Andrew Mitchem has released his own Forex TFTC Pattern Trader Bot.
If you don’t already know who Andrew Mitchem is, he is my Forex Trading Mentor that helped me turn my FX trading around and become a successful profitable trader. You can read more on my journey HERE but this article is dedicated to explaining about Andrews TFTC Pattern Trader Bot that he released to his members on May 2020. It is now available to the general public.
Some members produced a 20% return for June with their Bots. The results varied because some members made their own designer Bots to meet their trading criteria. I know that sounds weird but I will explain how it all works further down in detail.
If you want to save some time you can visit the TFTC Pattern Trader site and watch Andrew’s video.
You can get the basic version for testing for free but don’t be fooled, because for the different paid versions, it is very, very, very affordable for what you will receive.
I suggest to come back to my article after watching Andrew’s video and read below for a detailed explanation of the Bots features and some images of results and features.
A Little On Andrew Mitchem
Andrew is well-know in the forex world for his world-class online course and is regarded as a Giant on Forex Peace Army ( a site that has reviews on just about everything to do with trading). To be named a Giant on FPA you have to be doing something right and for a consistent length of time. He is well respected and has taught many traders all over the world. For my article on the TFTC Course details go HERE.
Right, back to the Bot. Over many months of developing and testing, Andrew and his team of technicians have produced a fantastic piece of software that implements his well proven trading strategies producing outstanding and unbelievable test result from over 10 years of real broker data.
It can be implemented as a signal provider, sending messages of setups through telegram, where you can then decide to take the trade or not, or you can run it on autopilot where the software integrates into your Meta Trader 4 Platform account and places trades… I add here..WITHOUT NEEDING A VPS…another great and cost saving feature. For those that understand about what a VPS is, this is a real winner.
What is the TFTC Pattern Trader Bot?
A brand new, simpler way of trading the Forex market.
That’s the headline on the site and here is an image of the test result for some Bots. Here’s a snap of something to be in awe of… These are yearly % returns results of testing some TFTC Pattern Traders trade selections with input requirements.
I think you can agree that the results are very impressive. This is a back test starting with a $10000 balance from 2011 and compounding till May 2020. You will be able to play around with software for free to see amazing results.
I am going to start backwards and get into the nitty gritty of the Bot setup first instead of what the Main Dashboard looks like and it’s features. I feel the Bot Factory and Testing Results Sheet are the exciting parts. Te details of the Dashboard, Trading Journal, Training and others are further down the page. But these next parts are what I think is fantastic and exciting.
The software is an algorithm that searches potential trades using the input data from Andrews original strategy…but with a bit of a twist. The algorithm is not like a normal Expert Adviser, that can be use for trading, but the TFTC Pattern Trader Bot has a self learning function that uses the 10 years of past broker data to determine on the levels of probabilities for a potential trade to be successful.
That’s a lot to take in right!
This is what makes the Bot different from the rest of the auto trading products available. The past data that comes from a real broker has been implemented into the Bot and the Bot uses an algorithm to crunch the data to determine and decide on:
- is the trade pattern setup viable?
- because of past history, what is the % chance of the pattern setup for hitting a target?
- because of past history price distance movement of the pattern, can it do it again?
- because of the past history of the pattern setup, what should be the best position size for the trade?
- because of the past history pattern setup, where should the target be? (here you can give the Bot the choice of choosing the best possible fibonacci levels for the target)
- because of the past history pattern setup, where should the stop loss be? ( again, the same as above. You determine on what choice you can give the Bot on deciding?
These are a few of the critical details that are input to make the Bots. Andrew and his team have already setup tried and tested Bots that are ready to use and connect to your telegram and Meta Trader 4 Platform, for auto trading or just for sending signals so you can decide on taking the trade yourself. You have total control. These already setup Bots are the same that most of the members use already with outstanding results.
