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How to recognize a Forex Scammer ?
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Cloudballs

Member Since Apr 02, 2018  12 posts Cloudballs Aug 15 2018 at 10:24
I take the simple rule that if it looks too good to be true then it probably is. Win rates of 90%, +1000% gains, all that just says scammer to me. A real trader has losing days, weeks even months, Sometimes even quarters can be losers. If the chart looks 'messy' but positive then I will consider them legit

Professional4X

Member Since Jan 05, 2016  1189 posts Professional4X Aug 17 2018 at 21:23



Almost 60,000 trades and never a loss.

And hiding the history so you can't see how they generated the fake stats.



And of course, there is the problem that someone already says they got ripped off by the scammer.





Here is the link to the stats page for the above images:
https://www.myfxbook.com/members/boomaccount/tickmill-no-loss/2597499

And here is the link to the discussion page:
https://www.myfxbook.com/community/trading-systems/tickmill-no-loss/1641011,1






Attachments:

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Adribaasmet

Member Since Aug 27, 2017  759 posts Adribaasmet Aug 19 2018 at 07:45
Cloudballs posted:
I take the simple rule that if it looks too good to be true then it probably is. Win rates of 90%, +1000% gains, all that just says scammer to me. A real trader has losing days, weeks even months, Sometimes even quarters can be losers. If the chart looks 'messy' but positive then I will consider them legit


Of course, pro trades also face few losses in their trading, but the thing is; they can overcome so smartly.

ChenChenGu

Member Since Aug 20, 2018  6 posts ChenChenGu Aug 20 2018 at 13:35
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

Professional4X

Member Since Jan 05, 2016  1189 posts Professional4X Aug 20 2018 at 17:53
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise


Even the best traders in the world have periods where they don't win.


If it looks too good to be true, it's probably a scam! Let the buyer beware.
LongVision

Member Since Apr 06, 2018  224 posts LongVision Aug 20 2018 at 18:12 (edited Aug 20 2018 at 18:13 )
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

Win rate doesn't matter a trading system should have positive expectancy in long run, for example, a trend following system has the win rate of 40-45% only but the risk/reward ratio is more than 2 so a trading system should have the mathematical edge no matter what win rate is.

The market will trade through it’s path of least resistance .
CarlosMZ

Member Since Apr 07, 2015  55 posts Carlos (CarlosMZ) Aug 21 2018 at 06:46
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

The best traders I've seen have 60-70% win rate. But you should not confuse win rate with profitability.
You can have 40% win rate and still be profitable. It's all about the strategy and lot sizes.

kacper5

Member Since Aug 18, 2018  10 posts kacper5 Aug 21 2018 at 07:23
Professional4X posted:
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise


Even the best traders in the world have periods where they don't win.


Right no one has 100% winning rate in the forex world but what matters is your profit should be more than your losses.

Adribaasmet

Member Since Aug 27, 2017  759 posts Adribaasmet Aug 21 2018 at 07:23
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise


I think, 75% success ratio would be enough; if a trader follows the money management rules so honestly.

thirdbrainsa

Member Since Jan 28, 2013  43 posts ThirdBrainFx (thirdbrainsa) Aug 21 2018 at 08:00
CarlosMZ posted:
ChenChenGu posted:
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

The best traders I've seen have 60-70% win rate. But you should not confuse win rate with profitability.
You can have 40% win rate and still be profitable. It's all about the strategy and lot sizes.


You right.

Winning rate is not really a good KPI even if you may have a good one :

https://www.myfxbook.com/members/thirdbrainsa/lev-britishjapanese/2596374/euZ14zLqFOa46dx20S0y

In this test, we are at 5 looses out 52 trades then about the 90% of winning rate with a 10'000 USD live account (just started we will see after)

The core is the money management and your winning/losing pips goals by trades.

Usually people with high winning rate have a low average win that pushes them to have a too high stop loss and very low winning goals then you have a model very weak....


Clever and Smart Trading
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