It's not that hard to spot if someone is scam. You can do that just by looking at their account. Any account with a monthly return of higher than 2-4% on average with an year or longer trading will experience significant drawdown. This is just a simple rule of the forex game. If there was a way to constantly make profit in forex, big hedge funds and banks would be the first one to do that. Also, some accounts pretend to be low risk and make a constant of 2-4% every month. Again, that might be possible for few months but not for years. There are many accounts on myfxbook that're fake and have ruined people's account. This is a critical for myfxbook staff and should consider improving their system. Otherwise, no one will trust any account here to follow.
true, in forex within a year, there's easily 2 stress test, 2 major tanking moments, typically at least once a year... I gone through them during my 5 years of FX experience.
the only feasible strategy that don't have such huge draw downs are the ones with very little market participation such as maybe once a day 1 trade through scalping, or wait very long for 1 scalping burst trade in news trading or etc typically those 1min trade or within 5 mins closed trade. Any trade or strategy that is more than 1 day have the tendency to experience huge losses and draw down when market condition changes.
especially most traders add on to their losers.. some even to the extend of avg or martingale.. those taking huge or hard stop losses by a few hits will experience severe hit in balance curve and takes times to climb back up again. and that's trader's psychology something to conquer.
I have seen a few thats really making money ones over here like anmaric and perfecto, but there's terms and conditions like penalty fees and big performance fees, and sadly over the past few months returns become even lesser. I drew out some of my funds from perfecto as it get slowed down with huge performance fees. There are good ones out there but a price to pay and really just like a investment slow returns with lower risk. those with lower returns, i do it through other portfolio in traditional investment as its much safer than having money parked overseas in a trust account of a broker.
but however on the other side note, some i seen have very good curve and low risk, like 3-5% a month and dd was less than 10%, then suddenly one month u can see its tanking 50-80% because obviously the strategy failed in the market. and i have seen those mainly by EA that comes and goes when market conditions changed. There's definitely some good ones out there, but hard to come across legitimate one.
First to look at is broker which country and its establishment regulation and paid up capital, second is analytics, third is whats the manager's own capital, fourth is who is the person behind it - a single person or a registered entity that's regulated as well?
Only few out there are really semi-automated by teams of experienced manager, else mostly out there are just retailers like us, i seen many good trading accounts with years of history eventually gone bust as well..
I also agreed that myfxbook need to improve its current analytics, there are a few out there now with better analytics then auto - upload ones, where most are doctored and some russians or etc scammers have the liberty to own their own mt4 server and doctor their own records.
sad for those that got scammed, but do your own due diligence then complaining later.