Trading Course Review - FX Clinic

Posted by jmot in Tuesday, September 9th 2008 under: Courses, Forex Tags: course, FX Clinic, review and trading

The most recent trading course that I have attended is the FX Clinic. Once again, I’ve got to qualify that the information provided is accurate at the point in time when I attended the course

Some background of FX Clinic:

Website: http://www.fxclinic.com/
Teaches forex trading
Mentor: Dr Lim Ming Soon (affectionately known as Dr Lim)
Dr Lim is a medical doctor (not any other doctor :P) by profession. Nonetheless, his knowledge in forex trading way surpass some of the other traders that I have met. For instance, during his course, he shared about the correct way of using some technical indicators and explained their fallacies in a manner I have never seen before. He has since given up his practice after his success in forex. Ask him about how he legendarily turned $2000 into $1mil and how he picked up forex trading if you have a chance to meet up with him.
Officially started under FX1 Academy in end 2007.
Currently with 6 batches of students. Each batch only has 20 students.

The course itself:

The course spanned over 2 full days at a beautiful resort in Sentosa with option to stay overnight.
After the course, there will be a 1-to-1 session with the doc himself after 1-2 months. We are supposed to try out the strategy that was taught during this period and ask any questions encountered. I have to applaud the doc for patiently guiding us through…
There will be another 2 1-to-many sessions that are roughly 1 month apart. These are where beside learning from the doc himself, we can also learn from our classmates.
Currently, Dr Lim is providing email support to all his students. Rest assure that his replies are not one liners. He annotates on all the charts I emailed him so far. Btw, an online forum will be started soon for all FX Clinic students to interact as well as for the doc to better support us.

The strategy:

taught based on USD/JPY but can be applied to other currency pairs
trade the 1 h timeframe
discretionary trading involving price action mainly and his trademark Phases of the Market

Something about Dr Lim:

I find Dr Lim very sincere in his teaching. His method is not easy to grasp but he goes all out to make sure that we understand. This is evident especially during the 1-to-1 sessions. One of my classmate has hearing problem. Dr Lim gave him special lessons and hand-held him till he understood the method.
Dr Lim announced recently that he is only going to take 1000 students and I feel very privileged!

If you find this post or this blog is helpful to you in any way...do consider buying jmot a kopi (aka coffee)!

39 Comments Already

Ray Said,

September 10th, 2008 @1:04 am

jmot, I’m curious–how much do you think you have spent on trading courses? Have you managed to recover your investment with your profits? Thanks in advance

jmot Said,

September 10th, 2008 @6:01 pm

oh, i hv spent close to $15k, on full seminars, that is…there are other smaller and cheaper seminars that i attended. thats excluding money that i hv lost in trading…so i get education and still lose money

i heard from tradersinterview.com that most successful traders lost their pants before becoming successful. so i reckon instead of paying Mr Market, why not i invest in some education…so far i feel is still money well spent. met many like-minded friends and also successful traders…all of them help in my trading journey

no, i hv not recovered my investments *sob* *sob* some traders take 5 years or more, some take 10 years or more. i am only into my 3rd year

Ray Said,

September 10th, 2008 @7:06 pm

Thanks for being so open and sharing that with us! The course you detailed in this post sounds really interesting actually, especially since the trainer has made millions himself!

threelittlepigs Said,

September 10th, 2008 @10:26 pm

Hi,jmot,could you tell me that $15k is just for Dr.Lim’s courses or all the courses which you have attended. I am just curious about Dr.Lim ’s courses fee.How much his courses ?Thanks.

jmot Said,

September 11th, 2008 @11:46 am

hi threelittlepigs, no no…$15k is what i invested in all the full seminars so far. Dr Lim’s course fee is increasing by $1k after every batch. mine is the $4k+ batch saw from the comments that now is going at $7k+…

jmot Said,

September 11th, 2008 @11:52 am

hi Ray, most of the educators claim that they made millions from trading…that is nothing in my own opinion i suggest he go for his preview and talk to the doc himself. experience his sincerity and ask him lots of technical questions. you will be surpirsed how come the doc know so much

Brendan Said,

September 18th, 2008 @8:43 am

Its scary how much people had spent on seminars, again I am not sure if the things learned can indeed help the students to earn back the money spent on seminars.

I am a professional trader in a hedge fund, from my experience in the industry I learned that those who know how to trade will not teach, and those who do not know how to trade will teach.

