Should this system be trusted? | Forex Factory

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Should this system be trusted?

  • #1
  • First Post: Mar 8, 2015 6:50pm Mar 8, 2015 6:50pm
So I discovered this website where a strategy can be mirrored in exchange of 35% of the profits, with a minimum initial deposit of 10,000 EUR that is kept under your own account with a certain broker (Sensus Capital). The strategy has been very profitable in its first 6 weeks as shown in myfxbook (70% profit).

Promo website: http://tradingsignallabs.com
Live myfxbook page: http://www.myfxbook.com/members/TradersNow/flow/1139977

I'm thinking of trying it, but my trading experience is limited and first wanted to know your opinion. Is there something I should be aware of? Do you think this type of investment is too risky? I would really appreciate to read all your thoughts about it.
  • #2
  • Mar 8, 2015 7:44pm Mar 8, 2015 7:44pm
isn't 35% of the profits a lot? (asking people who have experience or know what hedge funds take out). I don't think I've ever heard 35% cuts usually I've heard around 20%.
  • #3
  • Mar 8, 2015 7:51pm Mar 8, 2015 7:51pm
Quoting cprcrack
So I discovered this website where a strategy can be mirrored in exchange of 35% of the profits, with a minimum initial deposit of 10,000 EUR that is kept under your own account with a certain broker (Sensus Capital). The strategy has been very profitable in its first 6 weeks as shown in myfxbook (70% profit). Promo website: http://tradingsignallabs.com Live myfxbook page: http://www.myfxbook.com/members/TradersNow/flow/1139977 I'm thinking of trying it, but my trading experience is limited and first wanted to know your opinion....
is it your own site u r trying to promote?
  • #4
  • Mar 8, 2015 7:51pm Mar 8, 2015 7:51pm
and in my opinion well cpr it probably does nothing more than any other decent system you can follow on fxfactory here can do. Going through his past trades I noticed one that had a 204 pip drawdown that lasted for 6 days and only gave back 7 pips in profit.
  • #5
  • Mar 8, 2015 8:09pm Mar 8, 2015 8:09pm
If you follow someone else's system, or worse yet, where he operates a black box, YOU LEARN NOTHING.

FF is about learning.

If you want to be a successful trader, you must learn. Be prepared to pay some tuition along the way.

PS My reply assumes you are legit.
  • #6
  • Mar 8, 2015 8:09pm Mar 8, 2015 8:09pm
Scam...

Edited to put more emphasis on "scam"...
  • #7
  • Mar 8, 2015 8:11pm Mar 8, 2015 8:11pm
Quoting goldfinger
{quote} is it your own site u r trying to promote?
¿?
As I told you I'm asking for advice on it, because I'm basically quite scared of being the victim of some kind of scam or alike. My live trading experience is null, and I created this account to ask about it here (been reading for some weeks).

It would really help if you could give an actual answer to my question and point out all the potential negative aspects of what's offered in that site.
  • #8
  • Mar 8, 2015 8:13pm Mar 8, 2015 8:13pm
Quoting timingchain
If you follow someone else's system, or worse yet, where he operates a black box, YOU LEARN NOTHING. FF is about learning. If you want to be a successful trader, you must learn. Be prepared to pay some tuition along the way.
I'm currently learning, I'm a programmer and I'm currently developing trading bots I hope to make profitable in the future. However this seemed an investment opportunity, so I'm not really evaluating it as a way to learn how to trade, just as an investment.
  • #9
  • Mar 8, 2015 8:17pm Mar 8, 2015 8:17pm
Quoting PriceIsRight
Scam... Edited to put more emphasis on "scam"...
Could you please elaborate? If you see it's clearly a scam, why is that? Why should I avoid it and how to detect this type of scams?
  • #10
  • Mar 8, 2015 8:23pm Mar 8, 2015 8:23pm
Quoting cprcrack
{quote} Could you please elaborate? If you see it's clearly a scam, why is that? Why should I avoid it and how to detect this type of scams?
55% growth in one month of trading. Seems like there should be a lot of overnight Forex millionaires out there, shouldn't there. It has scam written all over it.
  • #11
  • Mar 8, 2015 8:31pm Mar 8, 2015 8:31pm
Quoting PriceIsRight
{quote} 55% growth in one month of trading. Seems like there should be a lot of overnight Forex millionaires out there, shouldn't there. It has scam written all over it.
But the stats of myfxbook must be true right? I mean, if they have the two green ticks they cannot be manipulated right? What maybe worries me more if the possibility that this results were obtained with a very high risk, and thus the account could go to zero at any moment. Is there a way to measure this risk?

