I wanted to start a thread to shine a light on manipulated Myfxbook stats. It can be done. I've already caught one member. Someone that calls himself "GoodBoy". He was haunting this forum with faulty stats to dupe traders into investing with him. It's just awful. I think it's important for this thread to be out there so traders are more protected from these manipulated stat predators. I know there's more of you out there! See how I caught Goodboy here...http://www.forexfactory.com/showthre...71#post8857671
Now, How are stats manipulated on Myfxbook? I don't know all the details but what I do know is... certain software is used to manipulate results in MT4. Apparently it's not hard to do. The interesting thing is traders can even be duped by a doctored MT4 statement as well using this same kind of software. Myfxbook can't even catch these guys very easily because they are even able to verify their doctored results.
So how do we avoid falling for scammers like this? Well it's not to hard. If you're looking to fallow or copy a traders results make sure their monthly profit isn't to crazy high. You should know that consistent results over 10% per month are extremely hard to achieve. I would say if someone is profiting more then 20% per month you should turn away. Results like that over months/years are close to impossible. Don't get me wrong....some traders can achieve over 20% month after month but the usual outcome is the same. They blow their account or are caught doctoring results. Higher profit means higher risk. It's important to keep your expectations low. Good solid trading results should be in the 3-7% profit per month.
Before you trade with a trader, make sure you watch his/her stats for a few weeks. Use what I did to catch Goodboy as reference for protecting yourself and money.
Now, How are stats manipulated on Myfxbook? I don't know all the details but what I do know is... certain software is used to manipulate results in MT4. Apparently it's not hard to do. The interesting thing is traders can even be duped by a doctored MT4 statement as well using this same kind of software. Myfxbook can't even catch these guys very easily because they are even able to verify their doctored results.
So how do we avoid falling for scammers like this? Well it's not to hard. If you're looking to fallow or copy a traders results make sure their monthly profit isn't to crazy high. You should know that consistent results over 10% per month are extremely hard to achieve. I would say if someone is profiting more then 20% per month you should turn away. Results like that over months/years are close to impossible. Don't get me wrong....some traders can achieve over 20% month after month but the usual outcome is the same. They blow their account or are caught doctoring results. Higher profit means higher risk. It's important to keep your expectations low. Good solid trading results should be in the 3-7% profit per month.
Before you trade with a trader, make sure you watch his/her stats for a few weeks. Use what I did to catch Goodboy as reference for protecting yourself and money.