Be cautious of Myfxbook stats. They can be manipulated. | Forex Factory

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Be cautious of Myfxbook stats. They can be manipulated.

  • #1
  • First Post: Apr 25, 2016 5:10am Apr 25, 2016 5:10am
I wanted to start a thread to shine a light on manipulated Myfxbook stats. It can be done. I've already caught one member. Someone that calls himself "GoodBoy". He was haunting this forum with faulty stats to dupe traders into investing with him. It's just awful. I think it's important for this thread to be out there so traders are more protected from these manipulated stat predators. I know there's more of you out there! See how I caught Goodboy here...http://www.forexfactory.com/showthre...71#post8857671

Now, How are stats manipulated on Myfxbook? I don't know all the details but what I do know is... certain software is used to manipulate results in MT4. Apparently it's not hard to do. The interesting thing is traders can even be duped by a doctored MT4 statement as well using this same kind of software. Myfxbook can't even catch these guys very easily because they are even able to verify their doctored results.

So how do we avoid falling for scammers like this? Well it's not to hard. If you're looking to fallow or copy a traders results make sure their monthly profit isn't to crazy high. You should know that consistent results over 10% per month are extremely hard to achieve. I would say if someone is profiting more then 20% per month you should turn away. Results like that over months/years are close to impossible. Don't get me wrong....some traders can achieve over 20% month after month but the usual outcome is the same. They blow their account or are caught doctoring results. Higher profit means higher risk. It's important to keep your expectations low. Good solid trading results should be in the 3-7% profit per month.

Before you trade with a trader, make sure you watch his/her stats for a few weeks. Use what I did to catch Goodboy as reference for protecting yourself and money.
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  • #2
  • Apr 25, 2016 5:49am Apr 25, 2016 5:49am
Cubbybgood,

I admire the efforts that you've put in this thread, I've read the Goodboy thread and it had scam all over it. There are different ways to scam Myfxbook, either through using a shady broker that works with you getting a statement drafted, a virtual server that can get myfxbook to withdraw info from, and the list goes on.

This is why I started my Forex Signals and Account Management service, I would like for you to check my website www.fx-signalprovider.com and my Myfxbook link

http://www.myfxbook.com/members/Fxsi...ovider/1580367

I hope that you're able to write a review for my website, and suggest any improvements if you wish. Fx-signalprovider is built on transparency and honesty, and I would like to keep adding more tools and features that would speak that.

I'm also offering a free 7-day trial and a 50% discount on first month memberships.

Regards,
  • #3
  • Apr 26, 2016 5:45pm Apr 26, 2016 5:45pm
Quoting Cubbybgood
I wanted to start a thread to shine a light on manipulated Myfxbook stats. {image}
I have seen the same thing since several months. I checked trade lists of some systems with nice capital gains trade by trade and found without big efforts price data that was simply impossible. One trader achieved impressive results with a stop loss of just 3 pips, using a broker I personally know and which does have minimum spread of 1.8 pips on EUR/USD and more on all other pairs traded in the account. If you checked tick data you could easily see the results from myfxbook where impossible and wrong. Confronted with this fact the trader admitted that the data was corrupt and he was "frustrated" about it.....nonetheless keeping up showing results that where clearly false.... I don't know how they do it exactly, but some of these accounts are probably made up, as Valienty states it, even with the help of a broker to lure in new suckers.....

Regarding your experience with fxcm..... I fully believe your statements and I am 100% with you. By the way, the reaction of the broker is imo typical and shows every newbie what he has to expect dealing with reps from brokers. They deny everthing till you send them evidence and then they submit your case to the next level to make sure you can repeat everything and loose time and nerves doing it, they deny again and then on the third level without any change in the evidence presented they adjust your trade if your case is really valid. I can confirm there were / are for sure brokers out their that have the ability to freeze your chart feed, to freeze the whole plattform, to make sure you can't trade for a while, to apply exessive slippage or to widen the spread to trigger a stop order for a split second far away from the current price level.... that's why I call retail forex a massive negative sum game....

