Johnpaul77

I was monitoring this myfxbook account and notice they recently withdrew all their funds. Can anyone tell me what happened?

many systems are missing, including my eve, i would also like to know what is going on ......

Issue with their broker:
https://tradersfamily.com/partnership-termination-futures-galleria/

Thank you velgengni.

had one acc with them fortunatly retrieve my $$ just when that failure started happening,di not lose too much

I have had something similar, but with other broker (Gainsy);

so the most followed signal provider here t with obscure borker, just went under....i wonder whats the damage done ....

The broker manipulates SP trades to make him look invincible, then insist you can only link to SP by opening account with preferred broker, broker quickly becomes popular and acquires 1000s of client and then....... shits off SP. What do you think?😀

Akirika posted:
The broker manipulates SP trades to make him look invincible, then insist you can only link to SP by opening account with preferred broker, broker quickly becomes popular and acquires 1000s of client and then....... shits off SP. What do you think?😀

I agree. Most likely JP's results were manipulated by this obscure broker for mutual benefits: both of them got hundreds (if not thousands) of clients.

Unfortunately 'verified' results don't mean 'authentic' results on MyFxBook as brokers (especially non-regulated ones) can falsify trade history.

Did you guys work out what they were earning ? I did, was over $40 000 a month between the four of them, excluding their own trading income.

At least that much... One of the 'smartest' Forex scam I have ever seen...

Wasn't a scam.

They did well for a lot of people for many years. But the volatility went to 7 year lows, it's been nearly impossible to make money lately, EurUsd is having 50 pip ranges for days at a time.

Easy mistake to make if you have 10 or 20 thousand clients screaming for trades. Go too heavy, first volatility that comes along - WHAM...! And there you are contemplating your belly button wondering where the hell your life went. Going to be a long road back for them.

And clearly they got properly ***** by their broker just to add to their troubles.

The one thing I am getting from this is you really don't want to be a signal provider, doesn't sound very pleasant.

@TheCyclist

Even if it were not a scam, you are just too nice with 'JohnPaul' (which if probably not his real name either).

I am quoting a part of JP's e-mail. It sounds like written by a noob trader after blowing his first account:

'Here are some rules that we broke :

    Didn't use stop loss
    Hold position(s) for too long
    Believing/loving too much to one theory (in this case – chart pattern)
    Exceed our loss tolerance level
    More than one average position in one pair
    Force ourselves to trade during bad markets
    Put ourselves on hoping instead of counting (read: gambling)'

Wow!!! Some interesting words here: 'NO STOP LOSS', 'HOPING', 'GAMBLING'... Wooooow!!! How can a 'pro' trader or traders, managing thousands of accounts can make SOOO MANY mistakes AT ONCE. Even ONE of those mistakes could be lethal.

Seeing so many and so serious mistakes, how could anyone trust them again? Just as an analogy: How could an airline let a pilot fly another commercial flight after he had made the same many 'pilot' mistakes as trading mistakes JP did...? Yes, right! There is NO WAY that pilot would fly anything else than a KITE. Why? Because people tend to repeat the same mistakes again and again. Which is why HALF of the people released from prison end up in prison again. What about the other half? Probably most of them just get 'smarter' not to be caught again.

In summary: Even if JP showed another account with 5 years straight profit, I would not trust even a demo account on him. But probably we shall see him soon with another 'fantastic' strategy (possibly not as 'JohnPaul', but 'ThomasMatthew' or whichever Biblical name he chooses).

Or, he and his team may just find a scam broker which will create a nice (and believable) 3-year balance history for them ('VERIFIED' by MYFXBOOK) and they can start again even within a month! They just need to 'survive' a few months and collect up to 100k in subscription fees and broker commissions.

FxMasterGuru posted:
@TheCyclist

Even if it were not a scam, you are just too nice with 'JohnPaul' (which if probably not his real name either).

I am quoting a part of JP's e-mail. It sounds like written by a noob trader after blowing his first account:

'Here are some rules that we broke :

    Didn't use stop loss
    Hold position(s) for too long
    Believing/loving too much to one theory (in this case – chart pattern)
    Exceed our loss tolerance level
    More than one average position in one pair
    Force ourselves to trade during bad markets
    Put ourselves on hoping instead of counting (read: gambling)'

Wow!!! Some interesting words here: 'NO STOP LOSS', 'HOPING', 'GAMBLING'... Wooooow!!! How can a 'pro' trader or traders, managing thousands of accounts can make SOOO MANY mistakes AT ONCE. Even ONE of those mistakes could be lethal.

