How to recognize a Forex Scammer ?

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 ?

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....'

Hi,

Professional4X, thanks a lot for the advice(s) ! I will try also to see and check some of the profit.

I was posting the posts after seeings and ads for forex-ea on facebook which is posting this stuff :an history of backtrack with a strict and beautifull line ....

And after directly the backtrack history summary.

It's even worse, they even did not put it in a demo account...

For MyFxBook, yes, i think there is a great lack of 'label' where a community is validating the true and correctness of stats shown...

Ps : how do i incorpore image here ?

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....'

Very smart replay! I completely agree with your opinion. Really, they show such an unrealistic result only for few weeks.

thirdbrainsa posted:
Ps : how do i incorpore image here ?

To upload an image and have it included in your posts use the following steps.

Click the paper clip icon, and then click the browse button to select the image you want to attach.
One you select the image and it uploads, click the 'insert' link.
That will insert the image into your post at the location of your cursor in the message.



That's the way I include the images in a message.

Professional4X posted:

thirdbrainsa posted:
Ps : how do i incorpore image here ?

To upload an image and have it included in your posts use the following steps.

Click the paper clip icon, and then click the browse button to select the image you want to attach.
One you select the image and it uploads, click the 'insert' link.
That will insert the image into your post at the location of your cursor in the message.



That's the way I include the images in a message.

Thanks a lot for your help. Will be usefull for the next(s) post(s) coming.

1- win rate over 70%
2- very low or no draw down periods
3- tiny take profit
4 - huge / no stop loss
5- claims that they will make you rich
6- any picture of a fast car

balticrain posted:
1- win rate over 70%
2- very low or no draw down periods
3- tiny take profit
4 - huge / no stop loss
5- claims that they will make you rich
6- any picture of a fast car

@balticrain: exactly! And I would add:
7. Huge bonuses and rewarding programs and aggressive sales approach. :)

Another thing to watch for is 'people' asking how to buy their products right away.

For example, a new system gets posted and almost immediately you will see posts like 'Oh wow! How can I buy this...'

Example:


Another thing to watch out for is scammers with accounts that never lose.

Example:

TiffanyK posted:

balticrain posted:
1- win rate over 70%
2- very low or no draw down periods
3- tiny take profit
4 - huge / no stop loss
5- claims that they will make you rich
6- any picture of a fast car

@balticrain: exactly! And I would add:
7. Huge bonuses and rewarding programs and aggressive sales approach. :)

For the bonus 7.- : yes if you can with broker who are playing with B-Book : your orders don't go the market but stay in the a 'live' which is only a demo live but the broker is paying fees to the liquidity provider...in any case broker needs you to lose fast.

But i don't understand the 1- win rate over 70%....

You may have during some period high winning rate without being a scammer no ?

Also after the winning rate , the TP and the SL, yes....more the difference you have between StopLoss and TakeProfit is high , more the result of your system may reverse 'suddenly' but he doesn't make you a scammer...i guess..it could be also your strategy to strike a lot of win with few profit.

But yes very small profit with high winning rates and huge stop loss expose you to bad moment...

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....'

And such results always come on strange unknown or scam brokers

Very helpful answer. Thanks @Professional4X for your precious time to show us what scam profile looks like.

Here is another one....




Link to discussion.
https://www.myfxbook.com/community/trading-systems/gdow/1136845,7

And yet another one....








Link: https://www.myfxbook.com/community/trading-systems/yanskven/1617606,1

Thanks a lot @Professional4X for this very helpfull advices for the community here.

I am seeing a lot of ads and bullshit about Forex account. A lot of people are just killing the credit people may have on this.

With this ads full of bullshit, they are only giving an image very bad of the subject.

Yes, Forex is a huge option to gain money with your money.

Not really to become 'rich' but to have additionnal income coming but you need to be serious and understand first money management.

You can't live with a drawdown of 90% which means that your performance is an only a question of luck and your account will go down at the next bad trades.

A lot of traders are only showing their profitable account but hide when they lost..

Same thing with the +1500% account but not the 10 account losing 50%...

Great work @Professional4X
I personally do not feel any compassion for anyone that gets scammed by such schemes because IMHO
it's Darwin's theory of evolution in play here. Anyone with half a brain who was smart enough to find this community and wanting to start investing in forex should (in theory) at least be able to do their own research and see the huge red signs a mile away.
If a person is gullible enough to get scammed by the likes of what you've shared above deserves to have their money taken away from them.
/rant over/
sorry.

thanks ,nice awakening

CarlosMZ posted:
Great work @Professional4X
I personally do not feel any compassion for anyone that gets scammed by such schemes because IMHO
it's Darwin's theory of evolution in play here. Anyone with half a brain who was smart enough to find this community and wanting to start investing in forex should (in theory) at least be able to do their own research and see the huge red signs a mile away.
If a person is gullible enough to get scammed by the likes of what you've shared above deserves to have their money taken away from them.
/rant over/
sorry.

EVERYONE was a newbie at some point. All you're doing is trying to show off how smart you are, make yourself feel better.

Professional4X posted:
Here is another one....




Link to discussion.
https://www.myfxbook.com/community/trading-systems/gdow/1136845,7

This account is fully verified and this is a PAMM account with offshore and unknown broker accentforex it can be scam if accentforex broker manipulate trade history of this account.