A simple but a serious question

Jul 12, 2016 at 13:31
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17 Replies
Member Since Jun 29, 2016   4 posts
Jul 12, 2016 at 13:31
Dear Professional / Experienced / Intermediate / Novice / Newbie Traders

I have a simple question that no one yet has answered it, or perhaps its my level of understanding.

Myfxbook is here and I find it somewhat helpful rather than others. I rather feel that I have been left out of the race, as the whole forex industry has evolved, after I blew up my account. There are automated systems, MAMM, PAMM, trade copier, signal provider and what not.

My question is as there are people and automated programs with real accounts and myfxbook verify them as so. I went through different profiles of automated programs, the GAIN was 10,000+% in 3 years. Seriously? by investing 1000$ and paying 30$ monthly service fee, the account size expanded to 100,000$+ in 3 years.

Could that amount be put to withdrawl? Has anyone actually subscribe to any of these systems?

If that implicates, it mean I should waste no time and subscribe to that system, Sit back and Relax? Its all passing above my head and I am not catching it.

Guide me in a proper direction please.

Member Since Jan 14, 2014   386 posts
Jul 12, 2016 at 14:38 (edited Jul 12, 2016 at 14:40)
nadyrkhan posted:

My question is as there are people and automated programs with real accounts and myfxbook verify them as so. I went through different profiles of automated programs, the GAIN was 10,000+% in 3 years. Seriously?

Which one, can you give a link?
Member Since Mar 18, 2016   127 posts
Jul 12, 2016 at 14:41
My simple two cents answer.....

To become an autotrader,you need amongst other things:

a 3 months track record
full account verification
drawdown of no more than 50%

There are more.... This is a good guideline in selecting a good MAMM, PAMM, trade copier, signal provider.
For a serious investor these things are a must.

There are a lot of fake accounts that pop up like mushrooms everywhere.. Some of these fake account users have their accounts doctored at unscrupulous brokers and they can get their accounts verified.

So immediately when I see a ridiculous ROI un/verified but on a shady broker, I know it is fake.
Have a look at the ROI offered by these autotrade providers - rarely over 25% a month - to me that is realistic.

As the old adage goes - If it sounds too good to be true, it normally is.. this can be applied to a lot of things in life.

Another phenomenon I frequently encounter..... is accounts that perform stellar for a month or two and then go boom... As a serious investor you want something that has been around for longer.
My accounts will ALWAYS show high DD. This is done purposely to maximize our withdrawals every week.
Member Since May 11, 2011   235 posts
Jul 12, 2016 at 14:57
Although those gains are possible, I'm skeptical on the probability that they can sustain that growth. The only reason for me being skeptical is that you don't know what the distribution is and also remember that a lot of the money there is unclaimed investment. Let's assume there are 100 investors and only one investor dumped 90% of the funds in there... what happens to that account when that one investor takes his / her investment out (can the gain continue? will it force the other 99 to grab and run leaving the trader with a margin issue? and more importantly, how invested is the trader in that system? (personal funds). There are many questions you will never get the answers to.

If I were curious, I would probably invest no more $300 (even if I had more - with that growth, surely the return will cover your service fee... right?). Any return above paying the service fee I would invest some in other systems providing moderate and low returns with lower to almost zero charge (diversify)... if they go bank, then you lose $300 max, If not, you still gain a [above] healthy return that you can reinvest, distribute (diversify) and some you can put into an investment account at a bank (protected returns) or buy local company shares, or whatever you want really.

At the end of the day, it's your money, you decide what to do, how to do it and with how much (risk)... all I'm saying is tread with your head not with your heart, and don't get greedy. Hope you gained some perspective and got some answer from your 'unanswered' question.
For every loss there should be at least an equal and opposite profit.
Member Since May 11, 2011   235 posts
Jul 12, 2016 at 15:04
wiseinvest posted:
My simple two cents answer.....

To become an autotrader,you need amongst other things:

a 3 months track record
full account verification
drawdown of no more than 50%

There are more.... This is a good guideline in selecting a good MAMM, PAMM, trade copier, signal provider.
For a serious investor these things are a must.

There are a lot of fake accounts that pop up like mushrooms everywhere.. Some of these fake account users have their accounts doctored at unscrupulous brokers and they can get their accounts verified.

So immediately when I see a ridiculous ROI un/verified but on a shady broker, I know it is fake.
Have a look at the ROI offered by these autotrade providers - rarely over 25% a month - to me that is realistic.

As the old adage goes - If it sounds too good to be true, it normally is.. this can be applied to a lot of things in life.

Another phenomenon I frequently encounter..... is accounts that perform stellar for a month or two and then go boom... As a serious investor you want something that has been around for longer.

Worth every bit of two cents.
For every loss there should be at least an equal and opposite profit.
Member Since Jul 08, 2014   435 posts
Jul 12, 2016 at 15:15
To add on to wiseinvest, the history should be opened, look at the history and see whether or not it makes sense, the provider should be transparent in their trading system, and you should be able to evaluate it, whether it's plausible and has potential to continue or whether it will go booom. That is on top of the broker/verified and length of history.

