Forex Mentor: A BIG FAT SCAM

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Summary

Forex Mentor is an outrageous fraud. The company was founded by a former futures broker with a very shady past of selling get rich quick, Forex trading educational programs. After 5 separate CFTC reparations cases alleging financial fraud, and 3 NFA violations and fines totaling nearly $300,000, he finally left the futures brokerage business in 2013.

But the supposed educational programs and private mentoring continues to be sold. A hotbed of “get rich quick” Forex trading indicators and magical trading methods. The marketing showpiece is a supposed professional trader named Shirley Hudson. She provides a spreadsheet of “100% real trades” as marketing bait. The spreadsheet contains nearly 7 years of non-stop, continuous winning day trades. Pure marketing chicanery. It turns out that Shirley Hudson is nothing more than a hardscrabble Realtor operating out of Washington State.

The most damning testimony to this ongoing fraud comes from a former “trading mentor” that worked for TradingMentor.com.

Absolutely avoid.

Thanks for reading today’s review of Forex Mentor

Forex Mentor is a day and swing trading educational service. The company was founded by Peter Bain, a self-described professional forex trader, and former Forex broker. As per Archive.Org, it appears that Forex Mentor began offering Forex educational products beginning in late 2002.

ForexMentor

Of the past 15 years, Forex Mentor has marketed dozens of “get rich quick” Forex trading educational products. Currently, there are over 20 educational products for sale on the website. To list each product would be mundane. To give you a prime example of the marketing hype, I have included the flagship product titled “The Big Dog Currency Trading System”.

Forex Mentor

Please tell me how “The Big Dogs Got Rich” trading forex.

Concurrently, while offering a virtual flea market of “get rich quick” Forex trading educational products…Peter Bain was also running a Forex trading brokerage named FX Solutions.

As per the NFA, or National Futures Association, the Forex trading brokerage known as FX Solutions was hit with 5 CFTC reparations cases that alleged fraud and malfeasance.

In addition, the NFA also sanctioned FX Solutions on three separate occasions:

  • $202,475
  • $49,999
  • $42,975

Under this cloud of suspicion, constant consumer complaints, and continued regulatory hassles…Peter Bain finally threw in the towel on the Forex brokerage business. The brokerage shut down and accounts were transferred to Gain Capital sometime in 2013.

But the educational business still remains active.

Forex Mentor: Do these mentors even trade?

Over the years, it appears that Forex Mentor has cycled through various individuals that the company touts as professional Forex mentors. Pay a fee, and these persons will teach you the supposed secrets of Forex trading. Currently, the main promotional “professional trading mentors” appear to be Vic Noble and Shirley Hudson.

Since 2015, TradingSchools.Org has received 14 requests to review Forex Mentor.

During the month of May 2017, TradingSchools.Org reached out directly to Vic Noble in an attempt to verify his claims of being a “Full-Time Professional Forex Trader” as he claims on both ForexMentor.com as well as ForexTradingAndEducation.com. Vic Noble refused to be interviewed, and he refused to provide any information regarding his supposed claims of being a full-time professional Forex trader. About the only thing we know for sure about Vic is that he apparently used to a broker registered in Canada. There are no official registrations for Vic Noble in the United States.

The next, and most highly touted trading mentor is a person named Shirley Hudson, living in Washington state. In fact, her supposed trading performance serves as the marketing centerpiece of the Forex Mentor family of trading products. Her supposed track record is something quite fantastic, or fantastical…

ForexMentorTradingResults

 

If you took a moment to look at this, you were probably quite shocked. Since 2010, hardly ever a loss! And Shirley swears that its all 100% true and verifiable!

ForexMentorTrading

You would think, that with such amazing trading riches, and a track record that would make Warren Buffet blush, that Shirley would be retired and living the good life. Eating from a never ending feast of shrimp and lobster tails. Lounging by the pool, drinking exotic mixers and feeding her french poodle only the finest caviar.

Heck, I would be living the good life. Wouldn’t you?

A closer look at ‘Forex Mentor’ Shirley Hudson

A quick search on Google for Shirley Hudson revealed that Shirley isn’t really a ‘full-time professional day trader’, as she claims. She is actually just a Realtor for Windermere Real Estate. You can easily find her website at ShirleyHudson.com.

TradingSchools.Org contacted the local Windermere real estate office in which she is based. We asked if anyone was aware that Shirley was also a ‘full-time professional day trader’? The office manager was confused and had never heard of this activity. They recommended that I contact Shirley directly on her cell phone, which we did.