Seeing so many and so serious mistakes, how could anyone trust them again? Just as an analogy: How could an airline let a pilot fly another commercial flight after he had made the same many 'pilot' mistakes as trading mistakes JP did...? Yes, right! There is NO WAY that pilot would fly anything else than a KITE. Why? Because people tend to repeat the same mistakes again and again. Which is why HALF of the people released from prison end up in prison again. What about the other half? Probably most of them just get 'smarter' not to be caught again.

In summary: Even if JP showed another account with 5 years straight profit, I would not trust even a demo account on him. But probably we shall see him soon with another 'fantastic' strategy (possibly not as 'JohnPaul', but 'ThomasMatthew' or whichever Biblical name he chooses).

Or, he and his team may just find a scam broker which will create a nice (and believable) 3-year balance history for them ('VERIFIED' by MYFXBOOK) and they can start again even within a month! They just need to 'survive' a few months and collect up to 100k in subscription fees and broker commissions.

Well said..

Personally I marked the broker and the trader as a scam as I looked at web page of his broker and it looked like it was made by a child. Profitable trader would not trade with obscure unregulated broker unless he was a partial owner. And when you are part of a scam you can manipulate your record. I also feel like myfxbook has malfunctioned, out of 1300 systems they choose 30 and most followed is a obvious scam....... then they remove it without any notice or explanation......

PipGnostic - Do not do not forget the facts:
Removal of most followed signal povider without notice or explanation.
Most followed signal trading unregulated and obscure russian broker with amateurish website.


Are there any people that have followed signal ? any comments ?

marianx posted:
PipGnostic - Do not do not forget the facts:
Removal of most followed signal povider without notice or explanation.
Most followed signal trading unregulated and obscure russian broker with amateurish website.
Are there any people that have followed signal ? any comments ?

Yes, mostly Russian 'home made brokers' falsify trade history to attract clients who become part of a pyramid scheme getting nice paper statements each month (similarly to Bernie Madoff's scheme in the US).

'JP' did not insist on using his obscure broker, so most people did not assume that it was a similar scheme. Their monthy pricing (20 USD/month) was reasonable to 'give a shot' for most interested traders. Well, assuming that 1000 people 'gave a shot' (incl. me) it provided 20k/month income for them. They managed to run their scheme for about 5 months, which equals 100,000 USD. Well, one of the most 'successful' Forex scams I have ever seen and fell for...

marianx posted:
PipGnostic - Do not do not forget the facts:
Removal of most followed signal povider without notice or explanation.
Most followed signal trading unregulated and obscure russian broker with amateurish website.


Are there any people that have followed signal ? any comments ?

I followed this signal. When i looked at broker's site i got doubted as well because any $10-dollars template was much better than that site.

He uses RSI indi to trade only. If market quickly moves to one direction he will open position to another direction. That is his '3-years-mega-strategy'. As he started to griding like a little girl i was unsubscribed because '3years-experience' do not allow any trader to griding on every trade! It is pure scam that was well done. I realy appreciate.

pirate_joe posted:

marianx posted:
PipGnostic - Do not do not forget the facts:
Removal of most followed signal povider without notice or explanation.
Most followed signal trading unregulated and obscure russian broker with amateurish website.


Are there any people that have followed signal ? any comments ?

I followed this signal. When i looked at broker's site i got doubted as well because any $10-dollars template was much better than that site.

He uses RSI indi to trade only. If market quickly moves to one direction he will open position to another direction. That is his '3-years-mega-strategy'. As he started to griding like a little girl i was unsubscribed because '3years-experience' do not allow any trader to griding on every trade! It is pure scam that was well done. I realy appreciate.

@pirate_joe
Hello Joe,
I have followed JohnPaul's signal couple months,
according to their interview in MQL5.com and some email back-and-forth,
they may have different employee for different trading accounts.
Different person in manual trading may cause different performance,
but it is not scam IMHO.