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Recognizing a Scam

  • #21
  • Oct 18, 2013 7:41am Oct 18, 2013 7:41am
In my view, anyone selling anything connected with trading, with obvious exceptions such as a few notable books on the subject, or access to live charts, is a scammer. I say this because I do believe that trading success comes only from within, through experience with every aspect of trading. This can be no more bought than can the knowledge and experience that plumbers or doctors have. The problem with trading however as opposed to more respected and recognized professions, is that anyone can enter the market place and set up their own practice as it were with little or no experience and dreams of making a fortune almost overnight. Trading offers huge rewards for little or no start up capital, and for this reason it has huge appeal. Those seeking a short cut to their envisaged perfect lifestyle of working from home for just a few hours a day whilst raking in the cash, offer rich pickings for the scammers, and this no doubt will continue.

Ask any truly successful trader, who is not trying to sell you something, exactly how they got to be where they are, and whoever you ask, there will be a common response, which is a great deal of time spent in front of a computer screen figuring it out for themselves through trial and error. This, and this only, is the route to the promised land, and if anyone tries to tell you otherwise, then they are probably after your money.
  • #22
  • Oct 18, 2013 7:42am Oct 18, 2013 7:42am
Jacko was a successfull trader long before in another forum before FF. He did gave live calls maybe 1 year or so before coming to FF, and they where good, he was trend trading EURUSD. He was good trader even in FF for long time, that why he did get so many followers from FF.
After trend change, everything changed.
So, maybe he was not a scammer from the start, I don`t know, I was not his follower, I did not gave any money to him, I did not like his trading style, I cannot keep positions overnight or many days.
I have no agenda here, just saying how it was back then.
  • #23
  • Oct 18, 2013 9:40am Oct 18, 2013 9:40am
Quoting juhanimi
Jacko was a successfull trader long before in another forum before FF. He did gave live calls maybe 1 year or so before coming to FF, and they where good, he was trend trading EURUSD. He was good trader even in FF for long time, that why he did get so many followers from FF. After trend change, everything changed. So, maybe he was not a scammer from the start, I don`t know, I was not his follower, I did not gave any money to him, I did not like his trading style, I cannot keep positions overnight or many days. I have no agenda here, just saying...


This forum never ceases to amaze me.
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  • #24
  • Oct 18, 2013 10:00am Oct 18, 2013 10:00am
yes, he (Jacko) did make money for a long time, that is why he get so many followers

here is Jacko`s era, rise and fall

EURUSD Weekly
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  • #25
  • Oct 18, 2013 10:28am Oct 18, 2013 10:28am
http://www.dailyfx.com/forex_forum/t...ersations.html

live calls
many years
  • #26
  • Oct 18, 2013 10:44am Oct 18, 2013 10:44am
hey man, i have better things to do than this

i was reading that stuff from the start, he did explain everything how he trades,
his trading style was not for me, but i was looking his trading for years, and he was very successfull

have a nice weekend man

wakarimasu, hai
  • #27
  • Oct 18, 2013 11:12am Oct 18, 2013 11:12am
Quoting Fudomyo
{quote} You have no proof he was successful, so everything you're presenting as proof is just a figment of your imagination. If this is what you need to do to compensate for bad judgment, ok then, even if it makes no sense. Have a nice weekend too.
what is wrong with you

if live successfull calls for few years is not a proof then what is, if you had taken those calls, you had made tons of money

sayonara
  • #28
  • Oct 18, 2013 11:14am Oct 18, 2013 11:14am
This place & others is a good place to find one if you are looking.
  • #29
  • Oct 18, 2013 11:25am Oct 18, 2013 11:25am
Acetrader

i was not looking for a pissing contest

all i was saying that everyone wants to forget that Jacko was a very succesfull trader for a long time
and in his trading was really nothing new, =trade with trend, add positions 50% retracement, maybe that anti-hedge was something new
big trend ended and Jacko ended, and many with him
  • #30
  • Oct 18, 2013 1:17pm Oct 18, 2013 1:17pm
Quoting juhanimi
Jacko was a successfull trader long before in another forum before FF. He did gave live calls maybe 1 year or so before coming to FF, and they where good, he was trend trading EURUSD. He was good trader even in FF for long time, that why he did get so many followers from FF. After trend change, everything changed. So, maybe he was not a scammer from the start, I don`t know, I was not his follower, I did not gave any money to him, I did not like his trading style, I cannot keep positions overnight or many days. I have no agenda here, just saying...
Interesting theory. FWIW, I posted some observations here.
________________________

@Fudomyo: Gotta love Gary Larson's offbeat sense of humor. He's a genius.

Perhaps this Far Side cartoon is also relevant to forex:
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  • #31
  • Oct 18, 2013 2:04pm Oct 18, 2013 2:04pm
Quoting juhanimi
Acetrader i was not looking for a pissing contest all i was saying that everyone wants to forget that Jacko was a very succesfull trader for a long time and in his trading was really nothing new, =trade with trend, add positions 50% retracement, maybe that anti-hedge was something new big trend ended and Jacko ended, and many with him

jacko the jackal lives forever!