Image of Ready Made Bots page
But here’s the thing…. You can build and design your own TFTC Pattern Trader Bot by using the easy to use dashboard where you can navigate to the in-built Bot Factory, checking off the criteria you want like:
- Markets…. what pairs do you want to trade
- Time Frames… what time frames do you want the bot to search for trades on
- Patterns… what patterns do you want the bot to search for
- Trend… what trends do you want he bot to search for
- Order… how do you want the order placed… Market or Retracement and at what Fibonacci level for the retracement
- what Fibonacci level do you want the Stop Loss placed
- what Fibonacci level do you want the Target placed
- Risk… what Risk mode do you want… % of your account, fixed $ amount, Lot size or a Dynamic % of you account
- what Exposure Limits do you want… Maximum Open Orders at one time, Maximum Open orders per Symbol.
- Expectancy… what Expectancy do you want… Setups with your desired Expectancy, Setups with your desired % Win Rate, Setups with you desired Confidence % of Success
- Test… test your strategy selections to see how it would have gone with the 10 years of data
- Deploy… keep the Bot and strategy to either run live on autopilot or just to see if the forward trading results will be the same as the back testing
Image of the start of the making your own Bot
You put all these requirements in yourself and then you can run a detailed back test to see if your input data would have made money and what type of results were gained. The back test uses all the past data and checks what would have happened if you had used your criteria. After a look and quick study, you can decide whether you want to make a few changes to see if you can make any improvements and the when you’re happy you can deploy the Bot to start sending signals to your Telegram or run the Bot on Autopilot where it still notify s you and does everything else for you.
You can do what I explained above or you can use Andrews ready-made bots as they are or even adjust them a bit. Or you can use both ready set up Bots and your own designer Bots and run them all together. There are so many options that can be decided upon and as you get more familiar with the Dashboard and Bot Factory you can make and blend and adjust and deploy and improve the Bots to your desired requirements.
Now, here are the features of the tested results page after you have run a test on your Bots or Andrews ready-made Bots. You get these details of how your account is going with the live traded results in your Trading Journal as well. Andrew and his team have thought everything.
Results Test Page features include:
- A Graph… Here you will see the $ or % returns (your choice) in depth on the results in a chart format on these topics:
- Running Balance by 1 months, 3 months, 6 months, YTD, 1 Year, All… here you can see how the tested past result is still running and in your Trading Journal you can see your current running balance.
- Yearly Performance by $ Value or % Value… same as above, past and your Bots running performance
- Monthly Performance by $ Value or % Value… same as above but in the past tests you can see which months performed better than others.
- Monthly Average Results… same as above and same with comparing which months were better than others.
- And just recently added, Date, Weekday and Hour… so you can really drill down on were the best trading times may be.
- No. of Trades… taken over the 10 years with the strategy of the Bot, or in your Journal the No. of trades taken
- P & L… over the 10 years, or in your Journal, your current P & L
- % Return… over the 10 years, or in your Journal your current % Return
- Annualised Return %… for the 10 years and same for your Journal of your trades
- Volatility %…
- Drawdown in $ and % Value… this is a great feature because if you think the drawdown % is too high for your liking on the back test, you can go back and adjust the risk amount to bring the drawdown to your preferred level. Of course this will affect other aspects of the strategy but you can adjust and test as many times as you like until your happy.
- Stagnation Period… This numbers means the number of days that it took for the account to get back to its highs.
- Sharpe Ratio… This is good info on how good the strategy performed. A figure above 1 is considered good in financial terms and anything higher than is even better than good. Andrews ready-made Bots that I have tested are above 1.5 and some higher.
- Win %… this represents how many trades were winners against the number of trades taken
- Average Win and Average Loss… of trades taken over the 10 years tested period.
- R:R… Risk to Reward or some say Reward to Risk. I was taught Reward to Risk but it basically means if your return was $2 and you risked $1 to get it then the figure is 2:1 return. The TFTC Pattern Trader R:R that I have tested are around the 2.5:1 and higher, which is outstanding in trading terms.
- Expectancy… what the Expected result was. This number will reflect very close to what you chose in the Bot setup criteria.