After a while you realize that all their nice marketing with low spreads, commissions etc is pure bull shit, because they fleece you through spread widening, slippage, rollover, monthly adjustments on cfd's etc...... the system is massively rigged towards the brokers. The differences from broker to broker are incredible.... if you compare price feed tick by tick you see significant differences.

And now let's wait how long it takes for the broker and signal service marketing trolls to jump on the wagon.....
  • #4
  • Apr 26, 2016 7:26pm Apr 26, 2016 7:26pm
Quoting HudithePfupf
{quote} I have seen the same thing since several months. I checked trade lists of some systems with nice capital gains trade by trade and found without big efforts price data that was simply impossible. One trader achieved impressive results with a stop loss of just 3 pips, using a broker I personally know and which does have minimum spread of 1.8 pips on EUR/USD and more on all other pairs traded in the account. If you checked tick data you could easily see the results from myfxbook where impossible and wrong. Confronted with this fact the trader...
That is all correct. Most retail brokers use the so-called "virtual dealer plug-in" parasite softwares (just Google it). By the way, they usually start using them only after a few weeks, so new customers get "comfy" first...

On Forex Expos many vendors sell a great variety of these "skinning" software to interested brokers. And which one would not be interested in it...? (As long as the software vendor assures them that they will not get caught "red handed"...)
  • #5
  • Apr 26, 2016 9:13pm Apr 26, 2016 9:13pm
talking about broker plug-in...
suggest this little video

Inserted Video
there is always, always another trade!!
  • #6
  • Apr 26, 2016 9:38pm Apr 26, 2016 9:38pm
Quoting profitfarmer
talking about broker plug-in... suggest this little video https://www.youtube.com/watch?v=v2Ow8nPQ7Qs
I have never seen them in action before... Thanks for posting!
  • #7
  • Apr 27, 2016 1:07am Apr 27, 2016 1:07am
Quoting MasterGuru
{quote} That is all correct. Most retail brokers use the so-called "virtual dealer plug-in" parasite softwares (just Google it). By the way, they usually start using them only after a few weeks, so new customers get "comfy" first... On Forex Expos many vendors sell a great variety of these "skinning" software to interested brokers. And which one would not be interested in it...? (As long as the software vendor assures them that they will not get caught "red handed"...)

Yes true, brokers have been caught using this software, and It's widely available.
Truth is, it's old hat now. MT4 have actively tried to prosecute brokers they detect using it, mainly because it was written without their consent! MT4 created plenty of last look style software which they have no objections to.

That's not really the subject of the thread, but does have a tie in.

Cubby is bringing up a really important point, and it's one any site hosting a trade explorer will deny is possible. They will always state that they use methods to verify accounts and history etc. But they know full well that this is not scam proof.
Trade explorers are not infallible. They can be forged!

There are various mechanisms that make this possible, many of which have been mentioned in various threads here.

I won't list them all now, but instead make the point that at the end of the day... it's a software that extracts information from an account to create the explorer.
All that needs to happen is for someone/something to change the information that the software extracts.

So, think of it in terms of the Virtual dealer plugin.
If that can actively change outcomes in real time trading, does it not seem logical that a similar last look style software could be created to alter the data used to create a trade explorer?

As Cubby stated, if you really follow a TE every day, you can see this happening. Especially in those 500% monthly gainers who are trying to lure suckers as clients.
There will be times when the account enters some kind of huge DD. If the user has open trades data visible, then detecting the following becomes easier.

So (as with Goodboy) all of a sudden the TE somehow doesn't update for an unusually long period of time. After a while, the TE updates again and he miraculously escaped the DD and turned huge profit.
However...I have seen it many times where the current open trades, and the price movements during the "blackout" of updates would definitely cause a margin call. Mathematical fact! Yet, the TE updates later and all seems to be ok...the user often saying "that was close but I knew I would be fine" or some such crap.

There are many times when the DD's will simply vanish altogether from the history, so you can be watching an account in 80% carried DD then look at it a few days later and the stats will show a max DD of 20% or something.

The truth is, verified is meaningless with things like myfxbook.

