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How to recognize a Forex Scammer ?

AniLorak
Jan 04 2020 at 14:16
920 mensajes
fxatsystem posted:
Anywhere profit is proportional of risk, this is a non transgressible natural low, many profit mean many risk allways !!

More over if you do good profit with a system you dont need to sell it or you dont need nobody to invest.
sellers of system make profit selling, not trading


Indeed; this is why social media is full of so called Holy Grail trading systems. Lolz!

Pupsik (Pupsik)
Jan 09 2020 at 09:38
13 mensajes
Unrealistic promises + they sell you something that can make money for you (either tools or knowledge)

"Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected" - George Soros
5astelija
Jan 09 2020 at 11:15
52 mensajes
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.

NenadX
Jan 09 2020 at 14:18
4 mensajes
5astelija posted:
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.

I cannot agree with that. If you can earn
1. 10-20-30 K per month by trading
2. Have a chance to get a training course over the weekend for the same money as in point 1.

Will you use just one of the options? If yes, which one?

Buy Low, Sell High
5astelija
Jan 09 2020 at 20:13
52 mensajes
NenadX posted:
I cannot agree with that


Ok, yes, maybe if you are in a very early stage of your trading career BUT you are already a master trader, then it is logical to train others for a fixed fee.

But when you trade longer, you will eventually accumulate a capital that earns you $500k a month. At that point, you can't give a about $30k training courses, giving away your competitiveness for practically free.

So yes I should have added 'most probably' a scammer, but in any case we are talking 99.99% probability...

jamesgwyther
Jan 10 2020 at 15:27
289 mensajes
5astelija posted:
NenadX posted:
I cannot agree with that


Ok, yes, maybe if you are in a very early stage of your trading career BUT you are already a master trader, then it is logical to train others for a fixed fee.

But when you trade longer, you will eventually accumulate a capital that earns you $500k a month. At that point, you can't give a about $30k training courses, giving away your competitiveness for practically free.

So yes I should have added 'most probably' a scammer, but in any case we are talking 99.99% probability...


Yes if you are an aamazing trader you just trade..

Andromardred
Jan 25 2020 at 15:08
11 mensajes
Who do you mean by a scammer here please clearly? Some broker or some person who simply haven't done any job yet on so many things? Care to share a bit more here? Usually you need to check out withdraw process as the first thing here.

anerreimoi1981
Apr 23 2020 at 18:31
1 mensajes
Well, you should always ask for proves, friend. This is the only way to recognize a forex scammer. Nowadays there are a lot of forex trading platforms, and unfortunately, most of them are just scammers. Be very careful when you're choosing your broker. You have to choose the best platform, like Fondex Forex Trading https://fondex.com/, which has full transparency, ultra-fast execution, direct liquidity and the lowest commissions. When you will have more experience, it will be really easy for you to distinguish a scammer, but for now, be very careful, friend. Always analyze everything before taking any decisions, this is the basis of trading

master800ve (master800ve)
Apr 26 2020 at 23:32
30 mensajes
thirdbrainsa posted:
How to detect a forex scammer ?

How do you detect them ?

For me, and i start :

#1 - Only backtest on historical data => we don't care at all
#2 - 'A line' as balance curve means that no loosing trades are closed...

What else ?


When someone offers 200% in a week tends to be a big red flag as well.

yippie kay yay mother f*****
gabeorwel
May 14 2020 at 17:19
11 mensajes
Professional4X posted:
They often show unrealistic gains with very little Draw Down.

For example:



Here's the link to the discussion on the above example.

https://www.myfxbook.com/community/trading-systems/arbitragefastscalper/1479797,1


Another example would be as follows:



And also...



And here is the link to the discussion on the above example.

https://www.myfxbook.com/community/trading-systems/goodmoney/1579642,4


Quite often a scammer will try to pass off a DEMO account as a LIVE account, but they will not be able to validate the account.
When pressed for the reason as to why they are unable to verify the account, they will typically use an excuse such as 'Oh I contacted myfxbook because there is a problem with their website....'







Couldn't do better. Thank you for such a detailed answer. Also, consider checking a website of the EA - it can tell A LOT about developers and company that made the software.

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