This is my forex trading journal: http://www.forexandbinary.com/

I am relying on my system that I had built myself to trade. If anyone is interested, sent an email to me at metal.commodity@gmail.com. It is free, condition apply.

Brendan Said,

October 1st, 2008 @8:28 pm

My proprietary system has been making a lot of money for me on USDJPY trades. I will reveal the details of my information to anyone who is interested WITHOUT PAYING A SINGLE CENT.

My BL System has achieved 75% success rate, see here:
http://www.forexandbinary.com/2008/09/75-success-rate-from-bl-trading-system.html

vinann Said,

October 2nd, 2008 @10:27 pm

Hi Jmot,

How much is the course? How do I know which one is better?

Pls advise.

Thanks

jmot Said,

October 3rd, 2008 @10:52 pm

hi all, fyi, if you follow his blog, Brendan’s strategy really rocks.

However, i hv sent Brendan an email. he requires me to fund an IG Market brokerage account before he releases his strategy to me. i believe he gets $150 for every referral (see http://www.igmarkets.com.sg/cfd/refer-a-friend.html).

i decided not to take up the offer. i hv too many accounts under my belt already…so those of you who learned from him, pls give us a review
Brendan, do be frank with all my blog readers…

jmot Said,

October 3rd, 2008 @10:53 pm

hi all, fyi, if you follow his blog, Brendan’s strategy really rocks.

i decided not to take up the offer. i hv too many accounts under my belt already…so those of you who learned from him, pls give us a review Brendan, do be frank with all my blog readers…

jmot Said,

October 3rd, 2008 @11:01 pm

hi vinann, i have just replied your email regarding which course is better.

but if u are asking about FX Clinic’s fee, when i attended, it was $4k+…it is increasing by $1k every batch. Dr Lim just released that he is only going to take in 500 students.

Brendan Said,

October 4th, 2008 @12:04 am

Hi Jmot,

Thank you for your comment, but actually I am only getting peanuts from referral fees.

I post my open trades and closing trades in my trading journal, and my trades are time-stamped: http://www.forexandbinary.com/

Currently I have one open position, bought USDJPY at 105.41:
http://www.forexandbinary.com/2008/10/bought-usdjpy-again.html
You guys can monitor if my trade turns out to be profitable or not.

Most important I am revealing my system for free, but you need to open account at either IG Markets or ForexYard from my website or my link. Account opening is free of charge.

Cheers!

jmot Said,

October 6th, 2008 @3:16 pm

hi Brendan, pls dont get me wrong. i am very impressed by your credentials and i am sure there is an edge in your trading system. i believe my blog readers and all aspiring traders out there can learn something from you (at very good value too ie, free :-P). that’s why i approved your comments on my blog just that to protect the interest of my blog readers, i feel it is more appropriate to list your condition for teaching your system for free upfront. this is my condition for anyone who wish to use my blog to ‘advertise’, so to speak. hope you understand…

Brendan Said,

October 6th, 2008 @3:40 pm

Ok noted.

My condition is listed here:
http://www.forexandbinary.com/2008/10/77-success-rate-from-bl-trading-system.html

Seriously if you people are willing to pay $3000 - $4000 for seminar and system that cannot make money, I think I should ask readers to pay 10% of that amount ($300) for my system.

Since it is free now, do grab the opportunity.

mastertrader Said,

October 20th, 2008 @4:50 pm

I am professional trading courses reviewer. This is over priced value seminar. The Seminar market price in singapore is around 2k-4k, In US market price around $999 -$5 with forum, webinar, home study materials, live chat. The most value part is ‘Money Back Guaranteed with No Questions Ask’ !

jmot Said,

October 21st, 2008 @9:51 am

hi mastertrader, can i ask when you say ‘over priced’, it is based on what grounds? i saw from your site that you are mostly reviewing trading courses that are delivered in multimedia format. have you done any research on trading courses that are delivered in seminar style?

brad Said,

October 26th, 2008 @12:51 pm

A big part of winning or losing, is also due to brokers , Does Dr. Lim course deals with the issue on brokers??
thanks
brad

jmot Said,

October 29th, 2008 @3:38 pm

hi brad, believe it or not…Dr Lim’s strategy sidesteps the issue of brokers ‘watching our orders’. my winning percentage so far tells it all.

