Review of FxBootcamp

At the bottom of the page are a couple of reviews that I posted on a forex review site in 2006/7 whilst still a member of FxBootcamp. This is an honest independent review of FxBootcamp. I receive no introduction fee if you decide to join.

The cheaper way to learn many of their methods is to follow my free forex course & then check out their end of day videos that are posted free on you tube, an example of which you can check out here: 

http://www.youtube.com/watch?v=RHSKtGRtUlM&feature=channel

 I was with fx bootcamp for a year (annual membership $2000+) or $300 a month. Its obviously not cheap & I must say that having had time away from it - and no longer being under any obligation to not upset my former mentor ! I would probably rate it as no greater than 3 stars, certainly for value for money, BUT most of the emas I use on the smaller charts came from their teaching & I find them invaluable. However, they also, in my opinion use too many indicators. The danger with too many ? You never make a trade ! There will always be one indicator that is contrary to the rest. 

Forex Education 

If you are new to Forex and have the time (up to 12 hours a day), and the money $300 per month, then it is worth giving it a try for a month. Periodically they give  a $99 1st months special offer. If you have the time then that would be worth considering.I would not advise signing on for a year until you have test driven it first. The good thing about their forex training, especially if you are new to forex, is that the educational aspect of fxbootcamp is very good.

Forex Indicators

Here you will learn about fibonacci, emas, pivot points and a plethora of indicators that are used on a daily basis by thousands of fx traders. Every day you can join the online classroom where trainers will hold your hand and explain the current state of the market. What to expect for the session ahead, and how to make a trade plan.

The downside with bootcamp

They are quite upfront about this. They do not give entry tips. They justify it that they are teaching you to learn for yourselves. The cynic might say that this is perfect for keeping subscribers. Lets face it if you are trading following their tips and losing at the end of the month, are you going to pay the $300 for next month ?

It is also quite habit forming. If you are sat at a monitor for 8/12 hours a day, it can be quite lonely. So the camaraderie of being with like minded individuals is quite enticing. I missed it for a while when I left BUT again made me realise that I was only sat there all day because it was there. I can’t tell you the amount of times that I would win on a morning in the London session and then give it all back in the afternoon us session.
It was like being in a casino ! 

The other negative for me was that although a lot of the coaches would agree with me that it was better to trade longer time frames, they still persisted in trading 15 minute charts. Again the cynic might think that you have to sit there all day waiting for slight movements, just to justify their fee. I for example, now only check my screen every 4 hours.

Eventually as I started to develop my own system I started to become frustrated with Bootcamp. Particularly with the owner who has an ego the size of a house ! He loves the sound of his own voice and likes telling you ad nauseum about his new 4 x 4, mansion, jet etc (he is an excellent analyst but I do not believe he is a day trader) “half an hour ago I shorted this and now I’m 2 squillion pips up ... WHAT I was there in the room at the time and he said absolutely nothing, nada.   

The biggest doubt I have re whether he trades or not; He gave a very detailed analysis one day that the U.S dollar was going to collapse by 20% v the Canadian dollar (2000+ pips) over the coming months. He was spot on with his analysis, but let slip how clever he had been he had changed all his $ into Canadian. Good idea BUT a real trader would have ramped up the gain 100 fold had he piled into the market and shorted it.  If you had 100.000 us dollars you would have “made 20k/prevented a loss” by changing your money into Canadian $. If you had traded $100.000 on forex you would have made 
$10. million !

Conclusion.  

FxBootcamp post summaries of their daily analysis on You Tube. Have a look and see if you feel it will be of benefit to you. The summaries give a more concrete review of the day ie "I entered here and got out here". During the live sessions they give NO indication of what, if anything they entered. As I said earlier. If you are new, have the time and can afford the $300 a month fee then give it a try for the educational material alone. My trading now is based upon a combination of things that I learned from numerous sources, including fxbootcamp.

I originally posted this reviews on an independent forex review site in 2007, whilst I was still a member of FxBootcamp. fx bootcamp review 2007