I was hoping that someone in forexfactory had any good/bad experience with this company that could share.
  • #12
  • Mar 8, 2015 8:36pm Mar 8, 2015 8:36pm
Quoting cprcrack
{quote} But the stats of myfxbook must be true right? I mean, if they have the two green ticks they cannot be manipulated right
You're absolutely right! I totally missed that! I mean, if they have TWO green ticks, it has to be real. I'm sold! How much is this system: $500, $1000, $1500, $4000...?
  • #13
  • Mar 8, 2015 8:46pm Mar 8, 2015 8:46pm
Quoting PriceIsRight
{quote} You're absolutely right! I totally missed that! I mean, if they have TWO green ticks, it has to be real. I'm sold! How much is this system: $500, $1000, $1500, $4000...?
I understand this can be obvious for you, but I would really appreciate if you could be clear about it. Are you saying the stats can be manipulated?
  • #14
  • Mar 9, 2015 12:30am Mar 9, 2015 12:30am
Quoting cprcrack
{quote} I understand this can be obvious for you, but I would really appreciate if you could be clear about it. Are you saying the stats can be manipulated?
You can open as many myfxbooks as you want. Eventually one account will hit profit for a while and that's the one goes for sale.
  • #15
  • Mar 9, 2015 1:12am Mar 9, 2015 1:12am
Quoting cprcrack
{quote} Could you please elaborate? If you see it's clearly a scam, why is that? Why should I avoid it and how to detect this type of scams?
I would be weary of any fund that only had 3 months of history.
  • #16
  • Mar 9, 2015 1:50am Mar 9, 2015 1:50am
Quoting claudia1
{quote} You can open as many myfxbooks as you want. Eventually one account will hit profit for a while and that's the one goes for sale.
Fix up, trade sharp ...
  • #17
  • Mar 9, 2015 2:06am Mar 9, 2015 2:06am
Quoting hbfx
{quote} I would be weary of any fund that only had 3 months of history.
It's only one month of history. And this guy - Kieran Murphy - has a history...

"Mr Murphy's new company, called TradersNow, has been selected as one of three graduates of DIT's Hothouse Venture Programme to compete for the prize, which is co-sponsored by accountants PwC and the Bolton Trust, a charitable trust set up by DIT staff.
The news that Mr Murphy is back in business with Traders Now -- a firm which promises to help investors make money betting on stocks and currency movements -- has infuriated 289 backers of Mr Murphy's previous business, called Kuvera.

This company planned to build apartment blocks in Northeast India -- but ended up losing all their investors' money in a byzantine affair."...

Haha...
  • #18
  • Mar 9, 2015 6:49am Mar 9, 2015 6:49am
Quoting claudia1
{quote} You can open as many myfxbooks as you want. Eventually one account will hit profit for a while and that's the one goes for sale.
Wow totally true, I feel silly for not thinking about it, thanks!
  • #19
  • Mar 9, 2015 6:49am Mar 9, 2015 6:49am
Quoting PriceIsRight
{quote} It's only one month of history. And this guy - Kieran Murphy - has a history... "Mr Murphy's new company, called TradersNow, has been selected as one of three graduates of DIT's Hothouse Venture Programme to compete for the prize, which is co-sponsored by accountants PwC and the Bolton Trust, a charitable trust set up by DIT staff. The news that Mr Murphy is back in business with Traders Now -- a firm which promises to help investors make money betting on stocks and currency movements -- has infuriated 289 backers of Mr Murphy's previous...
Huge thanks, I found the source: http://m.independent.ie/business/iri...-26822991.html
  • #20
  • Last Post: Jun 13, 2015 5:16am Jun 13, 2015 5:16am
I'm an FX professional having worked at an institutional level. MR Murphy's previous Q system failed miserably resulting in losses for him and his clients and he switched over to manual trading employing the services of 3 ''traders''. The FLOW system was started with €10K and fairly quickly rose to $19K or + 90%. However, most of the activity was trading over US data report releases and where the traders got it right - they got lucky - and the US Dollar strengthened on news and they made some good returns. This type of trading is extremely dangerous and that was born out during the last few weeks when the US Dollar reversed. The major pairs went against the previous trend. Hey presto, FLOW collapsed down to 24%. FLOW is still being marketed as up 30%, but I note that the numbers their MyFXbook do not tally with the weekly email update: they might be over inflating the numbers. More interesting is that their MYFXbook account has been terminated and the information removed!

So FLOW is 100% genuine and not a scam. However, the style of trading is fraught with danger and I would not recommend it.

If you want to invest, look else where as the currency markets can be extremely volatile and should only be traded by professionals.

Johny
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