In this review, I’m analyzing a 100% automated trading service that utilizes a collection of Forex expert advisors, AM Forex Copier. The creators of this product believe that providing multiple different trading systems helps them limit risk, and create more opportunities to take advantage of all market conditions. They also feel that using multiple robots as a layer of diverse city and protection the traders just don’t see when they are trading with one product at a time.
The developer of the software is Andrew Mitchem, who also owns theforextradingcoach.com. Andrew tells the community that he was a dairy farmer, that took an unlikely path to become a successful Forex trader. The story doesn’t sound very realistic to me, but that doesn’t necessarily mean that he has nothing to offer. To get in touch with support, traders can fill out a contact form located at the bottom of the sales page. The company is located at 51a Poplar Lane, Hamilton, 3284 New Zealand.
AM Forex Copier Review
The AM Trade Copier service is advertised as a reliable “option if you wish to make great returns but you do not have the time to wish to learn how to trade for yourself.” Andrew tells us that he’s teamed up with 4xSolutions, which is a trade copier and VPS hosting provider, in order to put together a product that is very simple to use and install. According to the sales page, traders will have automated trading access within 5 minutes of signing up.
Despite an extended sales page, Andrew doesn’t get into any detail about the trading strategy being utilized by the portfolio of automated trading Forex robots. I’m actually quite surprised that the vendor is an providing us any detail about their trading approach, because that’s the most important aspect of the trading service that is using an automated strategy. If a manual trader was in control of these accounts, they would likely tell us his tendencies, whether they be price action or technical analysis, so I’m not sure why we aren’t getting any information about the expert advisors.
- Type: Copy Trader (Forex EA Portfolio)
- Price: $78-$178
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD,
- GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY
The price of the AM Forex Copier varies, based on the size of your personal trading account where you wish to employ the service. There doesn’t seem to be any difference in the software available, but if you have a larger account, you have to pay more.
For account sizes less than $20,000, traders are required to pay $78 per month. For account sizes between $20,000, and $40,000, traders are required to pay $128. Lastly, for account sizes larger than $40,000, traders are required to pay $178 per month. There are no refunds available, due to the relationship this group has with 4xSolutions. They claim that clients have no reason to refund, because “all results are available for you to view before joining.”
I’m not sure if this reason is viable, as prior history doesn’t predict future results.
The vendor provides us with one real Myfxbook account, that shows the AM Forex Copier has gained just over 40%, since November 13th, 2017. During this time, the system has also accrued a drawdown of nearly 50%.
The monthly gain is pretty consistent, ranging anywhere between -1.39% to 6.63%. There has only been one negative month in the duration of the trading account, but the recent results are a little more troublesome. It’s quite apparent that a large drawdown is currently open on this account, as the equity growth is sitting at -19%. So, while they are showing positive months, they would actually go into the negative if they were to close all trades today.
The software is showing these drastic losses since the beginning of August, 2018. This is certainly something that needs to be watched closely.
I’ve only been able to find to client reviews up until this point. Both of these reviews came in August, and are claiming that the AM Forex Copier is having a positive impact on their accounts, but I’m not sure how this is possible considering the vendor trading account is losing it’s shirt during this period.
Both of the reviews seem to blame early issues on their brokerage, as you can see in this review by Markvognsen on ForexPeaceArmy.com. He claims, “i started the service 4 months ago. i lost several thousand dollars the first three months. didn’t match what i saw on his site. I was using forex.com in the U.S. and they don’t allow hedging. i changed to another broker, Traders Way, which allows hedging. Now it is working correctly and making money. have changed today from 100 percent mirror to 200 percent mirror to double the risk, but with what i have seen so far, it looks like a good risk.”
I have quite a few opinions about the AM Forex Copier so far. While I appreciate some of the professionalism, I would like to know a lot more about the strategy, and I also require a fair bit of clarification when it comes to their trading results. I’m seeing a trading account that is obviously failing, but the client feedback is positive during the same period of time. It would be very helpful to see some actual client accounts, to get this sorted out.
If you have anything you’d like to add, please leave your questions and remarks below the article now.