wizfx posted: Beware guys, I've heard this scam before. Super trader with 'almost perfect' results on a dubious broker. People get hooked to invest, and when the time comes to withdraw and perform, boom! Trader disappears. Broker got lots of deposits, then they too disappear (or ignore the request for withdrawals). Forex is too easy to scam - lots of 'suckers'. It's easy for brokers to fake trade history. The 'trader' could be actually employed by the broker. It's also easy for the broker to ignore request for withdrawals, as long as they're not under a regulatory commission where the depositor resides. Gainsy is regulated by svgfsa.com - in a small country where money launderers hide their money. If Gainsy bails out on you, could you go chase them there at Saint Vincent and the Grenadines? Seriously, would you spend more money on a litigation case against Gainsy? Most people would just forget about it, and just warn others through sites like FPA.
You can't use the CHF debacle to show that 'even the big guys' fall. Those big brokers were public companies, and they are required to show their capital reserves. But these small brokers like Gainsy, they can hide what's happening to them. All brokers were affected by what happened to CHF, if you understand what really happened, then you know it's impossible for an ECN/STP broker to not get drastically affected. Everyone is licking their wounds even today! If a broker claims that they were not affected, then that's probably because they are a Market Maker - they are not really connected to a Liquidity Provider in the Interbank Network.
And why discredit Forex Peace Army? As far as I know, only Scam Brokers and Sharks hate it. So they have to discredit it. FPA is on your side traders.
So Golden_Midas, the solution is very simple. Change your broker. You can't stick to Gainsy. Heck, with your 'skills' why manage a PAMM account? That in itself is dubious. Think big man! Hedge funds will be begging to get you as their trader and you'll be trading in the Millions of $$$ no less.
wizfx, Everything that I will say is only in my opinion. So, IMO, you are right in a lot of things that you said: 1. 'Forex is too easy to scam': Agree with you, there are a lot of scammers, while I learned to trade I have read many different information (reviews about brokers from traders, opinions of programmers about trading software, etc.) and there are really a lot of opportunities to scam or to be scammed. Even such platform as MetaTrader gives an opportunity to the broker to play with prices. So why brokers offers to use exactly this platform? Because they can scam traders, or because this platform is comfortable for traders? Also why traders uses this platform for trading if they knows about it? And why MetaQuotes company added such opportunity into their software? who knows...
2. 'If a broker claims that they were not affected, then that's probably because they are a Market Maker - they are not really connected to a Liquidity Provider in the Interbank Network.' Also agree with you about connection to Liquidity providers in the Interbank Network! But: As I understand, you are talking about 'Executives of GAINSY inform that the company's position was not affected by the recent turmoil. All the company's customers are protected from all credit risks with a help of competent risk management and full control over such unexpected situations.' At first, 'company's position' and 'company's funds' are different things And also there are a lot of brokers that also lost their money in that situation but they continued to withdraw client's funds (for example, some of my friends are trading with DukasCopy and they got their money without delays after they asked for withdrawals), so, maybe, DukasCopy is a MarketMaker also? I'm not sure...
3. And about FPA: 'Those big brokers were public companies, and they are required to show their capital reserves. But these small brokers like Gainsy, they can hide what's happening to them' Everyone says that FPA can be helpful to choose a broker, to read about scammers etc. When I firstly heard about FPA I visited that web-resource and I thought: 'Hey, not bad, really not bad!!!' but after a few time I found an information about the founder of FPA - then I understood that I will not believe in the information that is posted there. AND I OFFER YOU TO READ ABOUT HIM TOO. By the way, there are some brokers that says that FPA is the team of guys who trying to get money from broker companies by this way.
P.S. Anyway, as I already told, as for me, own experience is better than any review posted anywhere. Internet is a such thing, were anyone can say anything. And as I also said, I will open a new account with another broker when I will find and check the broker that I will like to trade with. But anyway, wizfx, thank you for your advice.
Thank you for taking my proposition! I had E-mail to you but you do not answer yet! My E-mail: [email protected]
I will deposit 2,500USD in FOREX.com. It may take a couple of days. With my account, you can approve to others that your trades are real!
Something I would like to know, 1. Lot size? 2. Expectable Max SL, DD? 3. Share profit% ?
Sorry for no answering, I am ill and I am trying to do not trade during this time - I am afraid to lose investors funds, because brain activity becomes lower. Answering your question: I am able to manage another accounts with min. deposit 10K. Lot size: it's better to talk about it individually with an owner of account (same as about sharing of profit) Max SL, DD - depends on trading system, but tryilng to make it as low as possible.
I am new to myfxbook, I found the concept really interesting, but the more I go trough the forum the more I get disappointed by this kind of scumbag scammers... I guess we all like a little self inflicted drama in our live. If you guys are interested in making money trading markets, research by yourself, it'll take 5 minutes to find out that this kind of performance are simply unrealistic... just my 2 cents! cheers
Thank you moderation for your job, it's your right to control what we write here, but when it comes to just deleting a part of my post so that it doesn't make sense anymore, you should remove the message in its entirety. I don't even understand why you deleted that part anyway!?
Actually, Midas has his account connected to ForexFactory trade explorer and the results there are identical so I trust the results. The only difference is the DD, which is larger in the trade explorer than here. Here it shows less than 2%, in the trade explorer it shows 9.1% but i think that is because the DD is calculated differently. I am still interested in the service...
Hi jl1981, the main doubt for the result is the broker - Gainsy. Some sites like FPA had listed Gainsy as scam. With the Equity and Balance almost parallel to each other, there is a concern! Are the results fabricated?
Anyway it will be great if you are willing to try it and tell us your experience. Also, if you can convince Midas to switch Broker (a truly reputable one) and still produce the same result, you can certainly help him convincing many.
@jl1981, portfolio analysis tools use the track history of your trades, so you can analyze the data with as many portfolio analysis softwares /websites as you want, the results will always be the same. The data is manipulated at its source. You should ask yourself, why a trader doesn't want to open a demo account with a respectable broker, upload his track record (close it right after if he thinks that somebody is gonna use his signals!!) and it would definitively prove to all of us that he's not a sham!!
pipsgainer posted: @jl1981, portfolio analysis tools use the track history of your trades, so you can analyze the data with as many portfolio analysis softwares /websites as you want, the results will always be the same. The data is manipulated at its source. You should ask yourself, why a trader doesn't want to open a demo account with a respectable broker, upload his track record (close it right after if he thinks that somebody is gonna use his signals!!) and it would definitively prove to all of us that he's not a sham!!
Dear pipsgainer, who told that I don't want to open an account with more respectable broker? Have you read my posts, for example, in this thread? I am choosing a new broker to open an account with, till that moment I will continue to trade with gainsy. as for me, it is a good broker. But as a lot of traders (potential investors) asks to open an account with another broker, I am checking another companies now.
Dear jl1981, answered as PM. By the way, about DD: as I understand, there are two types of DD on FF: DD of all account and DD of each order.
I deposited 500 USD in PAMM at Gainsy, submited withdrawal request for all funds which were now 654.80 USD and just now I received the money into my Skrill account. So at least for me was now problem with Gainsy. I don't now if it would have been been same situation if I would had more than 30K as is the case with two others investors with Midas. Regards to all.
I too would be interested in this system if it was on a reputable broker like FXPro, IC Markets, Global Prime. I wouldn't touch gainsy with a ten foot pole, far too many negative reviews and people losing money with them (not processing withdrawals etc). Glad that Ovisun got his funds ok.
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