As Cubby stated..if it seems too good to be true, it likely is.
If you see someone claiming to make 100% monthly, walk away.
When looking for someone to potentially follow/manage your money..look for consistent, long held data with major brokers.
And even then....be wary because a trade explorer is not going to stop that person losing all your money!
Wealth comes from what you keep, not what you earn
  • #8
  • Edited 5:04am Apr 27, 2016 4:40am | Edited 5:04am
Thanks for the posts guys.

The realization that any stats can be doctored is very disappointing. It really minimizes what us real traders actually achieve in the real world. I should have titled this thread "Be cautious of any trading stats. They can be manipulated even on Myfxbook".

Thanks for bringing up the broker issue. Although important, I do think it's a different discussion.

I see to many traders falling for these false trading stats. My hope is word gets out about doctored stats and in turn making people more cautious. I thought for so long Myfxbook was protected from trader manipulation. I was wrong and it shows that any the investor or follower of a trader can fall victim of false trading stats. Treading these waters carefully is necessary.
  • #9
  • Apr 27, 2016 6:33am Apr 27, 2016 6:33am
Quoting Cubbybgood
Thanks for the posts guys. The realization that any stats can be doctored is very disappointing. It really minimizes what us real traders actually achieve in the real world. I should have titled this thread "Be cautious of any trading stats. They can be manipulated even on Myfxbook". Thanks for bringing up the broker issue. Although important, I do think it's a different discussion. I see to many traders falling for these false trading stats. My hope is word gets out about doctored stats and in turn making people more cautious. I thought for so...
I have seen such manipulations but those have turned out to be collusions between MyFxBook scammers and SCAM brokers (although probably they were the same entity).

The brokers have simply handcrafted the excellent trade results on the scammer's MyFxBook account and verified them to get more and more clients.

They even handcrafted virtual profits for their clients who poured more and more funds into the accounts; like in a typical Ponzi scheme as Bernie Madoff did.

Of course, eventually both the scammer and the scam broker were gone for good with all the clients' funds...
  • #10
  • Apr 27, 2016 8:53am Apr 27, 2016 8:53am
Quoting Cubbybgood
I wanted to start a thread to shine a light on manipulated Myfxbook stats. It can be done. I've already caught one member. Someone that calls himself "GoodBoy". He was haunting this forum with faulty stats to dupe traders into investing with him. It's just awful. I think it's important for this thread to be out there so traders are more protected from these manipulated stat predators. I know there's more of you out there! See how I caught Goodboy here...http://www.forexfactory.com/showthre...71#post8857671 Now, How are stats...
I am going to make a post about this phenomenon now seen in todays financial markets, this "traders" making insane returns. They are salespeople, not real traders.
  • #11
  • Apr 27, 2016 12:12pm Apr 27, 2016 12:12pm
I have found one scam here. they make it fake myfxbook and Fxstat links
https://www.profundtrading.com

I can suggest some solutions
if you get one myfxbook link then search the system name through search tab because some manipulated results can't found without there link.
Check Discuss page about that system. there you can find client's posts who are already join the system.

and finally one.... anyone looking for real system? just visit our portal
http://www.pamm4profit.com/
  • #12
  • Apr 28, 2016 2:58am Apr 28, 2016 2:58am
Quoting AlexKarva
I have found one scam here. they make it fake myfxbook and Fxstat links https://www.profundtrading.com I can suggest some solutions if you get one myfxbook link then search the system name through search tab because some manipulated results can't found without there link. Check Discuss page about that system. there you can find client's posts who are already join the system. and finally one.... anyone looking for real system? just visit our portal http://www.pamm4profit.com/


Ok...I'll bite!

This thread has been deemed commercial for some reason..possibly due to mention of Myfxbook, or possibly because of commercial input here from you.
I hope you see the irony of coming here to promote yourself, when this thread is dedicated to pointing out the ease of forging trade explorers?

I don't know you..you may be an excellent trader.
I see you have drawn attention to someone you believe to be a fraudulent operator. I'm really unsure why, but OK.