True his style was sensible.I read on jake dillians book STREET FREAK about a japanese trader called Ting,Jared used to peek at his P/L and everyday he made around 300k-1mio a day and guys thought he was f*cking Yoda,trading with the force.Until the market changed(S&P became extremely mean reverting) and he made consistent losses and was sacked by Lehman.He was an intraday trendfollower.

Soultrader also had his interesting encounter trading the Grail...a must read.

Any way to recognize a scam use the following observations:

1.I have traded for 10+ years-from petercrowns to therealthing and to all the rest including the 3;16,with exception of Daytrading you could just sense the realness.
2.psychology + money management is the key-only a moron has difficulty grasping these concepts.Why would any intelligent person engage in such belittling conversation?
4.'Orderflow' trading 'meta game' and all its perpetrators
5.Fresh 'supply and demand' levels is the key to the gates of heaven...for every one that works I could show two that dont(this is the new wine nowadays on FF after orderflow and VSA mania)
6.All POPULAR SYSTEMS THREADS ARE WHACK and the O.Ps are whackadoos
7.Anybody who teaches a 'course'.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #32
  • Oct 18, 2013 2:51pm Oct 18, 2013 2:51pm
Quoting billbss
...The con man needs long, fast growing threads to build followers. He needs ambiguity in order to make himself indispensable. 2. Claims of outrageous performance. No losers- 90% winners- claims that you can start with $200 and make a living... etc. This is necessary to attract the suckers and drive away experienced traders who might ask embarrassing questions. It is imperative that these claims cannot be verified. This is usually done by the con man's warning that discretion must be used in his system. Repainting indicators will also serve this...
good post and I guess the james16 cult fiasco definitely fits this criteria too! LOL
  • #33
  • Oct 21, 2013 5:08am Oct 21, 2013 5:08am
Great post, on the news section there is a character who is setting up and out to fleece the gullible, the real shame is that the mods appear disinterested in protecting the newbies getting fleeced.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #34
  • Oct 23, 2013 5:33pm Oct 23, 2013 5:33pm
Quoting Spreadbetter
Great post, on the news section there is a character who is setting up and out to fleece the gullible, the real shame is that the mods appear disinterested in protecting the newbies getting fleeced.
These mods are very interested in getting rid of scams, if they know about them.
They can't read every post. Send a clean up report on the thread you're talking about and I guarantee they'll get involved.
PM me which thread you're referring to and I'll take a look at it.
  • #35
  • Oct 30, 2013 5:22am Oct 30, 2013 5:22am
bump

Generally, vendors posing as traders and running expensive trading seminars, who refuse to show you a trading statement or any of their own stats are running a scam shop. Not 100% of them are losers, but the majority are (winners are in a tiny minority). Keep are eye on the ones selling outrageously expensive "trading system", all the components of which you can find totally free online.

E.g. MAX trading system. This thing is a joke: an MA crossover system plus about 10 indicators. That way the tutor can easily explain their losing trades. They constantly say it is "your own fault" - "you didn't see the warning signs posted by the 6th indicator on this 5 min chart".

I have forgotten about it long ago, but an email arrived endorsing it by another vendor. New aspiring traders beware.
  • #36
  • Oct 30, 2013 7:50am Oct 30, 2013 7:50am
A red flag for me is people posting up MT4 statements

How hard is it to edit an HTML file and delete a few lines? But you'll see every system/robot sales page have them as if we are supposed to believe them.

As OP stated as soon as I see the word "secret" that's instant red flag as well.

All said I find the threads in the commercial section the most valuable of all on FF. I also believe that there sre some good guys out there who teach good stuff. My James16 PF membership is one of the best investments I ever made
Anything can happen.
  • #37
  • Nov 29, 2013 1:21am Nov 29, 2013 1:21am
Quoting ddinnov
A red flag for me is people posting up MT4 statements How hard is it to edit an HTML file and delete a few lines? But you'll see every system/robot sales page have them as if we are supposed to believe them. As OP stated as soon as I see the word "secret" that's instant red flag as well. All said I find the threads in the commercial section the most valuable of all on FF. I also believe that there sre some good guys out there who teach good stuff. My James16 PF membership is one of the best investments I ever made
Good to hear that.
Gone to a better place
  • #38
  • Nov 22, 2014 8:14am Nov 22, 2014 8:14am
Good time to bump this up.
  • #39
  • Nov 22, 2014 9:10am Nov 22, 2014 9:10am
Hi all
From start this market is based on wining others money go to youtube see how banks trade in it .it deoends on intellagance and information
If a big bank is talking a position decided to do that it do it in srealthmode graually to have the best price ok why they post there trades to some people and they inform only some to reach there goals easilly so youmay find a lot of heros that they re only scms or lets say thy are wining your money .you wnt to make money save it and then run to a good interbank borker or travel to some emerging country and make a project
I am developing my systems thts why i am involved also i have no other option but this market i am ill nd useless so i am doing what i believe i can do the rigth way
All have a nice day
focus while relaxed to see better
  • #40
  • Last Post: Nov 22, 2014 10:31am Nov 22, 2014 10:31am
Quoting billbss
Good time to bump this up.
First time I've seen this.

Perfectly summarized.
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