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How to avoid forex scams

  • #21
  • Feb 10, 2013 4:40pm Feb 10, 2013 4:40pm
Okay. Thanks for that. I guess we now know how he doubles his account every other week.
Nothing worth having is easy.
  • #22
  • Feb 10, 2013 4:46pm Feb 10, 2013 4:46pm
How to avoid the FX scam?

If it:

1. promises risk free return
2. 25-100% monthly gains
3. they are selling you an "EA"

Stay away....


There are however, plenty of very good sites out there that provide mentoring/teaching/system trading. Do not confuse these with scams.
  • #23
  • Feb 10, 2013 6:35pm Feb 10, 2013 6:35pm
there are about 0,01% good EAs out there
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #24
  • Feb 10, 2013 6:47pm Feb 10, 2013 6:47pm
If they really making money with the robot/strategy, why even think to sell it?

I will not sell anything that can make me thousand or million dollars. Not even tell a soul about it. If I want to help others, I will give it for free. IF the robot/strategy can make me all the money that I need, why would I need more money?
  • #25
  • Feb 10, 2013 7:17pm Feb 10, 2013 7:17pm
Quoting Mechanic
If they really making money with the robot/strategy, why even think to sell it?

I will not sell anything that can make me thousand or million dollars. Not even tell a soul about it. If I want to help others, I will give it for free. IF the robot/strategy can make me all the money that I need, why would I need more money?
because time is money. if you have developed a good EA, but have very limited or no capital to trade with, then you'll earn money faster by selling some copies
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #26
  • Feb 10, 2013 7:22pm Feb 10, 2013 7:22pm
Quoting Mechanic
If they really making money with the robot/strategy, why even think to sell it?

I will not sell anything that can make me thousand or million dollars. Not even tell a soul about it. If I want to help others, I will give it for free. IF the robot/strategy can make me all the money that I need, why would I need more money?

I have a strategy that I am selling on collective 2. It doesn't give the user my algorithm, but it gives them the opportunity to autotrade my system and/or get the signals in real time if they subscribe to it. The reason I am doing this is to raise more trading capital for my fund.
  • #27
  • Feb 10, 2013 9:23pm Feb 10, 2013 9:23pm
My 2 Pips Worth:

1) Learning to trade is the hardest JOB I have ever trained for. 10K hours of screen time and over 2 years of advanced training and its just now beginning to come together for this trader.... just beginning!

2) If someone wants to sell you something, ask to see one of their live trades. JUST ONE! Taking a screenshot is very easy to do with MS snipping tool. Most of these jokers don't trade, so they can't show you a live trade. If they don't trade, do you really want to learn their stuff? Seriously, ask the next time you have an opportunity to do so... its pretty comical!

3) There is not one system in the world that will work for you if you have not completed your personal 'Litmus Test' and worked thru the emotional side of trading.

4) A quote: "When the student is ready, the teacher will appear." I was very blessed with an unbelievable mentor, I hope you all will be so fortunate.
  • #28
  • Feb 11, 2013 1:38am Feb 11, 2013 1:38am
Quoting Patience
Okay. Thanks for that. I guess we now know how he doubles his account every other week.
Well done, Patience. Your scam detection antennae are definitely sharper than mine. I know you suspected Jag all along; I actually thought a couple of his posts seemed credible. And I never realized that he was selling anything.

I note that he was last seen here back in July 2012 — walking his dog!!

David
  • #29
  • Feb 11, 2013 3:44am Feb 11, 2013 3:44am
Quoting hanover
Well done, Patience. Your scam detection antennae are definitely sharper than mine. I know you suspected Jag all along; I actually thought a couple of his posts seemed credible. And I never realized that he was selling anything.

I note that he was last seen here back in July 2012 — walking his dog!!

David
All props to Porkpie there David

But, yes, you are correct, a few things didn't quite add up for me. These people just keep coming apart at the seams.
Nothing worth having is easy.
  • #30
  • Feb 11, 2013 5:38am Feb 11, 2013 5:38am
Quoting blacksun1
easiest way to avoid a forex scam: dont buy ANYTHING.

use your brain. put some work and effort into actually learning.
If only people were that smart & diligent............
  • #31
  • Feb 12, 2013 12:15am Feb 12, 2013 12:15am
Quoting hanover
Well done, Patience. Your scam detection antennae are definitely sharper than mine. I know you suspected Jag all along; I actually thought a couple of his posts seemed credible. And I never realized that he was selling anything.

I note that he was last seen here back in July 2012 — walking his dog!!

