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Fact or Ficition - Myfxbook.com

  • #1
  • First Post: Edited Mar 2, 2010 10:14am Feb 26, 2010 8:43pm | Edited Mar 2, 2010 10:14am
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I saw amazing trading performances of some people on Myfxbook.com. Not being familiar with the reporting method (realtime?) on this website, I wonder would there be anyway to fake thing on this website.

Disclaimer:

I have just surprisingly realised that my this thread have been moved to the commerical forum. I have no commerical motive at all on forexfactory.com. I hold no responsiblity for myfxbook.com. I am just a new user of it. Use the website at your own risk. Don't ask me anything about the website please.


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  • #2
  • Feb 26, 2010 10:39pm Feb 26, 2010 10:39pm
Quoting kk007
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I saw amazing trading performances of some people on Myfxbook.com. Not being familiar with the reporting method (realtime?) on this website, I wonder would there be anyway to fake thing on this website.

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Look for the Green Check mark for Track Record Verified & Trading Privileges Verified. It can give a little more confidence, but no guarantees. What is funny all the systems are profitable, nobody is posting the losing systems. Speaking with the admins, they said one of the brokers they speak with said that they see a 99.8% failure rate and that only .02% of their clients are profitable. Hard to believe, but at the same time could very well be possible.

http://www.myfxbook.com/help
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #3
  • Feb 27, 2010 12:23am Feb 27, 2010 12:23am
Quoting LasVahGoose
What is funny all the systems are profitable, nobody is posting the losing systems.
there are plenty if losers on myfxbook. here is one example http://www.myfxbook.com/members/pinball/system2/4037. In the system search settings, under gain, select ät most" instead of ät least"and it will bring up the losing systems
http://www.myfxbook.com/systems#?pt=...=20&sb=19&st=2
BTC Return This Year: na
  • #4
  • Feb 27, 2010 12:51am Feb 27, 2010 12:51am
Quoting M.A.C.Doug
there are plenty if losers on myfxbook. here is one example http://www.myfxbook.com/members/pinball/system2/4037. In the system search settings, under gain, select ät most" instead of ät least"and it will bring up the losing systems
http://www.myfxbook.com/systems#?pt=...=20&sb=19&st=2
Oh yeah, so there is. Thanks for the search tip.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5
  • Feb 27, 2010 1:16am Feb 27, 2010 1:16am
Thanks LasVahGoose and M.A.C.Doug,

Sound that there is no way for members to fake trading performance on this website.

Seem to me the performance is fed directly from traders' platform to the website (but then what is the need for the trades to be verified?)

If anyone knows any tricks, please let me know. I do not intend to fake anything; I just don't want to be deceived.

kk007
  • #6
  • Feb 27, 2010 3:32pm Feb 27, 2010 3:32pm
i been demo testing 2 new systems on that site and ican tell you it will take a mircale to fake any results on that site, i will say it's 100% legit.

http://www.myfxbook.com/members/maur...ng-system/9716

http://www.myfxbook.com/members/maurice27/moes-high--low-trading/17327
  • #7
  • Edited 5:26pm Feb 27, 2010 5:12pm | Edited 5:26pm
Quoting kk007
Thanks LasVahGoose and M.A.C.Doug,

Sound that there is no way for members to fake trading performance on this website.

Seem to me the performance is fed directly from traders' platform to the website (but then what is the need for the trades to be verified?)

If anyone knows any tricks, please let me know. I do not intend to fake anything; I just don't want to be deceived.

kk007
There are people faking their performance. One way I detected was in changing their lot sizes. So they start with a profitable day and post that and then change the subsequent lot sizes to half or tenth of that used before. The equity curve looks like a hill and a plateau and at first glance seems impressive. Here is one, but there are more. This tactic will turn a break even system into an impressive looking system at very little cost to the owner.

http://www.myfxbook.com/members/venu...ar-power/15916

You don't think anybody would start the posting with losers do you? I know I wouldn't, but I would also not be deceptive.
  • #8
  • Feb 28, 2010 1:16am Feb 28, 2010 1:16am
Hi CodeMeister,

According to their words, they will use your password to download statements from your broker if your performance is verified (http://myfxbook.wordpress.com/2009/1...-finally-here/), and so how can the trick you said work?


Quoting CodeMeister
There are people faking their performance.
One way I detected was in changing their lot sizes. So they start with a profitable day and post that and then change the subsequent lot sizes to half or tenth of that used before. The equity curve looks like a hill and a plateau and at first glance seems impressive. Here is one, but there are more. This tactic will turn a break even system into an impressive looking system at very little cost to the owner.

http://www.myfxbook.com/members/venu...ar-power/15916

You don't think anybody...
  • #9
  • Feb 28, 2010 1:19am Feb 28, 2010 1:19am
Thanks handipips

Quoting handipips
i been demo testing 2 new systems on that site and ican tell you it will take a mircale to fake any results on that site, i will say it's 100% legit.

http://www.myfxbook.com/members/maur...ng-system/9716

http://www.myfxbook.com/members/maurice27/moes-high--low-trading/17327
  • #10
  • Feb 28, 2010 4:27am Feb 28, 2010 4:27am
Quoting kk007
Hi CodeMeister,

According to their words, they will use your password to download statements from your broker if your performance is verified (http://myfxbook.wordpress.com/2009/1...-finally-here/), and so how can the trick you said work?

