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VIDEO #1: How to identify Forex scams in 5 steps

Discussion in '5 Forex Scams Used in EAs, Indicators and Signals' started by Ea-Coder, Nov 14, 2016.

  1. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    How to identify Forex scams in 5 steps

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    How to identify Forex scams in 5 steps:
    1) How did you find out about the product? Spam email or reputable website/magazine?
    2) Are there only backtest results? Backtest results alone cannot be trusted. Ask for Myfxbook verified results.
    3) Are Myfxbook results are public or they are private with hidden data? Do not trust hidden results.
    4) Do you get investor password with IP address? Don't trust it.
    5) Check reviews on ForexPeaceArmy.com

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    - Rimantas Petrauskas
    The secret behind successful Algotrading is
    managing a portfolio of many automated strategies.

    Rimantas Petrauskas >>



    5 Forex Scams Used by Providers of EA, Indicators and Trading Signals video series created by Rimantas Petrauskas - algorithmic Forex trader, programmer and creator of many MT4 Apps.
     
  2. SanAmsterdam

    SanAmsterdam Private

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    I'd like to add one:

    6. Use common sense. If it's too good to be true, it probably is. Wonder about incredible results..? If so, it probably won't work. Most systems sold for a few bucks will not generate the projected millions... If they would, why would anyone sell?
     
  3. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks for the addition. Sounds right.
     
  4. Blessed4Trading

    Blessed4Trading Private

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    Thank you for your great presentation.
    Keep up your good work.
     
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  5. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks. Stay tuned for more ;-)
     
  6. marcesimas1972

    marcesimas1972 Recruit

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    Thanks for the advice!
     
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  7. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    You're welcome. Glad it is helpful for you.
    Stay tuned for more videos ;-)
     
  8. Forex Detective

    Forex Detective Sergeant

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    Hi Ea-Coder, great video and explanation.

    Now I'd like to ask you something. There are so many Forex scams out there claiming that they are trading on the Forex market, where the clients fund their account through e-wallets, such as bitcoin, and the profits are based on daily or weekly basis, usually +10%or more. But all the money is going direct into the traders account, and the capital keeps growing and growing, some of the traders are showing proof of trading results, but only the closed trades and every Friday, the investors receive their profits and are encouraged to show proof of profits on the social media.

    My question is: Do you know how they manipulate the trading results from the broker? As far I can see, the account is a life trading account and one company called FX10 Investments went from $30K to over $7M in 7 months, but it's a HIYP and I don't believe it's possible to reach consistent profits week after week for several months.

    It would be great if there is a way to expose the truth behind the trading results to the investors, perhaps they'd finally realise that it's a scam and that their capital is in risk of disappearing at any time.
     
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  9. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    To be honest, I do not know how they manipulate the trading results from the broker. Mostly every case is unique. If you watch all my videos from this series you'll know where to look at to know if that broker is a scam or not.
     
  10. dunebug81

    dunebug81 Recruit

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    Useful tips! thanks. (really there are people who open accounts from messages received by spammy emails??)
     
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