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-   -   possible to fake trading results on Myfxbook website? (https://www.forexfactory.com/showthread.php?t=283950)

bobowang Mar 10, 2011 11:46am | Post# 1

possible to fake trading results on Myfxbook website?
 
1 Attachment(s)
it's really a good way to show others your real trading records in myfxbook.
but if you click the "strategy" on its website, you will find lots of amazing strategies!! it's just impossible!!! is there any bug on that website? or backdoor to modify the trading records? and are all the results showed on the website trustable ?
[attach]658408[/attach]

Intu Mar 10, 2011 12:04pm | Post# 2

Yes...
 
Yes, there are some problems...
but that doesn't mean it isn't a valuable tool.

Mostly, you should use it to track and analyze your own trades.

Common ways to "cheat" on Myfxbook.com...

1. actually alter trading histories somehow (rare)
possible with some weird, strange brokers or indicating it is a Real account when actually a Demo.

2. trade a demo accout, on a demo server or feed with delayed price data...

3. martingale (or aggressive progression)

4. hide your open positions, trade size, etc. and trade like a 'maniac' if you have a losing trade to make it right back

5. hold losing trades forever, until they come back or 'blow up' your account
(for a short while this can work...forexcube is good at this)

Check people's account equity, check their drawdown, check their trade durations...
look at their largest winners and largest losers...examine how they manage risk.

This will help you separate fact from fiction.

If they don't show their open trades and/or trade history,
they can hide many ugly things.

bobowang Mar 10, 2011 12:13pm | Post# 3

thank you so much!!!!

Yes, there are some problems...
but that doesn't mean it isn't a valuable tool.

Mostly, you should use it to track and analyze your own trades.

Common ways to "cheat" on Myfxbook.com...

1. actually alter trading histories somehow (rare)
possible with some weird, strange brokers or indicating it is a Real account when actually a Demo.

2. trade a demo accout, on a demo server or feed with delayed price data...

3. martingale (or aggressive progression)

4. hide your open positions, trade size, etc. and trade like a 'maniac'...

bobowang Aug 23, 2011 11:01am | Post# 4

1 Attachment(s)
today, I reviewed this kind of performance, and finally figured out what happened there!
that's an EA backtest result!
How to write an EA which can produce 1,000,000M% profit in a short time? So easy. Just curve fitting!!!
it's not a strategy actually, just watch the history data, and write the trade one by one according to the history data chart. that definately can make 100% wins without a single loss.
look at the chart! amazing results? but it's cheating...why so many cheaters in this field!!!!!!!!!!!!make our life so hard!!!
[attach]769572[/attach]

bobowang Aug 23, 2011 11:11am | Post# 5

5. hold losing trades forever, until they come back or 'blow up' your account
(for a short while this can work...forexcube is good at this)
look at this
http://www.myfxbook.com/members/wilf...fredoaa/126152

http://www.myfxbook.com/en/members/w...zig-zag/143235

I just asked that trader, he said he never use stop loss!
still need analyze the result to get the max drawdown, and suppose set a hard stop there.

hukam Nov 5, 2013 4:01am | Post# 6

some of them are really fake..
some strategy are working but only in demo not in real, be careful.

swed Dec 22, 2014 3:41pm | Post# 7

The problem is still relevant. Be careful!
Metaquotes broke into the Myfxbook on their forum http://forum.mql4.com/ru/65990


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