I can only speak for myself here, but allow me to lay out how I become suspicious of commercial members. The list isn't exhaustive, but a start:

* Professional looking website with pictures of flashy city skylines and designed to give an air of professionalism.
* Requirement to open an IB account with the specified broker.
* Trade history hidden
* Balance of master account hidden
* Short history
* No previous presence in the forum community, then immediately is a commercial member.
* Broker choice

That last one is absolutely critical to me, and more so when I think about the safety of client funds.
US based investors have a dilemma. Many valid trading methods only really perform well without the restrictions on US based clients. So it can be somewhat feasible that they may choose an offshore, unregulated broker in a questionable jurisdiction.
However...if the person is not US based, then I will never understand why they would choose a Cypriot/Eastern European/Seychelles/St. Vincent/ any other unregulated domain. There are plenty of actually regulated brokers who operate in non tax haven states where your money is far safer, and still offer leverage and execution at the highest levels...far better in fact. So...I can only assume the IB deals from these unregulated brokers are more enticing to would be managers like yourself.

You probably guess now that in my eyes, you tick many of the above boxes, and I am immediately suspicious!
Your broker choice puts me off instantly.
Even if it didn't, the account you have up with hotforex shows catastrophic pip draw downs, and heavily below 0% equity on at least 2 occasions, yet the DD history seems to have a very manageable sub 20% DD. You should see how this is very suspicious!?
No? Then this message in your own system discussion:


Member Since Dec 05, 2015 18 postsJamal20nat Apr 20 at 00:58
Now, account is -30%. Myfxbook show -3%. Whats going on, bp? Everyone facing this problem? Where is everyone? Write about your account.

That combined with the lack of transparency in trading history is why I personally would never trust investing with you.

I've said it before and I'll say it again...the commercial members here are ruining the idea of FX as a legitimate investment vehicle, due to shady practices and pump and dump mentality.

Maybe there are some diamonds in the rough here, but I am pretty sure I haven't seen him/her yet!
Wealth comes from what you keep, not what you earn
  • #13
  • Apr 28, 2016 3:37am Apr 28, 2016 3:37am
Quoting trader34
{quote} Ok...I'll bite! This thread has been deemed commercial for some reason..possibly due to mention of Myfxbook, or possibly because of commercial input here from you. I hope you see the irony of coming here to promote yourself, when this thread is dedicated to pointing out the ease of forging trade explorers? I don't know you..you may be an excellent trader. I see you have drawn attention to someone you believe to be a fraudulent operator. I'm really unsure why, but OK. I can only speak for myself here, but allow me to lay out how I become...
I agree with trader34 here!

It's strange to point out a scam business that has the same look and feeling as your so called legitimate business. Pretty much the same website layout and everything. Looking at your stats I would not trust you. In my opinion, any trader that makes his/her trading history private to the public has something to hide.

Everything about your business and trading reads red flags to me Alexkarva.

I think the commercial section on FF should be removed. It's the home of way to many scammers.
  • #14
  • Apr 28, 2016 4:03am Apr 28, 2016 4:03am
It is amazing that ONE SPAMMER/SCAMMER'S commercial post can move an entire thread to the commercial section...

It means that any commercial member - with vengence - can push a valuable non-commercial thread to the mud-pool of the commercial section...
  • #15
  • Edited 4:41am Apr 28, 2016 4:12am | Edited 4:41am
Quoting Cubbybgood
{quote} I agree with trader34 here! It's strange to point out a scam business that has the same look and feeling as your so called legitimate business. Pretty much the same website layout and everything. Looking at your stats I would not trust you. In my opinion, any trader that makes his/her trading history private to the public has something to hide. Everything about your business and trading reads red flags to me Alexkarva. I think the commercial section on FF should be removed. It's the home of way to many scammers.
Thanks for your comments
I have answer to all questions or doubts about our system and managed accounts but here matter is that myfxbook can be manipulated.
some clarity here
: I'm new here with FF, I'm affiliate partner of Sector Capital PAMM account's management team.
: The pamm4profit.com my one site make to introduce them (I'm not owner of the system/strategy)
: Thousand of investors already part of our Managed Funds it's near 5M dollars in total Equity
:We have two years past performance so i don't think it's a * Short history
: You can ask anything directly through myfxbook discuss page http://www.myfxbook.com/community/trading-systems/bpge-pamm-account/740712,38

I will answer all questions regarding our Managed Accounts but Not here. please post your questions here the link below
http://www.forexfactory.com/showthread.php?t=586862
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  • #16
  • Apr 28, 2016 4:57am Apr 28, 2016 4:57am
To trader34