Shirley promptly picked up the telephone, as she must have thought that I might have wanted to hire her as a realtor. I told her that I was confused, why is she selling real estate and hustling to make a buck when her trading track record reveals that she is one the most profitable traders on planet earth? Our conversation quickly went downhill. She then refused to speak with me further and requested that I contact Vic Noble about the supposed returns on investment.

Of course, neither Shirley Hudson nor Vic Noble will speak with me further about verifying these amazing returns on investment. Typical con artists.

Wrapping Things Up

What is absolutely nutty about this situation is that Shirley is willing to vociferously claim that these investment returns are 100% authentic. Without the prerequisite disclaimers, if these results turn out to be fraudulent…then Trading Mentor, Vic Noble and Shirley Hudson are looking at a minimum of civil fraud. Perhaps criminal wire and mail fraud.

Thanks for reading. And if you have ever had any experience with TradingMentor.com, I would love to read about your experience.

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David
David
4 months ago

Is it plausible to recoup funds you lost to fake brokers?
People get to ask this question because they’ve been fleeced of their funds by fake investments sites/platforms. I’d want to fill y’all in, I almost lost my savings to one of these platforms (Cryptopia Exchange to be specific). I was denied access to my funds which apparently held up in some crypto currencies.
However, I got help from on here, I read a review of someone who recovered his funds from a fake broker as well and got in contact with the recovery expert via scarletsolutions77@gmail.com. . Despite my skepticism, because I didn’t want to lose anymore money to scammers, I gave it a shot and it went successful. I got my funds traced and recovered with no upfront payments. So if you’re a victim I’d want to tell you today that it is feasible to still get your hard earned money back.
If I could get my funds back successfully, you’re no exception.

muk
muk
7 months ago

David have you seen Lenox call trade AHEAD OF TIME???
He is a loser who blew up his account and in bed wuth Peter Bain the real fraudster here. Then you say Darko is not so good? He is the only one posting trades AHEAD OF TIME each day. Pretty much nobody in this industry does that. In fact Darko just made his service even better with screenshots of each setup AHEAD OF TIME. Since Darko pretty much took over the coaches corner things are good not to say great compared to the rest of this industry. If you want a real review join the service for a month and see. Shirley never claimed to be a full time trader she always talked about real estate. So your review seems real strange. Her records ate probably bullshit I give you that much. Nobody making 20R a week would trade just a couple of lots. She is also no longer on the site.

David
1 year ago

Lennox is the real deal, he actually knows how to trade, his system Simple 123 works very well. Darko and Vic not so much, they make money from ‘coaching’ not from trading…

Bobby
Bobby
2 years ago

Forex Mentor is actually ok. You have to just stick with one of the strategies one of the mentors teaches.

pablo
pablo
2 years ago
Reply to  Bobby

you took their coaching dude

Juliet
Juliet
2 years ago

Those who can’t do teach! True for Peter Bain, Vic Noble ‘coach’ well overdue for retirement along with Peter, Shirley Hudson ‘realtor’… bunch of jokers.

Guest2
Guest2
2 years ago

I live in Vancouver and met some of the folks who run this (its not Peter). The 2 people who run it don’t trade forex and think its “crazy risky”. They’ve made a LOT of money selling this sh*t. Its really frustrating for real traders who invest not only their money but their time and hard work (+ hopes & dreams) into education that doesn’t deliver.

ste
ste
3 years ago

Having been with ForexMentor for many years I have a lot of respect for Shirley Hudson and Vic Noble. Shirley has never made any secret that she likes her job as a realtor and Vic is one of the nicest guys you could know. His mentoring programs and Coaches Corner have helped me and no doubt countless others tremendously over the years.

HOWEVER!

There is a shadier side to forexmentor and I was so discusted in their tactics recently that I decided to blacklist them from my vendor pool.

Some guy called Lennox Chambers (developer of his ‘special’ black box calculator ) is colaborating with Peter Bain on a new offering called the simple 123 trading system. It is being marketed at noobie traders who are being told that the system uses a ‘black box’ program to make it work. Peter Bain pushes this black box so much that he says that he would not be abale to trade without it!…. And of course…..the black box program is only available if you stay signed up to a monthly payment of at least $99.

Well this would be okay if the black box program was running some bespoke and complex algorithm and really did provide an edge but it’s not. All it does is give a profit target which most seasoned trades would know as a “measured move” – in the wavcalc’s case 75% is the one recommended by Mr Chambers.

So basically this very special program that costs $99 per month to use just subtracts the swing low price from the swing high price of a 123 pattern and sets a proft target 3/4 of the move away.