Haven't done myself but I think this is the way they do it. They create several demo accounts and trade them with a large size lot. When they hit a good trade, they register that account with fxbook and from that point on, trade the account with lot sizes 1/10 of the original. The equity performance graph looks very impressive. The real performance of the account I linked to seems to be break even but a quick glance of the equity graph won't detect that.
  • #11
  • Feb 28, 2010 6:35am Feb 28, 2010 6:35am
OK. I think you mean trading many accounts and register only the best-performed account. If a statement last for one month for verification, they can only do this trick for the first month.

Quoting CodeMeister
Haven't done myself but I think this is the way they do it. They create several demo accounts and trade them with a large size lot. When they hit a good trade, they register that account with fxbook and from that point on, trade the account with lot sizes 1/10 of the original. The equity performance graph looks very impressive. The real performance of the account I linked to seems to be break even but a quick glance of the equity graph won't detect that.
  • #12
  • Feb 28, 2010 8:08am Feb 28, 2010 8:08am
Quoting CodeMeister
Haven't done myself but I think this is the way they do it. They create several demo accounts and trade them with a large size lot. When they hit a good trade, they register that account with fxbook and from that point on, trade the account with lot sizes 1/10 of the original. The equity performance graph looks very impressive. The real performance of the account I linked to seems to be break even but a quick glance of the equity graph won't detect that.
your talking about demo, there are many real accounts on that site, check the system page, they way it works is that myfxbook connect to your broker server, my broker have a real and demo server and if you try to register a demo account like if it was a real account it won't go thru, so 100% of the real accounts you see is legit.
  • #13
  • Feb 28, 2010 10:16am Feb 28, 2010 10:16am
Thanks handipips, Although I am not 100% sure how the website works, what you said is pretty make sense to me about how it would work.

Quoting handipips
your talking about demo, there are many real accounts on that site, check the system page, they way it works is that myfxbook connect to your broker server, my broker have a real and demo server and if you try to register a demo account like if it was a real account it won't go thru, so 100% of the real accounts you see is legit.
  • #14
  • Feb 28, 2010 4:20pm Feb 28, 2010 4:20pm
the best way is to register a demo and vertify everything, then you will know and get a better understanding how it works, there's not to many members here resgister with them so they don't know how they work, just talking out there ???
  • #15
  • Feb 28, 2010 7:42pm Feb 28, 2010 7:42pm
Thanks.
This kind of performance on their website is very hard to believe for me, but I am not aware of anyway they can fake it.

http://www.myfxbook.com/statements/1534/statement.html
http://www.myfxbook.com/members/Wallace/wfl001r/1534
  • #16
  • Feb 28, 2010 7:49pm Feb 28, 2010 7:49pm
Quoting kk007
Thanks.
This kind of performance on their website is very hard to believe for me, but I am not aware of anyway they can fake it.

http://www.myfxbook.com/statements/1534/statement.html
http://www.myfxbook.com/members/Wallace/wfl001r/1534
It is hard to believe, but at the same time there really are some amazing traders out there.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17
  • Mar 1, 2010 6:37am Mar 1, 2010 6:37am
Haha LasVahGoose,

You think you are very clever? You have been fooled. I just discovered that the person with 100% success rate above have many losing trades kept opened.

The loss have not been realised; a holding-losing-trade-indefinitely strategy is used. So, even the equity curve is smoothly going up, not much profit has been made.

If you look at the statement and scroll down you can see a lot of lossing opened trades. Don't be offended. I did not know this initially.

kk007


Quoting LasVahGoose
It is hard to believe, but at the same time there really are some amazing traders out there.
  • #18
  • Mar 1, 2010 12:42pm Mar 1, 2010 12:42pm
1) I wasn't referring to him specifically, I was just saying in general there are some amazing traders out there.

2) I saw his open positions, the winners were from a down trend that he kept entering and the pair he is trading has reversed on him. He is only trading one pair Aud/Nzd. I looked at the statement and pulled up a chart to to try and see what he was doing. Send him a message and see what his strategy is.


Quoting kk007
Haha LasVahGoose,

You think you are very clever? You have been fooled. I just discovered that the person with 100% success rate above have many losing trades kept opened.

The loss have not been realised; a holding-losing-trade-indefinitely strategy is used. So, even the equity curve is smoothly going up, not much profit has been made.

If you look at the statement and scroll down you can see a lot of lossing opened trades. Don't be offended. I did not know this initially.

kk007
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19
  • Mar 1, 2010 8:52pm Mar 1, 2010 8:52pm
Quoting LasVahGoose
Send him a message and see what his strategy is.
Not interested now.. His performance is not much better than breakevening, if all losers are realised.

A smoothly equity curve going up does not mean everything. To clearly believe a system on the website:
1. Check for both "Track Record Verified" & "Trading Privileges Verified"
2. Check for the performance in "Open Traded" to make sure it is similar to that in "Close Trades"

.
  • #20
  • Mar 2, 2010 3:57am Mar 2, 2010 3:57am
Really surprised that this thread has been moved by Administrator to the commerical forum.

"Welcome to the beta version of the Commercial Forum. This forum will contain threads that are dedicated to or started by commercial businesses/individuals in the Forex industry."

Hope the Administrator will not eventually classify myself as a "commerical member".

I don't think myfxbook.com charge anything for posting, and so did not think it as commerical. No sure if a thread discuss websites such as babypips.com or investpedia.com (or even bbc.com/ golf.com?) will be moved to here.
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