Forex Mentor Review
Value for Money
When it comes to trading stocks, there are numerous factors that can help or hinder a trader. ForexMentor.com is an online education site that has many fascinating tools, training courses, and other numerous features. How would these change your trading? Read our in-depth review to learn more.
- ForexMentor.com has been operation in the Forex industry for more than 15 years. This lends well to its reputation and credibility among traders.
- The site hosts a very broad range of educational courses to cater for a range of trader levels.
- Courses can be delivered through the trader’s choice of medium in most cases. Books, DVDs, and online delivery are all available.
- The content contained on the site seems to lack continuity due to the various authors and individual course sales strategy.
- Fees for the subscription based services and mentorship are proportionately higher than competing brands, with seemingly less support.
- Traders many feel a lot of the educational courses, which are expensive, can now be consumed directly from most major Forex brokers who provide extensive free educational resources.
- The appearance of the website is quite dated, and difficult to navigate smoothly.
ForexMentor.com is a Canadian based Forex trading education site which offers a vast range of industry related educational material, training courses, and Forex trading mentorship programs. The company is led by Peter Bain and supplemented by a range of other trading professionals and Forex industry figures who collaborate on many of the Forex training courses and other offerings.
The company was founded in 2003 and is operated by Currex Investment Services Inc. They have established a strong foundation of members, both new and experienced traders throughout their time in the industry who have garnered some positive information from the many educational resources available.
ForexMentor.com presents a multitude of educational options from the outset for Forex traders. These vary from a range of home study video and book based courses which are also available in online format, to more advanced Forex strategy courses which are typically available through the same mediums.
Traders can also avail the services of the sites Forex mentors, primarily in the form of founder and mentor, Peter Bain; professional coach, Vic Noble, and trader, Shirley Hudson. These personalized coaching services culminate in the offering of a monthly subscription coaching service, and one-to-one offerings in addition to the other video and Forex trading courses which are supplied through the platform.
Course Breakdown and Analysis
ForexMentor.com offers not just one course, but a range of more than 25 Forex educational courses. This offering is quite fragmented and difficult to access on the website, but each educational course is typically available in DVD or online delivery format, and with an accompanying guidebook in many cases.
These courses are designed to cover every step of the Forex trading process, from being a new trader and learning about Forex, through to more complex trading strategy guides and tips.
Although these video and online course offerings cover a lot of space on the visually basic website, the main target of the company is to promote its monthly subscription service. This comes in two different varieties. Coaches Corner, and Coaches Corner Premium. Both are delivered by Vic Noble and professional trader Darko Ali.
These subscription services mainly focus on providing daily pre-market analysis video, and other trading knowledge in video format to members on a regular basis. The premium subscription differs in that it allows greater access to more video content and access to a 24/7 Skype based community of traders and other professional mentors.
The goal of these services is ultimately to create more profitable trades for the users while also increasing knowledge through the range of services offered. ForexMentor.com also offers a specialized 1-1 coaching service for up to two-hours per lesson.
Beginning with the range of DVD courses available, which are also available through direct online video streaming, there are a total of 29 courses. Each course is delivered independently of each other, and is broken down into multiple modules of its own with several hours’ worth of content delivered in each course. Each of the video courses offered is targeted specifically at a level of trader depending upon their skill and experience within the industry as follows:
- Learn Forex Now!
- Fast Track to Forex
- Trade Currencies Like the Big Dogs
- Forex Money Matters
- Forex Master Blueprint
- Top 20 Killer Trader Mistakes
- Mastering Metatrader in 90 Minutes
- Forex Support and Resistance
- Coaches Guide to Building a Successful Trading Plan
- Forex Profits with MACD
- A Working Man’s Position Trading System
- FX News Breakout Trade
Other Popular Courses
- London Open Forex Strategy Course
- London Close Trade Strategy
- The Victrade
These encompass the majority of the video courses on the site and easily represent thousands of hours of content for Forex traders interested in learning more about the industry from a range of experts.
This offering is something which the major educational hubs of top Forex brokers we have reviewed has been designed around. A complete, step-by-step educational infrastructure, designed and developed by industry professionals.