Keep at it
rob559
forex_trader_29148
Member Since Feb 11, 2011   1916 posts
Jul 12, 2016 at 15:31
excellent answers here..
RMC3WLP68T
forex_trader_342432
Member Since Jul 09, 2016   24 posts
Jul 17, 2016 at 20:28
You asked for direction so I'm going to give my take on it. If trading is something that you want others to do so that you can follow their trades then I would research and learn about the various statistics that are provided on a myfxbook performance page. This way, you understand what you're looking at and therefore understand which performances to follow and which to look past.

If you're in the market to buy a car, you would want to know about cars in detail so that you choose the right car for you, not the car that has the best marketing to catch your eye.

Good luck shopping around, if you find something good, post it here so someone can kick the tires and give feedback.
Member Since Dec 12, 2015   115 posts
Jul 24, 2016 at 00:20
wiseinvest posted:
My simple two cents answer.....

To become an autotrader,you need amongst other things:

a 3 months track record
full account verification
drawdown of no more than 50%

There are more.... This is a good guideline in selecting a good MAMM, PAMM, trade copier, signal provider.
For a serious investor these things are a must.

There are a lot of fake accounts that pop up like mushrooms everywhere.. Some of these fake account users have their accounts doctored at unscrupulous brokers and they can get their accounts verified.

So immediately when I see a ridiculous ROI un/verified but on a shady broker, I know it is fake.
Have a look at the ROI offered by these autotrade providers - rarely over 25% a month - to me that is realistic.

As the old adage goes - If it sounds too good to be true, it normally is.. this can be applied to a lot of things in life.

Another phenomenon I frequently encounter..... is accounts that perform stellar for a month or two and then go boom... As a serious investor you want something that has been around for longer.

You had a HUGEEE DD this week of 42% and you want to trade for clients? 50% DD seems to be acceptable in your mind and that's because you don't take risks with large capitals of your own.
Member Since Jun 12, 2016   16 posts
Aug 03, 2016 at 06:00
maybe an easy way to see your account manager not trick you is by asking them to provide you with investor password to see their trading history for real so you can judge your account manager honest or not
nothing is impossible
forex_trader_350575
Member Since Aug 09, 2016   8 posts
Aug 19, 2016 at 06:48
To fully evaluate if the account is shady or not i Think the best way is to be provide with Investor password
Member Since Mar 26, 2015   47 posts
Oct 26, 2016 at 14:30
I agree with comments earlier that things that look to good to be true probably are too good to be true...
Trade fast, learn fast, never regret!
Member Since Apr 18, 2017   718 posts
May 02, 2017 at 09:13
Before selecting any PAMM, copy or signal service you need to verify their quality first! Please observe their last 6 months results (minimum), what kind of trading account they are using real or demo? If real, then know their verification status even their broker’s quality! In addition, you have also considered their draw-down level!
Member Since Apr 11, 2017   6 posts
May 04, 2017 at 14:41
Surely a MYFXBook account is enough? You can then analyse the data easier
Member Since Sep 12, 2015   1948 posts
May 04, 2017 at 17:57
Muhammad55 posted:
Surely a MYFXBook account is enough? You can then analyse the data easier

Very few people would except a myfxbook account as verification for investment, anything over 20% DD walk away.
"They mistook leverage with genius".
Member Since Apr 18, 2017   718 posts
Nov 23, 2017 at 15:40
wiseinvest posted:
My simple two cents answer.....

To become an autotrader,you need amongst other things:

a 3 months track record
full account verification
drawdown of no more than 50%

There are more.... This is a good guideline in selecting a good MAMM, PAMM, trade copier, signal provider.
For a serious investor these things are a must.

There are a lot of fake accounts that pop up like mushrooms everywhere.. Some of these fake account users have their accounts doctored at unscrupulous brokers and they can get their accounts verified.

So immediately when I see a ridiculous ROI un/verified but on a shady broker, I know it is fake.
Have a look at the ROI offered by these autotrade providers - rarely over 25% a month - to me that is realistic.

As the old adage goes - If it sounds too good to be true, it normally is.. this can be applied to a lot of things in life.

Another phenomenon I frequently encounter..... is accounts that perform stellar for a month or two and then go boom... As a serious investor you want something that has been around for longer.


Well said, long term track record is very much important! In addition, there is no why without fully verified account! By the way, I always prefer manual trading.
Member Since Sep 12, 2015   1948 posts
Nov 23, 2017 at 17:12
Its a shady business, some genuine people in the business too, most move on to start there own business, if your making money word soon gets around, stay safe and be honest in your trading or it will come back to bite.
"They mistook leverage with genius".
Member Since Apr 18, 2017   718 posts
Dec 28, 2018 at 07:46
snapdragon1970 posted:
Its a shady business, some genuine people in the business too, most move on to start there own business, if your making money word soon gets around, stay safe and be honest in your trading or it will come back to bite.

Trading is a challenging profession and we all should take extra care before opening any single trade; proper market analysis is very much important thus we can identify the market trend.
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