(You should see how this is very suspicious!? No? Then this message in your own system discussion: Member Since Dec 05, 2015 18 postsJamal20nat Apr 20 at 00:58 Now, account is -30%. Myfxbook show -3%. Whats going on, bp? Everyone facing this problem? Where is everyone? Write about your account. That combined with the lack of transparency in trading history is why I personally would never trust investing with you. I've said it before and I'll say it again...the commercial members here are ruining the idea of FX as a legitimate investment vehicle, due to shady practices and pump and dump mentality. Maybe there are some diamonds in the rough here, but I am pretty sure I haven't seen him/her yet![/quote] )

You can check Questions there but have to look answer also because Don't guess all with SCAM
Franck44 Apr 20 at 10:29
Hi everyone,

Priorfx answered me, It's a bug I feel better about myself. (My account and myfx book tell my drawdown is about 98% lol)

Let's read their answer below :

'Pls do not pay attention to the equity. It is shown incorrectly. Your account is connected to the MAM, and volume distributes proportionally. So the size that you are getting much less than 0.01 lot. You can see it in the comment to the closed trade. But unfortunately MT4 cannot work with the size less than 0.01. So it shows wrong calculation. It is common problem to all small accounts, where the size is below 0.01 lot.

You can see the result only in closed trades.

Soon we will implement the proper calculation to our clients area. '

BP33 posted:
Check the previous posts.

There's a bug in their new client area which causes the figures to look way off.

*It's definitely only a display issue*

I'm told the ETA for a fix is 2 weeks. They've got to finish the new client area first.

You can check the account stats here on myfxbook, if the account isn't blowing up then
  • #17
  • Apr 28, 2016 5:58am Apr 28, 2016 5:58am
Quoting AlexKarva
To trader34 (You should see how this is very suspicious!? No? Then this message in your own system discussion: Member Since Dec 05, 2015 18 postsJamal20nat Apr 20 at 00:58 Now, account is -30%. Myfxbook show -3%. Whats going on, bp? Everyone facing this problem? Where is everyone? Write about your account. That combined with the lack of transparency in trading history is...
) You can check Questions there but have to look answer also because Don't guess all with SCAM Franck44 Apr 20 at 10:29 Hi everyone, Priorfx answered me, It's a bug I feel better about myself. (My account and myfx book tell my drawdown is about 98% lol) Let's read their answer below : 'Pls do not pay attention to the equity. It is shown incorrectly. Your account is connected to the MAM, and volume distributes proportionally. So the size that you are getting much less than 0.01 lot. You can see it in the comment to the closed trade. But unfortunately MT4 cannot work with the size less than 0.01. So it shows wrong calculation. It is common problem to all small accounts, where the size is below 0.01 lot. You can see the result only in closed trades. Soon we will implement the proper calculation to our clients area. ' BP33 posted: Check the previous posts. There's a bug in their new client area which causes the figures to look way off. *It's definitely only a display issue* I'm told the ETA for a fix is 2 weeks. They've got to finish the new client area first. You can check the account stats here on myfxbook, if the account isn't blowing up then[/quote]


So that's the only point you wish to address?

Ok

As you seem to have said...you are merely a representative for these guys sector capital, or pamm4profit, or whichever name they use.
(Side note...seems odd you would create an introducing site for such a well established service with already thousands of customers!)

In any case I can only infer you are a salesman, commission based.
So likely you don't know/don't care to answer any of the questions raised about IB deals, broker selection etc.
Most comically you ignore the entire theme of this thread...so I will remind you...
It doesn't matter which explorer you link, they can all be falsified!
Care to explain the 13k pip DD and seemingly lack of correlative equity DD?