Learning Objectives and Outcome
As with any educational resources, the overall aim is that the trader receives a solid foundation in the fundamentals of the industry. This in turn can provide the base to launch or improve their trading results.
It is quite clear from the structure and targeting of the courses on ForexMentor.com that they are more aimed toward new traders. There are a wide range of courses covering similar core materials to help new traders get started in the industry, delivered through several different mentors. While this can allow for greater flexibility in preference from the traders, it may be viewed as quite overlapping and unnecessary by those more experienced in the industry.
The individual pricing allows for traders to clearly select courses for study which target areas they need to improve. This can also help to positively refine their trading results, although many will point to the fact that such resources can often be available freely to account holders at major brokers such as FXTM.
ForexMentor.com Additional Features
The major focus of ForexMentor.com in terms of additional features is its “Coaches Corner” and premium service. Both of these monthly subscriptions based elements provide daily content for members which includes daily setup videos, monthly webinars, as well as bonus videos and access to a Skype lounge full of other like-minded traders for professional support.
This is a huge extra feature which ForexMentor.com devote a lot of time to, and could be viewed as similar in nature to the community based trading room as featured in the ForexSignals review.
Finally, the ForexMentor.com team also offer traders the chance to subscribe to their S123 mentoring program. This specifically focuses on the rule-based wave pattern system which has been developed by professional trader Lennox Chambers and brought to the site to assist traders in achieving what they promote as fantastic success in using the system over a two decade period. Here you will receive access to a video course, daily video updates, and a specified Skype traders lounge.
The nature of the courses featured and their individual pricing means a variety of pricing options with ForexMentor.com.
Courses which are delivered via textbook range in price from $29 – $59 and are typically available in both hardback and online versions, with the online delivery method $10 cheaper in price.
DVD-based courses vary greatly in price, with the cheapest courses starting between $79 – $99 and reaching prices of $299 per course. Again, when delivered online, the price is typically reduced around 20% although there are often no refunds available on online courses.
Finally, with the Coaches Corner monthly mentoring service, there are two pricing options. The first is a basic subscription for $97 per month, and the second is a premium subscription for $147 per month. This price is on a month to month basis with some discounts available for bulk prepayments.
Membership to the S123 trading system mentorship program is at a cost of $129 for the first month, and $99 per month thereafter.
Personal coaching is available at a rate of $399 for two hours from Vic Noble and Darko Ali.
ForexMentor.com does have a support network available, although its response time is quite poor. Several emails via the website contact form and calls to the listed domestic and international telephone supports went unanswered for long periods.
There is better dedicated support available via email for monthly subscription members, although this falls some way short of expectation for many given the cost of monthly fees.
Is F0rexMentor.com’s Education a Good Fit For You?
The offering of ForexMentor.com in terms of education material is hugely wide-ranging. This means that while it is likely that many traders will find at least one of the video courses offered useful, the likelihood of consuming all of the material is both slim and largely unnecessary.
Many of the courses could certainly be beneficial to new traders getting started in the industry, and this is reflected in the positive feedback of many new traders who engage with ForexMentor.com
For the more experienced trader on the other hand, there is little of note to attract and retain you in terms of knowledge. This is also reflected in the opinion of many more experienced traders who, more often than not, were left unsatisfied and questioning the expertise of the coaches and mentors involved with the site.
ForexMentor.com has been active in the industry for more than a decade. Similar to sites like ForexSignals.com, they have amassed an extensive collection of educational resources. Undoubtedly, they have also contributed to the education and development of many Forex traders in the industry over this time. This accounts for much of the positive feedback which has been received.
The service appears to encounter several issues however, which can fundamentally impact its benefit to potential users. Many of these are centered on the disjointed nature of the educational courses. While individual Forex courses offered by the service are of god quality, there is no specified order or combination of courses available. This ultimately leaves traders feeling a lack of continuity with the offering through ForexMentor.com
Overall, while the site offers a wide range of educational opportunities, the feeling that it needs to be refreshed to keep in pace with the demands of the Forex industry in 2019 cannot be escaped. This is something which would certainly help improve user experience and assist ForexMentor.com to maintain its current position as a well-respected education and mentorship service in the Forex industry.