- Return/DD... Return against the Drawdown
- Profit Margin %… over the 10-year tested term and how the PM % is going in your Journal of Bots you are using.
This is a very comprehensive results data information sheet where, when trying to workout what Bots you want to use and deploy you can select criteria, run a test, study… And then adjust the criteria and test again, study.. And then have a detailed report before making a decision. You came make a very good informed decision.
And as mentioned a few times above. You will get a Running Detailed Performance sheet for every Bot you want to Deploy in your own Journal in your Dashboard.
Now, just because you Deploy a Bot, it doesn’t mean that it is trading for you. Deployed means that you are wanting the Bot to send the trade setups to you and then you can either take the trades or not, but the information is gathered so that you can decide to use it or not in the future because it was profitable. Hope that makes sense…
Main Dashboard and Training Help
Now that I’ve got most of the fantastic features out of the way, I guess you might be asking…“ Well how will I learn how to do all this stuff?”
Well, as mentioned above, Andrew and his team have thought of everything.
Inside the Main Dashboard you have:
- Home Dashboard… where you will see a ledger of the bots you have selected and deployed (remember, not connected to your MT4 Acc unless you have selected them to be connected)
- My Bots… the Bots you have made and selected
- My Trading Journal… where you will see the results sheet with graph and details of the results from your deployed Bots
- My Trading Accounts… where you will see your TFTC Pattern Trader Account No. of your free Virtual $10000 Demo Account for the Bot to use for placing their trades on. You don’t need to even think or worry about this as it is all setup and ready to go. Here you will also see where your Bots are connected and integrated into your own live MT4 Platform. NO VPS REQUIRED…. this is a huge plus.
- Bot Factory... Andrew’s ready made and setup Bots and then when you make your own, they will be here as well.
- Training Videos… an excellent selection of training videos explaining everything from start to finish so you will be able to make, setup, deploy the Bots and on how to connect everything… Telegram and MT4 Platform.
- Trouble Shooting Guide… a Google Doc with steps to take in case you get stuck somewhere.
- Quick Start Guide… a Google Doc with information on getting going quickly and smartly.
- Info Page… that doesn’t have anything on it at the moment but I guess it will be for something in the future
- Help and Support… at the very bottom of the page with links to the Quick Start Guide, FAQ and Email Support.
I must add here, that for The Forex Trading Coach members we have a dedicated forum where we share trade calls and discuss the possibilities of trades setting up, mainly for the course taught strategy. But we have a dedicated thread for the TFTC Pattern Bot where we chat back and forward on what types of Bot setups we have made and results and other questions and answers. I am not sure if Andrew will have this access for non-members but I know that he has a dedicated email support that is the best I have encounted when it comes to support.
But to be honest, with all the Training Videos, Quick Start Guide and Trouble Shooting Info it was easy for me to set it all up. But it’s good to know that support is there to help in case you need it.
Hopefully Andrew will give some sort of access to the thread some-how. Even though, if you want to learn to trade a proper safe way to trade that has been profitable for me over the last 6 years or so then take the course as well. Then you will get the whole lot with weekly live webinars taking live trades like every member. Earn while you learn..as I say.
What else can I say…
Well, not much else… I think I’ve given a detailed description of what you get when you take a look at Andrew Mitchem’s Forex TFTC Pattern Trader Bot and you can test it out for free giving you result for the ready-made Bots and even make your own designer Bots. The free version is exactly the same as the paid version except you can’t deploy and save your own Bots, but you will the idea of what it is all about.
I won’t go into the plans as all those details are on the website, but I can tell you all the plans are very affordable as it has just been launched, but I am sure the price will increase at some stage. Click the banner below to go to the website and checkout the plans.
I leave you with a few pics of the members results that have been posted on the forum thread. One is even mine.
This last screenshot is excellent as it shows not only winning trades but also losing trades with excellent R:R. Small losses with bigger gains. That’s what trading is all about and that’s how Andrew’s TFTC online course teaches traders to trade manually.
Happy Trading and regards
John