Rookies need to know about social media traders, myfxbook etc

It's very easy for you and all of forexfactory alike to be entranced.

Big numbers do exist, but that isn't what this post is about and if you're here on forexfactory you're not going to know the difference.

Once in a while you'll see people and even groups on social media that are just killing it. I'm not talking about the forexfactory member that caught lightning in a bottle and can't explain what he/she did and in a few months revert to the hundred dollars they started. I'm referring to the social media influencers and signal providers. I have seen them here from time to time.

I make it a point to disclose that the forex market is manipulated, but it isn't confined just in the price action of the market. There's so many hands that want your money it's nauseating. Never-the-less, the extremely small number needs to know these darker subject matters if they plan on succeeding.

The fx market is not the friendly honest place driven by fundamentals and supply & demand. Don't ever let anyone here or else tell you otherwise - period. It is an extremely cut throat business and you are the prey.

Here's how they really cook the numbers on Mt4 as they link them up to myfxbook and forexfactory etc. The presenter goes through a server scheme using MT4 software and rather quickly explains the relationship of "intro brokers", white label brokers, off-shore brokers and anyone with the software really. He shows how easy it is to cook numbers even during off hours and after the fact.

vid1 vid2

I don't put up this stuff for followers (prefer you don't) or to scare people. The curtains need to be pulled and people who plan on taking a serious endeavor in currency trading need to know this side of the industry.

that's grate, you call them out!! Still laughing sad but true lol

Even if somebody could manage to turn small capital into million, it is just a statistical outlier. You will hear about 2-3 success stories, but will never hear about stories of those unlucky that blew their deposit. This creates bias in perception.

I recently wrote an article analyzing the trading of one of the youtubers. Very similar to what H13 is talking about.
In short. On YouTube, a person shows that he has 3 million in profits from April 1, 2021 to April 14, 2022. However, if we look at his trades history for this period, we will see that during the streams, when he trades live, he actually has a loss of 100 000 usd. You can read it here link. If you are following some internet gurus then it is highly recommended for you to read this article and H13 post once again.