How to recognize a Forex Scammer ?

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

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

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.

Surely best trader can get 90% win rate? I thought whole point of good trader is know when price rise

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.

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.

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.

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.

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.

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....

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!

Ratio is stop loss to average win is a key metric for me. usually that is how you can spot a scam account

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

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.

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.

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

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.

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.

It seems like everything is a scam,. Are there any legit traders out there with good history?