some new content.

evpatoria , Norway

Rating:
Date of Post:2011-07-11
Review: On impulse, I bought London closed strategy, the main reason was to gain insight into how Shirely Hudson thinking when she trade.
 5 minutes after I had logged onto the page. WTF is this.

An hour later I sent an email where I wanted my money refunded because the course did not keep the standard that I expected and to my surprise I got refunded my money.

Why I wanted my money refunded.

 To view from Exel, Shirely Hudson trad with a short comment,

Why not send screen shoot of the day's trade with a short defrief it takes under 3 minutes while it is much more instructive.


To listen to Vic Noble's inane dialogue it took me 1 minute to realize that this man is not a trader.
I must admit to listen to Vic Noble try to explain London closed from various chart produced so much irritation that I failed to listen to ..

It's Shirely ability to read and understand the market that gives her success. Unfortunately it is not so easy to copy it.

And if that was so easy to copy Shirley success trust me you would hear different forex forum members brag over their result long time ago.!!

(Ps Shirley open a live trading room outside forexmentor that shows what you do, you will earn much more money on it.)

There is nothing wrong with making money when the product you are offering holding high quality.


Before I wrote this post I spent some time in front of you-tube where forex mentor its members show off

Short summarized, Hearing Bain and Noble analyzes forex chart. Is that listen to myself when I sing in the shower and belive I'm an opera singer.
I'm sad on behalf of the newcomers who throw away their time on this type of course.

The forex mentor milks its customers with the help of the monthly membership, no doubt,
I traded in a period with a previous forex mentor member who was left with this impression.
His spite against you find the same material as forexmentor offers free online ..

It seems to me the whole Forexmentor suspect they have opened a live trading room where they claim that they have traded in 17% gain from January- to today while and you not see a really statement.
Again exel !!
Since forexmentor claim they are pro traders
Why not link up an account to Currensee and thereby show the world that they really can trade!
Or have they something to hide !!


Chris Lori gets good grades for his teaching skills on their
2000 $ forex course, for that money I prefer to use that at Pimalai's luxury hotel on ko lanta and trade becide the pool, you will find me around January next year.

What captivates me is from Chris Lori's website is your opportunity to buy several forex courses and self bragging information that the man is an expert in the Bobsleigh down a hill that is not relevant to me.
Another important information is that Chris Lori run
a private forex funds Seaview Capital Inc.
where he manages funds on behalf of private and institutional clients worldwide.


But unfortunately I find no information about Seaview Capital Inc
over internett

only an outdated website on Seaveiw inc who is not active anymore.

Being a professional forextradere where manage money for others, contain 2 different profession .

1 trade,
2 find and be social with investors who will invest in you fund.

There is 2 main way to make money in forex.

1. to sell all sorts of humbug courses and indikartors and forex system .
2. second way trade other people's money if you are not rich from the beginning.

There amazes me that Chris Lori does not offer seawiev capital services on his website.
or other webpages on internett.

My conclusion is very simple, forexmentor people who live to market themselves online if they had had success as forextradere they would broadcast their success for a long time ago over the whole internet.


Evpatoria.
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