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VIDEO #3: Forex signal scams

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

  1. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    SCAM #2: Forex signal service

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    How to know if Forex trading signal service is a scam:
    1) There is no verified trading results on Myfxbook, Forex Peace Army or similar websites. Backtests, MT4 statements and monthly stats in pips does not count.
    2) There is no information about currently open positions (like private information on Myfxbook).
    3) There is no trial period or money back guarantee.
    4) Trading signals does not match trading history on the website (even if its verified). Website might display results from another strategy.
    5) Anonymous company/trader with anonymous payment options.

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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.
     
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  2. Pharaoh

    Pharaoh Colonel

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    Woohoo! Got 800 pips out of that one little trade today. Now I can sell my own signals with a monthly guarantee of 1000 or more pips. :p
     
    mithunkr and Ea-Coder like this.
  3. navigationfx

    navigationfx Recruit

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    Good post. Not sure about the money back guarantee though, I think thats a scam in itself....
     
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  4. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Well noticed. That's exactly how most signal services work :)
     
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  5. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks.

    If money back guarantee comes from payment providers like ClickBank, then people at least can be sure they will get back their money if service provider does not deliver.
     
    mithunkr likes this.
  6. marcesimas1972

    marcesimas1972 Recruit

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    Nice tips. Everything makes a lot of sense.

    Thanks.
     
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  7. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks for the feedback. Glad you like my video.
     
  8. terrate

    terrate Recruit

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    well done, i love it...;)
     
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  9. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks ;-)
     
  10. margou

    margou Recruit

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    Excellent, is a post with very good content.
    Success!
     
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