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How to recognize a Forex Scammer ?

Professional4X
Nov 19 2019 at 21:20
1189 ieraksti
Baazex posted:
Non Realistic claims and Non- Regulated brokers tend to be scammers often Huge wealth claims and suspecious promises in the last they are unable to provide track Find name and ownership and track record 😄



Exactly.

One of the big problems is that new traders who lack the understanding of how the markets really work and even experienced traders will sometimes allow their emotions to take control of their trading when they see fast profits and they completely disregard any kind of reasonable risk management, so they mistakenly believe the hype being pitched by the scammer.

It's pretty obvious a person is a scammer because several low post count accounts (new accounts) will often show up and start defending the investor (multiple accounts by the same person probably).

But the reality is that they usually end up blowing their account and anyone who invests with a scammer will ultimately lose their investments with them as well.

Any time you see something like any of the following examples of 'red flags', you should proceed with extreme caution because it's high probably the person is trying to scam people.

'100% profits!'
'Elite master trader system'
'Forex is EASY'
'I found the secret to real wealth'
'Never lose again!'
'Money Back Guarantee!'
'Guaranteed profits!'




If it looks too good to be true, it's probably a scam! Let the buyer beware.
jamesgwyther
Nov 20 2019 at 15:56
289 ieraksti
Professional4X posted:
Baazex posted:
Non Realistic claims and Non- Regulated brokers tend to be scammers often Huge wealth claims and suspecious promises in the last they are unable to provide track Find name and ownership and track record 😄



Exactly.

One of the big problems is that new traders who lack the understanding of how the markets really work and even experienced traders will sometimes allow their emotions to take control of their trading when they see fast profits and they completely disregard any kind of reasonable risk management, so they mistakenly believe the hype being pitched by the scammer.

It's pretty obvious a person is a scammer because several low post count accounts (new accounts) will often show up and start defending the investor (multiple accounts by the same person probably).

But the reality is that they usually end up blowing their account and anyone who invests with a scammer will ultimately lose their investments with them as well.

Any time you see something like any of the following examples of 'red flags', you should proceed with extreme caution because it's high probably the person is trying to scam people.

'100% profits!'
'Elite master trader system'
'Forex is EASY'
'I found the secret to real wealth'
'Never lose again!'
'Money Back Guarantee!'
'Guaranteed profits!'



Guaranteed returns always a scam

sharpiemomo
Nov 20 2019 at 22:27
6 ieraksti
A scammer will have no MYFXBOOK

OR like Samuel Leach... They will have a MYFXBOOK but they will own the broker (In this example Samuel Leach from 'sandctrading' owns the broker 'YLDFX' therefore he is able to manipulate the data on his MYFXBOOK). On Samuel's regulated accounts you can see the performance does not match or correlate at all with the performance on his manipulated trading account.

Only trust MYFXBOOK's from regulated brokers.

nelsonzwg
Nov 21 2019 at 03:33
2 ieraksti
First of all, check their regulation number and type.
Second check their products' price going is similar to other famous brokers, this way is to check your order straight through processing not market maker.
If they offer a broker manger for you one by one . that will be better.

You can message for more info.

Professional4X
Nov 21 2019 at 10:14
1189 ieraksti
sharpiemomo posted:
A scammer will have no MYFXBOOK

OR like Samuel Leach... They will have a MYFXBOOK but they will own the broker (In this example Samuel Leach from 'sandctrading' owns the broker 'YLDFX' therefore he is able to manipulate the data on his MYFXBOOK). On Samuel's regulated accounts you can see the performance does not match or correlate at all with the performance on his manipulated trading account.

Only trust MYFXBOOK's from regulated brokers.


Ask them to provide you the read only investors account information.

Legitimate investment account managers have no problem providing it to their clients upon request.

If they refuse to allow you to review their trading live trading history then it's probably a scammer.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
AmDiab
Nov 30 2019 at 08:35
718 ieraksti
I don’t believe the trading performances with any no-regulated brokers; since it’s very easy to make fake data!

Professional4X
Dec 12 2019 at 22:30
1189 ieraksti
Another thing to be aware of with scammers is that they will block anyone who questions what they are saying, and then often times they will delete their account and recreate them under a new name.

For example, here is an account that was claiming MASSIVE 700% gains in one month.

Link to discussion in question:
https://www.myfxbook.com/community/trading-systems/bigreturnsystem-icmarkets/1874388,1

As you can see this scammer advertises on their services with a new account.



They claim a 700% profit in only 30 days, but hide the trading history so people can't see what they've done.



They've manipulated the stats in a manner which give them an appearance of massive gains, but it is nothing more than a high risk martingale system which ended up with a blown account with only 30 days of trading.


Gain: +709.39%
Drawdown: 58.18%

58% DD is the same as saying you've lost 58% of your investment capital, the 90% 'win' ratio indicates you simply held those bad trades until they became profitable.

This is why you have 90%+ win rate currently, and why you have a massive DD% against the account.

Also... You are probably using a Martingale (or similar) lot size calculation and are simply holding those trades until they become profitable


NO skill in trading and they ended up with a blown account.

And of course they immediately blocked me.




And then they deleted the system so no one else could see what they were doing.



And lastly they deleted their user account, so no one else could see what they were doing.




Anyone who advertises their services, but refuses to allow you to see their trading history is PROBABLY trying to scam you, ESPECIALLY when they try to make people believe they can easily make 700% profits per month.







Pielikumi


If it looks too good to be true, it's probably a scam! Let the buyer beware.
AniLorak
Jan 02 2020 at 15:23
920 ieraksti
Professional4X posted:
Another thing to be aware of with scammers is that they will block anyone who questions what they are saying, and then often times they will delete their account and recreate them under a new name.

For example, here is an account that was claiming MASSIVE 700% gains in one month.

Link to discussion in question:
https://www.myfxbook.com/community/trading-systems/bigreturnsystem-icmarkets/1874388,1

As you can see this scammer advertises on their services with a new account.



They claim a 700% profit in only 30 days, but hide the trading history so people can't see what they've done.



They've manipulated the stats in a manner which give them an appearance of massive gains, but it is nothing more than a high risk martingale system which ended up with a blown account with only 30 days of trading.


Gain: +709.39%
Drawdown: 58.18%

58% DD is the same as saying you've lost 58% of your investment capital, the 90% 'win' ratio indicates you simply held those bad trades until they became profitable.

This is why you have 90%+ win rate currently, and why you have a massive DD% against the account.

Also... You are probably using a Martingale (or similar) lot size calculation and are simply holding those trades until they become profitable


NO skill in trading and they ended up with a blown account.

And of course they immediately blocked me.




And then they deleted the system so no one else could see what they were doing.



And lastly they deleted their user account, so no one else could see what they were doing.




Anyone who advertises their services, but refuses to allow you to see their trading history is PROBABLY trying to scam you, ESPECIALLY when they try to make people believe they can easily make 700% profits per month.








I have also same experience; it’s really irritating experience on this community!

fxatsystem
Jan 02 2020 at 22:56
2 ieraksti
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

AmDiab
Jan 03 2020 at 13:11
718 ieraksti
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


True; even scammers mainly offering 100% success ratio of their trading tool; lolz!

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