FAQ How Can I Distinguish Between Scams and Reputable Vendors?

[trendie]

"..... The powers that be don’t like serious fraud, evidenced by the fact that Bernie Madoff is currently serving a 150 year jail term at the Metropolitan Correctional Center, New York. ....."

With good behaviour, he'll be out in 110.

 

[NVP]

Devils advocate for once........

so supposing a moderately half decent system (c'mon they exist) just has a bad run in the markets due to the whipsaw nature of that period

would that entitle someone to SCAM the Author ?.........

N

 

[NVP]

If it sounds too good to be true, it is. I have even fooled myself and wasted time pursuing many things that are too perfect. Trust only yourself, have faith in others. Don't let your faith be your eyes; keep them in your head.

Cheers

yep - we've all been there and sometimes I have paid the price to peek and see what the scam was ..............as many are truly beautiful and professional in their own way ........

N

 

[Tyger]

Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.

 

[arigoldman]

Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.

Genius!

 

[NVP]

Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.

welcome to trading ....

 

[Bormondo]

Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.

Sad, but that's true

 

[dbphoenix]

In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.

Don't know why this was pulled out after five years, but it is one of those generally-accepted axioms that turns out not to be true, though it may be occasionally true.

This statement assumes that everyone who sells is selling at a loss, while those who are selling may have ridden the trend quite well and profited handsomely and are now selling whatever it is so that they can buy what is only beginning to move rather than hang on to something that may be nearing the end of its run.

There are many reasons to sell at a profit, which is one reason why beginners have so much trouble understanding failed breakouts.

If one wants to know how to distinguish between a scammer and a reputable vendor, ask for his trading plan and evaluate it. If he doesn't have one, or he doesn't want to share it, then look elsewhere, if one must look outside oneself at all.

Db

 

[NVP]

If one wants to know how to distinguish between a scammer and a reputable vendor, ask for his trading plan and evaluate it. If he doesn't have one, or he doesn't want to share it, then look elsewhere, if one must look outside oneself at all.

Db

hey DB.....isnt that asking the vendor to reveal his/her plan for free ? ...they may offer a teaser ....but they will simply refuse to reveal all...

 

[hatemypips]

I think it's impossible to find trusted vendor. Strategies that make the money are potentially more rewarding to apply by yourself than by selling it to others.

Buying a strategy you always have to bear in mind that something is not right here.

 

[Doug Kenline]

OK I hear ya....so when i come on here as a newbie and say hey my brothers! i just signed up for so and so vendor that is something we try to stay away from here?.......understandable i guess.......in a way....not sure.......reading and investigating further at this time.....

 

[Doug Kenline]

Finding a Mentor

well let's say you got real good at trading.........and you were kind of a showman and had a tendency to like to broadcast on youtube and basically do the whole online business thing.......perhaps you wouldn't mind doing that......diversifying your income stream etc.........."IF", and that is the biggest word in the dictionary, you are already a proven successful trader.....and you were so inclined......for a bit of work you could greatly increase your cashflow and asset growth rate etc.........i can't blame anybody for doing that.....and the theory would be the same age old theory time tested and proven theory of finding a mentor.

I think it's impossible to find trusted vendor. Strategies that make the money are potentially more rewarding to apply by yourself than by selling it to others.

Buying a strategy you always have to bear in mind that something is not right here.

 

[greenscorpio]

choosing a broker

Ive been using Plus500 demo for a while practicing ,though i would nt consider them with real money as i feel their overnight fees are too expensive.Is their any broker anybody can recommend.I live in the Uk , like to place 2-3 trades a day with the possibility of leaving the trade over night, my preferences are mainly Forex but also Commodities are considered and the odd Uk or USA stock.

 

[marcela 2020]

check that they are regulated, that is important

 

[greenscorpio]

check that they are regulated, that is important

 

[greenscorpio]

been regulated is important whether the organization has integrity is another matter

 

[Gracy2]

been regulated is important whether the organization has integrity is another matter

I agree, we should always check the regulation before choosing any trading website, that's the only way to know the real authenticity.

 

[Lord Flasheart]

I agree, we should always check the regulation before choosing any trading website, that's the only way to know the real authenticity.

Sure, however one of my biggest concerns is that many reuptable brokers have affiliates who are not regulated and some of their practices shocking. Look at the amount of affiliates who claim to make 100s pips every week. All you have to do is join up with their chosen broker and you get the signals free while they get a commission. Not too bad apart from the fact they all lie about their trades etc. Vague entry points, posted late etc.