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How to recognize a Forex Scammer ?

AniLorak
Jan 04 2020 at 14:16
게시물920
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!

AStars (Pupsik)
Jan 09 2020 at 09:38
게시물13
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
게시물54
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.

NenadX
Jan 09 2020 at 14:18
게시물4
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?

5astelija
Jan 09 2020 at 20:13
게시물54
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
게시물289
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
게시물19
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
게시물1
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

Market Wizard (master800ve)
Apr 26 2020 at 23:32
게시물30
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
게시물11
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.

forex_trader_[584508]
May 14 2020 at 18:59
게시물4
5astelija posted:
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.
There needs too be a line drawn between financial professionals securing uncorrelated revenue streams, and the instagram bot accounts that want you to send them BTC for 3000+%/month.

5astelija
Jun 01 2020 at 04:58
게시물54
taylornorboge posted:
5astelija posted:
Anyone selling their 'expertise' instead of just using that knowledge for their own trading is a scammer.
There needs too be a line drawn between financial professionals securing uncorrelated revenue streams, and the instagram bot accounts that want you to send them BTC for 3000+%/month.

Yes, but I'd rather think this 'line' is more of a scale between those 2 extremes. Its much easier to appear professional and provide low quality, than appear unprofessional and provide high quality. This is why the former must be the majority on this site as well.

FuYating
Jun 01 2020 at 11:56
게시물11
I have seen fully verified accounts with unrealistic gains are they legit or are they somehow faking it

marco_mmbiz
Jun 01 2020 at 13:32
게시물368
FuYating posted:
I have seen fully verified accounts with unrealistic gains are they legit or are they somehow faking it


Some are definitely faked. How can today's results be even real if the connected brokers don't exist anymore (or seem to be faked (no reviews, no regulations and so on))? 😉
Let's have a look on the quote from an myfxbook support email I recently got to one of my questions:
Myfxbook Support <[email protected]> wrote:
It is possible (in theory) to buy your own MT4 server and edit the trading history.


Also, you can find a possible forex scammer with his/hers behavior on the internet. Just ask for something like a real proof or just say something looks suspicious to you, and you'll get huge fake profile attacks all the time, using their multiple fake accounts to spread fake news about you.
They also only praise their systems here and only spreading fake news, sometimes they also look like bot-texts: 100% copy/paste everywhere (and only on suspicious looking 'too good to be true' results), even on FPA they're now aware about it (see my screenshot attached).

첨부 파일:


GabrielHumus
Jun 02 2020 at 05:06
게시물3
You need an objective strategy with clearly defined inputs / outputs and solid risk management. Most of them fail miserably for the risk management aspect ... which means they end the game rather than trading. Risk management is even more important if you trade in highly leveraged instruments and do not follow a long-term buy and hold strategy when you only collapse.

I have always traded stocks, but I gradually started the day of trading and swinging with a forex spot. They switched to oil / gold CFDs after a bit and now only trade in ES (future S & P500). Forex allowed me to test the strategy I had already tested on a demo account with a small live account. I would need a lot more to do this with the future. The fees were higher on the commercial scene of course, but I negotiate on an asymmetrical strategy where the fees represent a tiiiiiiiiiiiny% of my earnings ... so I never cared too much about them. Use the same strategy for everything, including stocks.

The reason why people sometimes call it a scam or <a href='https://shuftipro.com/identity-verification'>Id theft</a> is that there are a lot of shy brokers and coaches (read: traders who have failed to market have dreamed of selling) when it comes of forex.

Afron
Jun 03 2020 at 13:51
게시물246
marco_mmbiz posted:
FuYating posted:
I have seen fully verified accounts with unrealistic gains are they legit or are they somehow faking it


Some are definitely faked. How can today's results be even real if the connected brokers don't exist anymore (or seem to be faked (no reviews, no regulations and so on))? 😉
Let's have a look on the quote from an myfxbook support email I recently got to one of my questions:
Myfxbook Support <[email protected]> wrote:
It is possible (in theory) to buy your own MT4 server and edit the trading history.


Also, you can find a possible forex scammer with his/hers behavior on the internet. Just ask for something like a real proof or just say something looks suspicious to you, and you'll get huge fake profile attacks all the time, using their multiple fake accounts to spread fake news about you.
They also only praise their systems here and only spreading fake news, sometimes they also look like bot-texts: 100% copy/paste everywhere (and only on suspicious looking 'too good to be true' results), even on FPA they're now aware about it (see my screenshot attached).


Yes, I read your post in FPA. I will write there too.

UlianaCheck
Jun 06 2020 at 14:39
게시물10
Scammers often don't have good websites and they don't have any verified accounts on platforms like myfxbook, forexpeacearmy etc.
Also scammers are going to say that they will make you rich really fast BUT YOU NEED TO INVEST NOW. And after investing they disappear or ask for more money 'to cover the fee'.

Duktilar
Jun 09 2020 at 07:25
게시물112
I think it is very easy to recognize when you enter your first deposit and make your first withdrawal.

hannahcooper
Jun 11 2020 at 05:46
게시물2
Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist.If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something fishy is going on.

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