How to recognize a Forex Scammer ?

Jul 30, 2018 at 09:24
Przeglądane 9,414
130 Replies
Uczestnik z Jan 28, 2013   43 postów
Jul 30, 2018 at 09:24 (edytowane Jul 30, 2018 at 09:24)
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 ?
Clever and Smart Trading
Uczestnik z Jan 05, 2016   1189 postów
Jul 30, 2018 at 22:12
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.
Uczestnik z Jan 28, 2013   43 postów
Jul 31, 2018 at 08:39 (edytowane Jul 31, 2018 at 08:39)
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:

Clever and Smart Trading
Uczestnik z Aug 27, 2017   994 postów
Jul 31, 2018 at 12:52
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.
Uczestnik z Jan 05, 2016   1189 postów
Aug 01, 2018 at 02:47 (edytowane Aug 01, 2018 at 02:51)
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.
Uczestnik z Jan 28, 2013   43 postów
Aug 01, 2018 at 09:50
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.
Clever and Smart Trading
Uczestnik z Aug 01, 2018   11 postów
Aug 02, 2018 at 06:09
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
Uczestnik z Feb 12, 2016   427 postów
Aug 03, 2018 at 06:59
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
Uczestnik z Jan 05, 2016   1189 postów
Aug 05, 2018 at 21:09
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.
Uczestnik z Jan 28, 2013   43 postów
Aug 05, 2018 at 21:34 (edytowane Aug 05, 2018 at 21:35)
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...
Clever and Smart Trading
Uczestnik z Feb 22, 2011   4862 postów
Aug 06, 2018 at 11:30
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
Uczestnik z Aug 06, 2018   13 postów
Aug 06, 2018 at 12:29
Very helpful answer. Thanks @Professional4X for your precious time to show us what scam profile looks like.
Uczestnik z Jan 05, 2016   1189 postów
Aug 06, 2018 at 20:11
Here is another one....




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

Załączniki:

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Uczestnik z Jan 05, 2016   1189 postów
Aug 06, 2018 at 20:16 (edytowane Aug 06, 2018 at 20:19)
And yet another one....








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

Załączniki:

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Uczestnik z Jan 28, 2013   43 postów
Aug 12, 2018 at 05:38
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%...

Clever and Smart Trading
Uczestnik z Apr 07, 2015   55 postów
Aug 14, 2018 at 10:27
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.
Uczestnik z Jan 03, 2018   162 postów
Aug 14, 2018 at 14:12
thanks ,nice awakening
nick123427@
ForexScreamer
forex_trader_436974
Uczestnik z Jun 13, 2017   49 postów
Aug 15, 2018 at 07:07
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.
Uczestnik z Apr 06, 2018   254 postów
Aug 15, 2018 at 07:16
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.
The market will trade through it’s path of least resistance .
Uczestnik z Jan 28, 2013   43 postów
Aug 15, 2018 at 07:57
LongVision posted:
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.

By Default, Brokers can manipulate what they want. If you have access to the MT4 servers (it was a 100'000 USD licence - don't know now), you can produce the stats you want...
Clever and Smart Trading
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