If you're trying to be the beacon of light in this shady world..so far you are failing miserably!
Wealth comes from what you keep, not what you earn
  • #18
  • Apr 28, 2016 6:20am Apr 28, 2016 6:20am
Quoting trader34
{quote} ) You can check Questions there but have to look answer also because Don't guess all with SCAM Franck44 Apr 20 at 10:29 Hi everyone, Priorfx answered me, It's a bug I feel better about myself. (My account and myfx book tell my drawdown is about 98% lol) Let's read their answer below : 'Pls do not pay attention to the equity. It is shown incorrectly. Your account is connected to the MAM, and volume distributes proportionally. So the size that you are getting much less than 0.01 lot....
So that's the only point you wish to address? Ok As you seem to have said...you are merely a representative for these guys sector capital, or pamm4profit, or whichever name they use. (Side note...seems odd you would create an introducing site for such a well established service with already thousands of customers!) In any case I can only infer you are a salesman, commission based. So likely you don't know/don't care to answer any of the questions raised about IB deals, broker selection etc. Most comically you ignore the entire theme of this thread...so I will remind you... It doesn't matter which explorer you link, they can all be falsified! Care to explain the 13k pip DD and seemingly lack of correlative equity DD? If you're trying to be the beacon of light in this shady world..so far you are failing miserably![/quote]



  • #19
  • Apr 28, 2016 6:25am Apr 28, 2016 6:25am
Quoting trader34
{quote} ) You can check Questions there but have to look answer also because Don't guess all with SCAM Franck44 Apr 20 at 10:29 Hi everyone, Priorfx answered me, It's a bug I feel better about myself. (My account and myfx book tell my drawdown is about 98% lol) Let's read their answer below : 'Pls do not pay attention to the equity. It is shown incorrectly. Your account is connected to the MAM, and volume distributes proportionally. So the size that you are getting much less than 0.01 lot....
So that's the only point you wish to address? Ok As you seem to have said...you are merely a representative for these guys sector capital, or pamm4profit, or whichever name they use. (Side note...seems odd you would create an introducing site for such a well established service with already thousands of customers!) In any case I can only infer you are a salesman, commission based. So likely you don't know/don't care to answer any of the questions raised about IB deals, broker selection etc. Most comically you ignore the entire theme of this thread...so I will remind you... It doesn't matter which explorer you link, they can all be falsified! Care to explain the 13k pip DD and seemingly lack of correlative equity DD? If you're trying to be the beacon of light in this shady world..so far you are failing miserably![/quote]

I told You already it's not right place to Discuss our system That's why i post my link to ask questions. also i told you i will answer all questions there because we have discussing all with our management team up to date so again i remember you please come to my System treated page or myfxbook discuss page
I have to introduce them because that is my impotent part of revenue.. yes of course!!
About The pips DD: simple answer for you that our system not a Signal service
the latest option allowing to set a risk level for investor how much DD maximum he/she/company can accept.

One request to trader34
If you're trying to be the beacon of light in this shady world..so far you are failing miserably![/quote]
Don't judgement anyone without study bcz we have stable growth from 2014 so we are the winners
  • #20
  • Apr 28, 2016 6:37am Apr 28, 2016 6:37am
Quoting AlexKarva
{quote} So that's the only point you wish to address? Ok As you seem to have said...you are merely a representative for these guys sector capital, or pamm4profit, or whichever name they use. (Side note...seems odd you would create an introducing site for such a well established service with already thousands of customers!) In any case I can only infer you are a salesman, commission based. So likely you don't know/don't care to answer any of the questions raised about IB deals, broker selection etc. Most comically you ignore the entire theme of...
I told You already it's not right place to Discuss our system That's why i post my link to ask questions. also i told you i will answer all questions there because we have discussing all with our management team up to date so again i remember you please come to my System treated page or myfxbook discuss page I have to introduce them because that is my impotent part of revenue.. yes of course!! About The pips DD: simple answer for you that our system not a Signal service the latest option allowing to set a risk level for investor how much DD maximum he/she/company can accept. One request to trader34 If you're trying to be the beacon of light in this shady world..so far you are failing miserably![/quote] Don't judgement anyone without study bcz we have stable growth from 2014 so we are the winners[/quote]


Thanks but no thanks...I won't be giving your thread any traffic...
You say this is not the place to discuss it...well, it seemed a good place for you to promote it!
As for your stable growth for 2 years..please refer to the entire point of this thread which is that so called verified history is easily faked.

So, how about you stop trying to recruit and just keep winning
Wealth comes from what you keep, not what you earn
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