Watching out for Forex scams.

[robertofx]

Lets get a few things straight......

Lets pretend that you are making "shedloads" of money Trading (or anything for that matter)...you have invested years of training and research and money into gettign this far in the game .......and you are still committing long hours of screentime and sacrifice to deliver those big bucks.......

So - what is the motivation for you to "share" that with others ?


1) To generate even more money for yourself ? (Franchising/Training)

2) Because you have other motivations (helping friends & family (Wife will kill you if you dont help her loser brother)

3) Ego ...........you want to show everyone you are the "real deal"

4) Because you are happy to sell the business as you are retiring/downscaling

5) Because you are a humanitarian and want everyone to make money

6) your Health is suffering and you cannot commit the hours anymore so options above are now becoming attractive to you

Now I ask everyone reading here at T2W if they are in this position would you REALLY REALLY sell out you hard earned systems and strategies ?

Get real ......people who sell systems and training etc etc are there to supplement income from selling their systems that dont yield enough profit standalone .......thats it the bottom line

and as long as they are honest about saying that then good luck to them ......but dont be sucked in by the 99.9% cr*p out there and the slick sales patter :innocent:

alsways ask them why they are "sharing" their system......

N :smart:

Another good one . I learned something here. Thanks for taking your time to explain. Luckily I am not interested to buy anything or never did.

Happy Pipping

 

[Rambo35]

It's true there are Forex scams everywhere. But do we brand a company a scam because of one or a few customers are dissatisfied with their services or because they habitually do something bad to most of their customers? Sometimes, peoples' opinions can be wrong.

I would be careful with reviews made by others for the reasons you mentioned

 

[resistance]

I think we get some idea about the broker on reading those reviews but some of those reviews can be fake. So it is better to keep your money in different regulated brokers instead of putting all in one.

 

[robertofx]

I think we get some idea about the broker on reading those reviews but some of those reviews can be fake. So it is better to keep your money in different regulated brokers instead of putting all in one.

I have 03 brokers to trade FX. Never had any issue with them up to now

 

[Rambo35]

I think we get some idea about the broker on reading those reviews but some of those reviews can be fake. So it is better to keep your money in different regulated brokers instead of putting all in one.

Yes, that is always a good idea to have more than one broker.

 

[Aaron565]

Forex has become a very hot niche for these major online marketers who are scamming people with their "make millions with forex" books and courses. Meanwhile these guys know nothing about trading. Really though, any robot or magic indicator you see is fraud. If it really was that great it wouldn't be up for sale!

 

[Rambo35]

Forex has become a very hot niche for these major online marketers who are scamming people with their "make millions with forex" books and courses. Meanwhile these guys know nothing about trading. Really though, any robot or magic indicator you see is fraud. If it really was that great it wouldn't be up for sale!

Yes and it is sad that so many get fooled by those cheap marketing gimmicks.

 

[kszt]

Hi,
Does anyone have a concrete experience with forex robots here?
One of my friends has tried a forex robot. So far it has been performing quite well (10%/month) but it has been working for 2-3 months only.
On the other hand I have not joint him yet because I still think it is very risky. Actually he is in euphoria at the moment, he does not want to hear anything about the risks. (And his FX broker has some bad reputation, too...)
So has anybody tried a forex robot here? Does anybody have a long term experience?

 

[Rambo35]

Hi,
Does anyone have a concrete experience with forex robots here?
One of my friends has tried a forex robot. So far it has been performing quite well (10%/month) but it has been working for 2-3 months only.
On the other hand I have not joint him yet because I still think it is very risky. Actually he is in euphoria at the moment, he does not want to hear anything about the risks. (And his FX broker has some bad reputation, too...)
So has anybody tried a forex robot here? Does anybody have a long term experience?

Personally I do not like robots and think if you want to succeed long term you need to learn how to trade.

 

[JamesWright]

I'm not saying eToro is a scam company at all, but I think their concept of 'social trading' is stupid, especially this idea of 'copy trades'. What on Earth is all that about?

Trap for fools.

 

[NVP]

I'm not saying eToro is a scam company at all, but I think their concept of 'social trading' is stupid, especially this idea of 'copy trades'. What on Earth is all that about?

Trap for fools.

The concept of "mirroring" is interesting and has potential.....and removes the fund stewardship problems for both trader and the investor (assuming Broker can be trusted)

and finding good traders who can provide potentially some decent consistent and realistic returns is also not a problem ...........(hint - they are not necessarily on line and present at the moment on these sites !!)

but like ZULUTRADER at the moment the concept then deteriorates with the current dynamics/business model sadly flawed and geared to showboating, irresponsible staking and overtrading

shame :smart:
N

 

[NVP]

Hi,
Does anyone have a concrete experience with forex robots here?
One of my friends has tried a forex robot. So far it has been performing quite well (10%/month) but it has been working for 2-3 months only.
On the other hand I have not joint him yet because I still think it is very risky. Actually he is in euphoria at the moment, he does not want to hear anything about the risks. (And his FX broker has some bad reputation, too...)
So has anybody tried a forex robot here? Does anybody have a long term experience?

run away quickly.............the robots you seek cost millions and are not available to us humans ...........