– What The ****? – add 0.75 to a fib extension on your favirite platform and you have the same thing. But of course new traders would not know this. They would be fooled in to thinking there was something special about this wavecalc thing that gives them an edge.

So could this be considered as an out and out scam?

Well maybe not but certainly it shows forexmentor has stooped to new lows. I mean could you ever again trust a company who blatently pulled the wool over thier customers eyes like this in order to keep them signed up and the money rolling in instead of teaching them to trade on their own two feet?.

I’m gobsmacked at the arrogance of them –it’s a fib extension for goodness sake!

Julia
Julia
2 years ago
Reply to  ste

Get your fact straight, very misleading post to say the least!

Cyn
Cyn
2 years ago
Reply to  Julia

What exactly is misleading?

rtchoke
rtchoke
2 years ago
Reply to  ste

Yes, true, the measured move is a well-known pattern (also called an ABCD pattern). But there are several keys to using that pattern.

1. Where do you get in? Easy to spot after the move has well begun and you certainly don’t want to get in as its completing.

2. How do you know it’s a certified measured move?

3. What confirms the move or the entry itself?

4. What if it only goes 50% of the way and then fails? Is that good enough to take some profit (assuming you got in early enough to have any profit)? What if it fails as soon as you jump in?

5. Where do you protect yourself if it in fact fails?

6. What time frame are you trading and how does that fit with the time frames above and below your measured move?

7. What do you do when it reaches its completion?

Answer all these questions and you probably have a pretty good system!!

interesting
interesting
2 years ago
Reply to  rtchoke

That is what they teach you.

ste
ste
3 years ago

to moderator….did my comment go through? It took a long time and no message was received thnx

Syntrader
Syntrader
3 years ago

Hello. It is right and false. Yeah sure marketing is bullshit on their site. 99% accuracy is impossible with chart analysis and these kinds of payoff ratio/

However I got the “6 patterns” course and I assure you that there are really great setups based on clusters and many confirmations. It is not complete but a trader who has some experience with market analysis, money and trade managemnt and has acquired a good trading mindset can use these setups.

I definitely find it strange that a good content is sold through this manner

Mark
Mark
3 years ago

I unfortunately purchased the London Close strategy which is the program that Shirley Hudson had “found”. I had a few successful trades, but found that it was not nearly as predictable or accurate as the marketing material would have you believe.

One of the things that I discovered, is that they aggregate multiple trades in their spreadsheet, as though it was a single trade. For instance, Shirley might find that the criteria are met for one currency pair and place a trade which might result in a 10 pip loss. She will then enter a subsequent trade on the same pair based on a re-assessment of the price action and make 12 pips. This then gets entered in the spreadsheet as a 2 pip win. I am not sure if this qualifies as dishonest, but it certainly makes the win ratio look more effortless than it really is.

I found the “training” videos horribly muddled. They are really recorded webinars that use all sorts of terminology they might have presented in other courses, but have not been yet explained in the current context. This makes it very hard to understand the exact rules that you are supposed to base your trade on.

Robert
Robert
3 years ago

hilarious. Brilliant review Emmett

dtchurn
dtchurn
3 years ago

Yep, why continue to be a realtor with that kind of 99% win rate. She would be doing better than “Karen” the supertrader and have big money investors dump hundreds of millions for her to trade with. All these ts reviews have proven none/99.99% of these sham artists don’t trade live or have stopped trying to trade live-losing in the years since they successfully procured a “consistent” periodic churn of dupes.

Stray Dog
Stray Dog
3 years ago

“Trade Forex Like A Stray Dog” – website and outrageous claims coming soon.

Cyn
Cyn
3 years ago
Reply to  Stray Dog

110% successful trades?

Stray Dog
Stray Dog
3 years ago
Reply to  Cyn

We we will win on everything we do. We are going to start winning big on trades. We will have so much winning that you may get bored with the winning.

Rob B
Rob B
3 years ago
Reply to  Stray Dog

LOL! And don’t forget you will fire the SEC Chief if he starts to investigate you.

Cyn
Cyn
3 years ago
Reply to  Stray Dog

We shall win so much that we shall start begging you to help us lose a few trades, just so that we do not look like shills and scammers.

dtchurn
dtchurn
3 years ago
Reply to  Stray Dog

Lol, in that vein, hope “straydogtrading” supplants topdogtrading and “dr.” barrry bburns, with his clothespin pinched nose, out of business for good. Maybe then the vacant lot matched with his supposed business address I drove by years ago to check out, will host a legit hot dog stand.

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