David
He was back only a couple of days ago to disable his contact and page options after I posted a congratulatory comment on his avatar page... You can run but you cannot hide...
  • #32
  • Feb 12, 2013 12:37am Feb 12, 2013 12:37am
How to avoid Forex scams? same as avoiding any scam in life. Be honest with yourself..

If you had a system that worked, why would you sell it?

If you had a system that worked, why would you share it?

If you were a successful trader would you waste your time mentoring rookies for a few hundred dollars a month?

I guess unless you land yourself a job with a big bank, nobody is going to show you how to make money in this market.

You have to work it out for yourself.....

In anything, in life you have to be honest with yourself and really understand whether the deals or partnerships you are entering into truly have all parties interests in alignment, if they don't don't play
Stop or target...
  • #33
  • Feb 12, 2013 12:54am Feb 12, 2013 12:54am
forex is FUN!
Congratulations ScalaFX for coming out of the closet!
  • #34
  • Feb 12, 2013 1:14am Feb 12, 2013 1:14am
Quoting Porkpie
He was back only a couple of days ago to disable his contact and page options after I posted a congratulatory comment on his avatar page... You can run but you cannot hide...
Wow. I remember Jag66 very well and was only thinking the other day had not seen his posts here on FF for some time.
Audentes Fortuna Juvat
  • #35
  • Feb 13, 2013 5:19am Feb 13, 2013 5:19am
Quoting nubcake
forex is FUN!
Lol. You make it fun nub, thanks.

On a more serious note, guess what"! Another scammer on FF has materialised. Well surprise, surprise!!.

This time it's Mike85 who appeared for a brief moment in 2009 with the thread: Exceptional day will it continue..."

He created a website, created trading code for trade management eas, created trade documents, gave trading lessons via skype whilst boasting how successful he was. Slowly and gradually he gained lots of people's trust to invest their money with him.

I have just learnt today from skype members of his group who invested their money with him. The guy 'Mike' turned out to be a total scammer. He took their money giving false account statements for months etc etc etc. I was in his skype group for a while and he was concocting all sorts of schemes to make out he was trust worthy, was wealthy, a pro trader and generous etc etc, then he disappeared. Unbelievable! Another scammer on FF, what a surprise!!
  • #36
  • Feb 22, 2013 2:05am Feb 22, 2013 2:05am
Quoting mfoste1
How to avoid the FX scam?

If it:

1. promises risk free return
2. 25-100% monthly gains
3. they are selling you an "EA"

Stay away....


There are however, plenty of very good sites out there that provide mentoring/teaching/system trading. Do not confuse these with scams.

Very true indeed!

My broker FXPRIMUS is one those better broker. I'm not trying to do marketing here but I'm pissed off when people jump into conclusion that those who provide coaching, seminars and webinars are scams. My broker doesn't sell EA and surprisingly, their Director of Education Mario Singh said "if you can make 10% return, you're already an excellent trader". He even said that most traders aim to profit 6% consistently every month, since that would double their account size in 12 months.

So if someone tells me that I can make 25-100% gains monthly, I know that is a scam.
  • #37
  • Feb 22, 2013 4:27am Feb 22, 2013 4:27am
Quoting Jack Tequila
Very true indeed!

My broker FXPRIMUS is one those better broker. I'm not trying to do marketing here but I'm pissed off when people jump into conclusion that those who provide coaching, seminars and webinars are scams. My broker doesn't sell EA and surprisingly, their Director of Education Mario Singh said "if you can make 10% return, you're already an excellent trader". He even said that most traders aim to profit 6% consistently every month, since that would double their account size in 12 months.

So if someone tells me that I can make...
Very true indeed. If some one guarantee over 25% per month then that person/company probably is a scammer.
  • #38
  • Feb 23, 2013 10:23pm Feb 23, 2013 10:23pm
i do proper research on a broker before opening account with it.
  • #39
  • Jan 30, 2014 6:33am Jan 30, 2014 6:33am
Quoting Porkpie
A 10v+ FF member Jag1966 masquerading as 'traderteacher' on youtube. I didn't get fleeced myself but personally, it sickens me that people that you have gained some respect on trading forums such as FF turn out to be total scum. If you have been ripped off by this guy you should take legal action. Do not slack on this. These people need to be brought to justice. See link for scam details: http://www.forexpeacearmy.com/forex-...r-con-man.html...
Looks like his mate 'NV Trader' is around, by careful:-

http://www.forexfactory.com/showthre...54#post7248854
  • #40
  • Last Post: Jan 30, 2014 7:09am Jan 30, 2014 7:09am
Quoting zola
{quote} Looks like his mate 'NV Trader' is around, by careful:- http://www.forexfactory.com/showthre...54#post7248854
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