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How to recognize a Forex Scammer ?

ThirdBrainFx (thirdbrainsa)
Jul 30 2018 at 09:24
43 postów
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 ?

Professional4X
Jul 30 2018 at 22:12
1189 postów
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....'






Załączniki:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
ThirdBrainFx (thirdbrainsa)
Jul 31 2018 at 08:39
43 postów
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 ?


Załączniki:


Adribaasmet
Jul 31 2018 at 12:52
947 postów
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.

Professional4X
Aug 01 2018 at 02:47
1189 postów
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.


Załączniki:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
ThirdBrainFx (thirdbrainsa)
Aug 01 2018 at 09:50
43 postów
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.

balticrain
Aug 02 2018 at 06:09
11 postów
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

Tiffany (TiffanyK)
Aug 03 2018 at 06:59
427 postów
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. :)

Accept the loss as experience
Professional4X
Aug 05 2018 at 21:09
1189 postów
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:











Załączniki:


If it looks too good to be true, it's probably a scam! Let the buyer beware.
ThirdBrainFx (thirdbrainsa)
Aug 05 2018 at 21:34
43 postów
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...

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