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How to recognize a Forex Scammer ?

Cloudballs
Aug 15 2018 at 10:24
posts 12
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
Aug 17 2018 at 21:23
posts 1189



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







Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
Adribaasmet
Aug 19 2018 at 07:45
posts 994
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
Aug 20 2018 at 13:35
posts 6
Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

Professional4X
Aug 20 2018 at 17:53
posts 1189
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
Aug 20 2018 at 18:12
posts 254
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 .
Carlos (CarlosMZ)
Aug 21 2018 at 06:46
posts 55
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
Aug 21 2018 at 07:23
posts 10
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
Aug 21 2018 at 07:23
posts 994
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.

ThirdBrainFx (thirdbrainsa)
Aug 21 2018 at 08:00
posts 43
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
Adribaasmet
Aug 21 2018 at 10:44
posts 994
thirdbrainsa posted:
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....



Yes, I agree! Money management plan plays more important role here than the winning percentage!

EddyEdgardo
Aug 22 2018 at 06:01
posts 11
Ratio is stop loss to average win is a key metric for me. usually that is how you can spot a scam account

Professional4X
Aug 23 2018 at 19:02
posts 1189
The account on this stats page is with grandcapital.

Grandcapital has been found to be a SCAM and Fraud broker.

https://www.forexpeacearmy.com/community/threads/grand-capital-fraud.52591/
https://www.forexpeacearmy.com/forex-reviews/8304/www.grandcapital.net
https://binaryscamadvisor.net/grand-capital-review/

They have been found to be providing FAKE signals and manipulation of their data feeds.







Here is the link to the above stats page.
https://www.myfxbook.com/members/Sonetnik3618868/lamm-576598-grandcapital-blu/2330877


Here is the link to the above discussion page.
https://www.myfxbook.com/community/trading-systems/lamm-576598-grandcapital-blu/1574589,1


Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Aug 24 2018 at 20:31
posts 1189
Also, when you try and discuss their 'system' or question them, they will immediately block you.

For example:

As you can see, this scammer is using GrandCapital.




When I pointed out that the broker they were using was fraudulent, this is their response.




And then immediately blocked me from discussing the matter further with them.






Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Aug 24 2018 at 20:38
posts 1189
This is a common tactic with scammers.
If you ask questions, or question them, they will often immediately block you from discussing the facts.

Here is the link to the above discussion pages.

https://www.myfxbook.com/community/trading-systems/lamm-576598-grandcapital-blu/1574589,1
https://www.myfxbook.com/community/trading-systems/lamm-576598-grandcapital-blu/1574589,2

And here is the link to the stats page.

https://www.myfxbook.com/members/Sonetnik3618868/lamm-576598-grandcapital-blu/2330877

And here is the link to the user page.

https://www.myfxbook.com/members/Sonetnik3618868

As you can see, they use grandcapital for the majority of their accounts.





Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Aug 25 2018 at 04:53
posts 1189
Another thing about this particular scammer, is when someone notices they had a big loss, they try and blame it on the myfxbook stats system, and try to use the excuse that 'support' can't fix the problem.




Link to stats page:
https://www.myfxbook.com/members/Sonetnik3618868/lamm-576598-grandcapital-blu/2330877

Link to discussion page:
https://www.myfxbook.com/community/trading-systems/lamm-576598-grandcapital-blu/1574589,2

Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
jamesgwyther
Aug 25 2018 at 09:55
posts 289
ANy of the 'managed accounts' or 'guaranteed' returns are scams

Professional4X
Aug 27 2018 at 17:00
posts 1189
Any company that offers a 'guaranteed' return on an investment, is not being honest with investors.
It simply is not possible to be 100% guaranteed to make money in the markets.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Aug 27 2018 at 17:13
posts 1189
And here again is another one....











Here is the link to the stats page.
https://www.myfxbook.com/members/avishek2881/ea-darklord/1440718

Here is the link to the discussion page.
https://www.myfxbook.com/community/trading-systems/ea-darklord/1071776,1




Please note that on the last graphic I mentioned 2016, that is a error on my part.
That date should actually say 2015. Sorry about that.

However it doesn't change the actual problem of the account being highly questionable.

ALWAYS do your due diligence before dealing with possible scammers.

Fichiers joints:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
jamesgwyther
Aug 28 2018 at 08:47
posts 289
Most of them start their posts with 'This is not a scam'

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