brad Said,

October 29th, 2008 @8:19 pm

hi jmot,
thanks for your reply, I brought up the forex broker issue because i read so many bad reviews on so many brokers (forexpeacearmy.com). Maybe some of the bad reviews are due to customer not satisfied with losing so much money and also their negligents so they are seeking revenge. I wonder which is true

yours
brad

jmot Said,

October 30th, 2008 @10:25 am

hi brad, so far i have come across 2 camps of thoughts.

in the first, they believe the brokers are watching all our trades and they know where our stop losses are. the brokers are able to manipulate the price (usu show up in charts as candles with long tails) to the level where there are many stop losses hanging.

in the other camp, they believe the brokers would not be concerned with orders from retail traders, like you and me. Simply because, our orders are small. Compare our orders with the US$3 trillion transacted daily, they are really quite insignificant.

different gurus belong to different camps…

for me, i choose to believe in the latter

Brendan Said,

October 30th, 2008 @11:00 am

Let me clear your doubts on brokers.

Most online forex brokers are market makers. Meaning when you buy, brokers will have a short position.

For small retails customers normally they do not bother to monitor since 90% will eventually lose. For institutional and big customers, as the size is bigger, system will trigger stop loss for the broker if necessary.

The most nasty brokers are those that purposely move the price so stop level from customers will be triggered prematurely. But those brokers are not a lot.

Those brokers advertised in my website certainly do not belong to this group: http://www.forexandbinary.com/

Forexer Said,

November 6th, 2008 @7:54 am

It’s interesting to see so many traders in a Blog.

After going ard many websites and Blogs and seeing ppl’s comment you can actually identify quite well who’re the genuine trader and who’s ard to promote something.

1 thing I learn is that, if you keep seeing link to bring you to another website, then chances are the person himself is also trying to market something. Ironically what Brenden said seems to reflect what I mentioned.

Anyway, trading is not a 1/2 months thingy. A normal trader usually takes about average 2 to 3 years before they can “graduate” from trading but that does not guarantee he’s a Professional trader. But merely a trader with good enough result to maybe sustain a lifestyle OR make some ‘Bonuses’ every month.

But I learn something from a guru in trading, that getting yourself educated in trading can either “Help you save money (loosing in trading) OR help you make money”. So jmot did the right thing and I’m sure he’s on the road to achieving his Financial Freedom.

I guess its up to the discretionary decision of individual how each perceives in education.

Cheers

jmot Said,

November 6th, 2008 @9:30 am

thanks for your encouragement Forexer. i am continuing to work hard!

Brendan Said,

November 6th, 2008 @10:11 am

Do take note that you can pay $3000 to $4000 to attend a seminar who claim to be a trading guru. While in actual fact, he is a trainer not a trader. Who knows he is really an expert in trading? But he certainly makes more money from his seminar than from his trading.

While for myself, my profession is a trader in a hedge fund. Generate revenue for the company is my job. Cost to attain the details of my system is zero, you just need to open a broker account from my website.

Which one is a good deal, you make the judgement yourself.

jmot Said,

November 10th, 2008 @10:31 am

hi Brendan, if you could provide your students’ testimony, that will be even better

vinann Said,

November 10th, 2008 @11:21 pm

Hi Jmot, do you hear abt “http://www.priceactionfx.com/. My friend attended the one day w/shop(now change to 2 days), she said success rate is high especially with high accuracy of sms alert.

Can I have your comments?

Thanks
vinann

vinann Said,

November 10th, 2008 @11:22 pm

Hi Jmot,

Can I have your comments on “http://www.priceactionfx.com/.

Thanks
vinann

jmot Said,

November 11th, 2008 @10:37 am

hi vinann, afraid i have not come across any friends attending priceactionfx and wont be able to provide any insights.

questions that you may like to probe your friends further:
- how are the monthly results like? how many % of account growth per year?
- how are the yearly results like? how many % of account growth per year?
- if he/she hasnt trade long enough…ask for the backtesting results.

dont be blinded by claims of daily profits. with the current market volatility, it is not difficult to get a few lucky breaks of few hundred pips daily.

then again, if the course fees are not high, just go for it. you are bound to learn something

vinann Said,

November 13th, 2008 @8:59 pm

hI jMOT,

Thanks for your advice. The seminar is conducted by Wealth Dna LLP, 2 days cost $1980. I am still considering, hopefully can attend the seminar when i save enough.

Btw, any idea abt Wealth Dna?

