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You got scammed? Someone disappeared with your money?The NOT DO DO and NO GOs

pc8multifx (pc8multifx)
Jun 04 2010 at 21:43
879 posts
Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices:

MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter)

Otherwise this may happen to you as well
https://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1

On the other hand, dont 'forget' to pay the serious manager his fee when he made money for you or you get outed here as well 😎

REBATES: Be careful when you get private 'money back' offers when you trade trough an Introducing Broker (IB) Do it only when he gives you a signed document with the conditions or you may wait for your money very long or even forever.. In most cases professional cashback providers are the better choice, cashbackforex is one of them with I have good experiences, there are some others around, just google for it and compare their offers.

to be continued...

P.S.
Please feel free to complete this and tell about your bad experiences, so others will be warned.
Elkart
Elkart
Jun 04 2010 at 22:34
941 posts
Ja, if it's to good to be true, it's to good, but I guess some hapless victim will always give it a try.

The saddest thing of all is the real money manager, the guy who can make the money is competing against those results, so his 10% a month just disappears.

Can't say I have to much sympathy with the victim in this case. That's what you get for being greedy.
Elkart
Elkart
Jun 04 2010 at 22:37
941 posts
And also look out for those locked statements. If it's locked, it's no good. Then there is something to hide.
Lion Asset Management (WhyLose)
Jun 05 2010 at 09:21
102 posts
If you are serious about considering any form of Managed Account then any third party who does not follow a compliance process is, at best acting irresponsibly or, at worst, if you're based in the EU, acting illegally.

They need to have a compliance procedure which means they only deal with HNW individuals and investment professionals. This is EU law which applies in all countries within the EU and each has their own regulatory framework.

For example if the company or you or both is based in the UK then the company (or individual) you deal with has to comply with FSA article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001.

This applies even if they do not hold client funds as PC8 describes in his post above.

IMO this thread is long overdue. Thanks PC8.

I have commented elsewhere here on FXSalt - https://bit.ly/9EOPuZ - and if ever you need to refer to a classic forex scam then use the tone of that thread as an example of warning signs. There is another on MFB who is ignoring my questions. I won't comment further other than to say that IMO that company is also a scam.
Time is more valuable than money. You can get more money, but you cannot get more time.
Fill or Kill (cateful)
Jun 05 2010 at 16:19
87 posts

Elkart posted:
The saddest thing of all is the real money manager, the guy who can make the money is competing against those results, so his 10% a month just disappears.

That is SO true.
pc8multifx (pc8multifx)
Jun 26 2010 at 02:26
879 posts

pc8multifx posted:
    Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices:

MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter)

Otherwise this may happen to you as well
https://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1

On the other hand, dont 'forget' to pay the serious manager his fee when he made money for you or you get outed here as well 😎

REBATES: Be careful when you get private 'money back' offers when you trade trough an Introducing Broker (IB) Do it only when he gives you a signed document with the conditions or you may wait for your money very long or even forever.. In most cases professional cashback providers are the better choice, cashbackforex is one of them with I have good experiences, there are some others around, just google for it and compare their offers.

to be continued...

P.S.
Please feel free to complete this and tell about your bad experiences, so others will be warned.



Plz read the post of hforex:
https://www.myfxbook.com/community/trading-systems/stylefx/29400,7#?pt=2&p=8&o=29400
pc8multifx (pc8multifx)
Jul 01 2010 at 01:38
879 posts

pc8multifx posted:
    
pc8multifx posted:
    Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices:

MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter)

Otherwise this may happen to you as well
https://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1

On the other hand, dont 'forget' to pay the serious manager his fee when he made money for you or you get outed here as well 😎

REBATES: Be careful when you get private 'money back' offers when you trade trough an Introducing Broker (IB) Do it only when he gives you a signed document with the conditions or you may wait for your money very long or even forever.. In most cases professional cashback providers are the better choice, cashbackforex is one of them with I have good experiences, there are some others around, just google for it and compare their offers.

to be continued...

P.S.
Please feel free to complete this and tell about your bad experiences, so others will be warned.



Plz read the post of hforex:
https://www.myfxbook.com/community/trading-systems/stylefx/29400,7#?pt=2&p=8&o=29400


New chapter: NO GO broker

https://www.forexfactory.com/showthread.php?p=3842055#post3842055
duzyfx
Jul 03 2010 at 03:06
257 posts
I just got scammed by the money manager ... he wanted to secure himself so I pay him his profit so he demanded $500 up front for trading 10K account. In 3 weeks he didn't manage to make any profit (and luckily for me didn't loose anything) however he will not refund the $500 even though he was supposed to earn it at 70/30 ... He was placing very loose daily entries and I just got tired of it!

Also I paid with paypal and guess what paypal does not protect the users for services ... so if you pay with paypal and you want a refund you won't see the money ever ... it stays with the scammer ...

I'm thinking I should have used some Escrow service ... never used one before .... anyone can suggest one ?
duzyfx
Jul 03 2010 at 03:08
257 posts
Also what protection does a customer has against the money manager placing deliberate loss trades ... or simply devastating the account ? Especially when most ppl here trade $100 accounts or better -> demos ... if I want to make serous money and would commit 30-40K to be traded I probably would not trust anyone that doesn't trade the same account size .... how can you trust a money manager that claims 100% through 1000% a month if they only have $100-$1k to show for ...
duzyfx
Jul 03 2010 at 03:10
257 posts

pc8multifx posted:
   
New chapter: NO GO broker

https://www.forexfactory.com/showthread.php?p=3842055#post3842055

In case of Gann capital / forex.com they're being charged by NFA 250000 USD for each count of violations so they'll have to pay about 1MIL USD for fines ... I hope other bucketshops will think twice before doing the same things or using the virtual dealer plugin ...
Elkart
Elkart
Jul 03 2010 at 07:23
941 posts
Duz,

I must say I struggle to understand why you would put down $500 to a stranger on the internet before anything even happened.






duzyfx
Jul 04 2010 at 03:13
257 posts
Elkart posted:
    Duz,

I must say I struggle to understand why you would put down $500 to a stranger on the internet before anything even happened.

