Forex Scams

[kamon]

do we have a thread that address this reality?
i saw there was a boiler room thread but they're not truly the same
this week i've been doing some searching and researching and it boggles the mind to see many shady things 😱
scams - report the scam here
this site is good because it covers all scams, including investments

also helpful
Forex Scams - Don't Be a Sucker!
forex scams check | Foreign Currency Broker Selection | Signal Service Provider & Trading System Reviews - Index page
How to avoid being a victim of Forex fraud and commodity fraud
NOV 15: Five Ways to Avoid Forex Scams
Forex Scams: How to Spot Them A Mile Away
Forex scam - Wikipedia, the free encyclopedia
Forex Currency Trading Broker Reviews By Forex Traders

ironically FPA is itself deemed to be scam :whistling
what i have found is that many of them actually talk about the risk disclaimer
what is disheartening is seeing how they proliferate with ease and the painful user/member's stories 🙁
and it's not just forex but it's the icing on the cake because of the internet boom

so you've been around, wanna add to the calamity? 🙄

 

[£10kLoser]

Simple solution - avoid them all. The problem with 'systems' is that they might work for a while but conditions change. People think that the more years you back test, the better but, in fact, you're just moving further away from today's conditions. As for signals services, most don't produce a profit. A very few do but they are the ones from a real trader giving his own trades - but maybe he's not making a profit!

I used to sell systems myself. they were genuine and made a profit for a short while - then things changed and they no longer worked. So, I don't sell them any more but I do trade and I do make a profit - but my method changes from month to month. Why bother to sell systems or signals - I can tell you it takes up a lot of time and it's a big responsibilty. I'd rather have an easy life and just trade.

The concept of listing scams is based on the asumption that you CAN buy systems/signals that will make you money without having to do any work. Find out the 'scams' and what's left will make you money!

Life and trading isn't like that, I'm afraid.

 

[GloballyRelaxed]

I would also check out the very informative thread on T2W entitled 'NFA Dead Forex Firms Walking' if you have not already done so, its a mine of information.

Cheers

 

[kamon]

Simple solution - avoid them all. The problem with 'systems' is that they might work for a while but conditions change. People think that the more years you back test, the better but, in fact, you're just moving further away from today's conditions. As for signals services, most don't produce a profit. A very few do but they are the ones from a real trader giving his own trades - but maybe he's not making a profit!

I used to sell systems myself. they were genuine and made a profit for a short while - then things changed and they no longer worked. So, I don't sell them any more but I do trade and I do make a profit - but my method changes from month to month. Why bother to sell systems or signals - I can tell you it takes up a lot of time and it's a big responsibilty. I'd rather have an easy life and just trade.

The concept of listing scams is based on the asumption that you CAN buy systems/signals that will make you money without having to do any work. Find out the 'scams' and what's left will make you money!

Life and trading isn't like that, I'm afraid.

wow, that was really interesting :innocent:
you make an interesting point that systems do work yet they're all scams 😆
not all systems are the same, what i'm saying is, we all trade by different indicators
maybe, just maybe there is something worthwhile there
and thanks for your "testimonial" because i used to think most system sellers were crooks 🙄

I would also check out the very informative thread on T2W entitled 'NFA Dead Forex Firms Walking' if you have not already done so, its a mine of information.

Cheers

very helpful, thanks a bunch 😉