Cheers!
vinann

jmot Said,

November 14th, 2008 @9:35 am

hi vinann, i hear that there are 2 teachers at Wealth DNA? Chris Lori himself and a Mr Benny? all i can say is those that i know (only 2 persons actually :-P) who attended Chris Lori course has good comments.

vinann Said,

December 13th, 2008 @1:37 pm

Hi Jmot,

One of my friends is interested to know abt fx clinic, can you share your trades since you have attended the seminar? What is your success rate?

Regards

vinann Said,

December 13th, 2008 @1:37 pm

Hi Jmot,

More on fxclinics, can you share your trades since you have attended the seminar? What is your success rate?

Regards

Brendan Said,

December 13th, 2008 @3:17 pm

Hi Jmot,

You want my subscribers testimonies. Here is goes:
http://www.forexandbinary.com/2008/12/proven-forex-system-bl-ts-system.html

My fee is very cheap compared to those unproven gurus. Only US$100 for my system and 6 months of trade emails (whenever I have trades). So this means US16 for each month, system comes in free.

Anyone who is interested, send an email to me at metal.commodity@gmail.com.

If they are looking for my trades, take a look here:
http://www.forexandbinary.com/2008/11/67-success-rate-in-month-of-october-and.html

Regards
Brendan

Risk Disclosure
Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to participate in the forex trading markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation to invest nor an offer to Buy/Sell futures or options. The past performance of any trading system or methodology is not necessarily indicative of future results.

jmot Said,

December 15th, 2008 @10:15 am

My results at http://optionstrader.joymastery.com/trade-results/ is based on the FX Clinic strategy. for me, success rate is around 55% (total of 53 trades so far). note that the result includes the errors that i have made in the beginning, part of the learning process, clarifying the strategy etc.

there is still more to learn…Dr Lim is a man of depth. my FX Clinic classmates trade in a community and share with each other our appreciation of the strategy and there are new insights every time!

vinann Said,

December 16th, 2008 @9:19 pm

Thanks JMOT for your reply. I am getting interested to know more abt FX clinics. Like what my friend said, the fees is getting expensive from batch to batch. Am doing my best to save up asap in order to be one of Dr’s students. Btw, just to check, does Dr use any indicators so far? Understand that he taught his students on how to see future movement without using any indicators, is that true?

Besides, is there anyway to get cheaper fees, am broke at the moment,how I wish i can join with cheaper price.

Regards

jmot Said,

December 16th, 2008 @10:41 pm

hi vinann, nope, Dr Lim dont use indicators and he will tell you why. yes, he teaches us to tell where prices will go (higher probability) from the charts alone.

yes, the course fees are increasing after every class. and i last heard there is a limited number of students that he will take in from Spore. afraid i cant help with the course fees…i am just glad i attended earlier…

vinann Said,

December 17th, 2008 @7:04 pm

thanks JMOT for all info

Mark Said,

April 2nd, 2009 @9:27 pm

Forex Seminars,

Agree that people are being vastly overcharged for FX seminars…novices should at least have a good personal grounding in FX fundamental and technical analysis.

Agree that these supposed traders are actually trainers — otherwise why would their business be training and not trading

Brandon — Now I understand the link to IG markets on your page. The commissions you state are minimal. Essentially my firm would offer a 50/50 profit sharing split. Also we are a pure fx broker and NOT a market maker/bucket shop–BIG difference. The logic behind the profit share is that we are opening up 3 more offices in the next year,

Adding to Geneva/New York/Dubai/Montevidea — Zurich/London and Singapore coming up — we are neutral and simply pass on trades to our 9 liquidity providers so our business is to hold onto customers in the long term to make profit,

Spreads range from half a pip on EUR/GBP to 1.8 USD/JPY for average accounts — pricing is all direct from our banking providers so there is no slippage or requotes on the streams. If you see a tighter spread somewhere else, chances are they are altering the prices

One thing I spotted was that the FX clinic is directly linked to fx1academy — as thats their email address…

Advise all novices to learn as much as they can themselves–go onto forums to speak to experienced traders — then make an informed decision on your course choice.

Remember, not everyone can trade successfully all the time–otherwise everyone would be winning every trade! We also offer renowed money managers with tens of millions of USD in assets and strong track records (usual cost is 500k - 5mil USD to use them), we allow 50k USD (negotiable) as we have private agreements with them–all info on them is available (track record/due dilligence forms).

I’m looking forward to returning to Singapore next year — my bet is that other firms in Asia will have to change their revenue models as it seems alot of firms are playing games and overcharging.

If you have any questions or info requests then feel free to email me, just be careful with your $$$$ as they all add up.

Mark
mark.cassin@ac-markets.com