To use chat, please login.
Back to contacts

Beware of the "EA scam"

Mar 29 2013 at 10:45
251 poster
We have a trader called 'pipstrader' Here is his profile.

 This trader is selling an EA for 500usd when his system shows he has profited almost 1000% using his method of trading. Besides the fact that if someone had an EA which could produce these results why would you sell it. The fact is this trader 'pipstrader' is manipulating his stats to make it appear as if he is trading very well.

1) His initial deposit was that of 12k dollars. Which was a very good deposit size. Yet what he is doing is using small lots, in both directions of the currency which he is entering. Basically a hedge. Yet, he keeps adding to these positions at every 10 pip change in price. What he then does is close the trades in green. This gives him a very high win % such as what he has. Yet this will still leave the losing hedge position. He then waits for the price to come back to break even in which he closes it at a profit of about 3 to 5 pips.

2) Look at his absolute profit. After he closes a hedge for a win, he is now betting that the price will go back to the price of losing trades. Yet when the trade does not do so, he then ends up slipping into red. At which point he re-deposits the same amount of funds he just withdrew. :) Simply look at history and you will see exactly what it is I am referring to.

3) He is also per position using .004% of his total account, in which he keeps adding another .004% after every 5 pip loss. If anyone follows this method of trading. They will experience a margin call, as your balance isn't as large as his. Assuming that the price will slip away from you.

4) He only allows myfxbook to update his account once he closes a position. :) Do you know why? So we won't see his active equity floating around. As of right now it has been 13 hours since myfxbook and his broker has been able to communicate. :)

5) He hides his open positions. This is the key to the scam. If he simply had this feature open. It would reveal to you that he has hedges running, and it will show you his PIP draw down (very different from Draw down %)

6) His account isn't verified. Because he has not verified his account. It won't allow myfxbook to show the little graphical stats of his positions.

 Ladies and gents. What ever you do, please do not send that guy one penny for his 'EA'. You will be scammed and left holding the bag.

Mar 29 2013 at 12:02
25 poster
Mar 29 2013 at 17:28
37 poster
Thanks for the heads up!

Mar 30 2013 at 05:19
251 poster
ppentz posted:
Thanks for the heads up!

 Your welcome. The main part is him hiding his open trades, and changing his password so myfxbook won't update as often as it normally does. That right there would reveal his scam.

pipgenerator (pipgenerator)
Mar 30 2013 at 16:26
33 poster
Yes be aware of scam ea's.

To become a good account manager.
Mar 31 2013 at 18:49
251 poster
Well since I have been banned by pipstrader. I can not post on his thread. Yet it appears he scammed someone out of 500usd. Due to the fact that everyone has made a public rant about the issue. He then sent the person who sent him the 500usd 'an EA' I can assure everyone the EA won't work.

 People are simply looking at his overall profit which is 850%. Yet why is his absolute profit so low? That is because his EA doesn't actually work. He pay earn 12k, which he then withdraws. Then when his next order gets hammered, he then re-deposits to prevent a margin call. Its said to see that people have failed to point that out.

  If an EA truly can produce 850% then why would he have to keep redepositing. Also, if you had an EA which can produce 800% in 3 weeks. Would you truly se ll it for 500 usd :/ Yet a sucker is born everyday.

Apr 01 2013 at 12:47
251 poster
Well if you check out that guys 'pipstrader' system discuss. It looks like now he has officially scammed someone. In that same thread I mentioned to people he was using a martingale system. So it cost someone 500usd to verify what clearly the history showed. No wonder he banned me from posting on his thread. I actually knew what he was doing and I was a threat. I hope no one else falls into this EA scam.

Apr 01 2013 at 15:46
297 poster
well spoted guys . i hate scammers .

Apr 09 2013 at 18:01
251 poster
Hello again guys... Well the scamer has killed more sheep. Yet it has made a big mistake. He has now verified his account. Which allows us to see even more stats of each of his trades. I would like everyone to open his 'history'. After you do so, look at the duration tab. Click it so it shows the highest duration first. Although most of those trades closed in green. Please have a look at the 'PIP DRAWDOWN' That tells you how many pips we ended up in red before he closed for profit, breakeven or loss.

  You can clearly see what I mentioned before the stats reveals. He hides his open orders so we don't see his current losses. You can even see he allows his losses to go over 90 pips in red! That almost twice the daily trading range of eur/usd.. Once the trade comes back to his breakeven some 5 days later, he then closes it for profit. Updates his account, and allows us to see his amazing stats. This is why this system is a scam. He hides his true preforms by not only using a cent account, but by not allowing myfxbook to update his stats. Now that his account is verified have a look at all the winning trades duration. :)

Apr 11 2013 at 07:26
29 poster
How do I see and analyze it 'Pip Drawdown'? Do I need to one by one analyze his 2000 trades to be able to know? I don't understand please help me analyze.

Topic is locked