I have 'known' the guy for at least 1 year and got my filter down ... I'm amazed myself ...

I also thought if things go wrong paypal would protect me ... I WAS WRONG ! :)
Elkart
Elkart
Jul 04 2010 at 07:35
941 posts
I guess I'm a regular scam victim so I shouldn't have to much to say. I hang around Thailand a lot. Always a small scam in play for the hapless tourist. To the best of of my knowledge I think over the last two years I gave up about $200 to various elephant touting people and tuk-tuk drivers.

But as far as FX go it's managed accounts and fee for service only after the fact. Never hand over money. If you look at the forex product being offered on websites like Alibaba you'll see disproportionate number of Nigerians offering fx services. Ea's and managed accounts are now the new 419 scam....


Elkart
Elkart
Jul 04 2010 at 07:58
941 posts
There was a guy on twitter few weeks ago trying to get a pyramid going. If you paypal him $100 or whatever he'll stick it into the market and end of the week give you back $150 or something....

Pity I lost that link, was actually quite funny, but I'm sure there a few hapless victims.

Fx and paypal....scammers paradise...

bluemele
Jul 07 2010 at 17:28
272 posts
I find it very interesting that several people on this site 'market' for investors through their amazing returns but yet always have to hide everything AND DEMO!!!

The crazy thing is it probably works! I know I would have fallen for it and it frustrates me that there isn't a big warning above any comments like 'I do managed accounts' that says, 'THIS USER IS DEMO ONLY AND PLEASE REALIZE THEY ARE NOT INVESTING THEIR OWN DOLLARS NOR HAVE SHOWN GREAT RETURNS INVESTING AS THEY ARE LEADING YOU TO BELIEVE'.

Here Sir, put your 50K down on my DEMO account! haha.... By the way, I am 10K miles from you so FU if things go bad! By the way, if they do, I will just start a new demo account with 2 clicks and voila! I am a magic money maker again!

What a world we live in... :)

Gil
Be Open, honest and ethical and all the $$$ you want will come. (hint hint)
Steve B (stevetrade)
Jul 08 2010 at 08:59
1415 posts
I'm getting tired of seeing account management offered via Martingale.
That has to be one of the best forex scams around at the moment.

Here's the premise.

I manage your account, at the end of each month you give me 50% of what my Martingale has managed to make. When your account blows up, we both get nothing. Only you more so.

Now, I'm not saying that Martingales are inherently bad, however for someone to be making money from one without taking any of the inherent risk is, in my opinion wrong!
11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
bluemele
Jul 08 2010 at 13:19
272 posts
I agree.....

If the investor doesn't understand the risk... I guess that is how a signal provider would maybe stop that in a way, but you can always rig a martingale into an ea with just more orders on currencies.

I personally like MARTINGALE, however, it isn't for everyone and I do only 1/10 of my reserve. I can easily get out of it. To get 30% per month is wishing for trouble... :)

Grid traders, martingales, this approach, that approach, I guess I haven't seen a whole lot that works well in FX yet. So far scalping futures has been the truly only less risk option to make a quick buck for me. I wish they had stuff like this for futures! :)
Be Open, honest and ethical and all the $$$ you want will come. (hint hint)
Steve B (stevetrade)
Jul 08 2010 at 13:34
1415 posts
I think some MT4 brokers do offer futures, Broco I think offer some pretty exotic things to trade on the MT4 platform.

That is in no way a recommendation of this broker, by the way.
11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Elkart
Elkart
Jul 08 2010 at 15:03
941 posts
Gil,

The problem is bigger than the guy is 10k away. I'm pretty sure organized crime is onto it. Lot of Nigerians offering managed account services of late.

If they're into it then every other mob crowd must be.

Recently in Thailand the thai government paid my computer a visit. I immediately went anti big brother using proxy servers and internet cafes and hotels. It's surprisingly easy to hide computers and disappear. I can't be found if I don't want to be with the press of a button. God only knows what a pro can do. I barely have a clue.

Ask fill-or-kill, he had his results posted here pitch up in some other place, being used to scam clients.
Elkart
Elkart
Jul 08 2010 at 15:21
941 posts
But there is another side to it.

The price of freedom is I guess that you're allowed to do stuff that gets you hurt. In Thai if I want to get on my scooter after a few beers and go slap myself into a truck that's really my problem. They'll pick me up and dust me off best they can. But no one is going to lie in ambush outside the pub to prevent me from hurting myself.

In New Orleans I stumbled out a pub and the police were waiting on horses. I was still wondering what the heck was going on and they were already pushing people around to disperse the crowd. Just in case anyone had any ideas about not going straight home in taxi's. Police state if I ever saw one, same as Ozzy. Can't pay me to live in USA or Ozzy. There's no freedom.

In effect what I'm saying freedom comes at a cost and that cost is a little bit of chaos. Fx we can still pretty much do what we want to. Anybody can be a MM. And the cost of that is the scams. And quite frankly the only people who fall for it are the greedy quick buck crowd.

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