N

 

[kszt]

Hi,
couple things occurred to me

1. So you mean that even if a robot is working well now, there is a chance that it will lose all the money? Did you see such robots?
2. You mentioned that opinions on ForexPeaceArmy are not too much to be trusted. Well, I also have some doubts about it - there were forex brokers that were told to be good on one forum, but its reputation on FPA was very bad. How would you find out if a forex broker is to be trusted? Which is to be trusted in your opinion?
3. What do you think about the bonus systems of forex brokers? I mean when you transfer eg.: $1000 to the broker but you can trade with $1500 at the beginning.

Thanks!

 

[Brumby]

Hi,
couple things occurred to me

1. So you mean that even if a robot is working well now, there is a chance that it will lose all the money? Did you see such robots?
2. You mentioned that opinions on ForexPeaceArmy are not too much to be trusted. Well, I also have some doubts about it - there were forex brokers that were told to be good on one forum, but its reputation on FPA was very bad. How would you find out if a forex broker is to be trusted? Which is to be trusted in your opinion?
3. What do you think about the bonus systems of forex brokers? I mean when you transfer eg.: $1000 to the broker but you can trade with $1500 at the beginning.

Thanks!

1. The problem is there are too many martingale robots out there. By definition, they will blow up.
2. All brokers want to make money from you. The problem is degree. Your key protection is dependent on the jurisdiction in which they are regulated. What recourse do you think you have if your broker is based in Nigeria or similar?
3. What business gives away money or at least they make you think they do? There is always a catch. Bonuses are typically subject to trade volume hurdles and trading volume means frequency and is the nemesis of all newbies. Casino's operate on the same principle. They fly you in on private jet so you can have more time gambling. Guess who has the better odds?

 

[robertofx]

Hi,
couple things occurred to me

1. So you mean that even if a robot is working well now, there is a chance that it will lose all the money? Did you see such robots?
2. You mentioned that opinions on ForexPeaceArmy are not too much to be trusted. Well, I also have some doubts about it - there were forex brokers that were told to be good on one forum, but its reputation on FPA was very bad. How would you find out if a forex broker is to be trusted? Which is to be trusted in your opinion?
3. What do you think about the bonus systems of forex brokers? I mean when you transfer eg.: $1000 to the broker but you can trade with $1500 at the beginning.

Thanks!

* Yeah, Robotos follows the same rules & we have a ever changing market so finally high probability of failure with robots
* Do some further research and try your self
* Don't fall for bonus. It's just like demo funds. If you lose you initial funds. Bonus will vanish

 

[Dameon]

Hi,
couple things occurred to me

1. So you mean that even if a robot is working well now, there is a chance that it will lose all the money? Did you see such robots?
2. You mentioned that opinions on ForexPeaceArmy are not too much to be trusted. Well, I also have some doubts about it - there were forex brokers that were told to be good on one forum, but its reputation on FPA was very bad. How would you find out if a forex broker is to be trusted? Which is to be trusted in your opinion?
3. What do you think about the bonus systems of forex brokers? I mean when you transfer eg.: $1000 to the broker but you can trade with $1500 at the beginning.

Thanks!

Hi Robots unlike humans won't change when the market conditions change. So they may be good for one season and a big loss later on.
Forex brokers: \remember that a good thing will be of high value while a bad thing/crappy broker/ will be on all adverts.
Bonus when you make a deposit? Could I ask why would someone give you free money? Especially a business?

 

[kszt]

Hi,
Yeah-yeah... I do think the same about the bonuses but I was curious about what you think.
It is clear that bonus system of FX brokers are similar to the bonus system of online casinos.

As I see, most of you (who has answered so far) are from countries where financial market is quite regulated (US, CA, Australia etc.).
Having read forexpeacearmy my impression was that most of the bad opinions come from countries with less regulated financial markets - even againts companies that were registered in the UK or in the USA.
So it looks like that FX brokers behave well on markets where they are well regulated but they act less ethical where they are caught less easier. Or these opinions were just fake?

 

[Brumby]

Hi,
Yeah-yeah... I do think the same about the bonuses but I was curious about what you think.
It is clear that bonus system of FX brokers are similar to the bonus system of online casinos.

As I see, most of you (who has answered so far) are from countries where financial market is quite regulated (US, CA, Australia etc.).
Having read forexpeacearmy my impression was that most of the bad opinions come from countries with less regulated financial markets - even againts companies that were registered in the UK or in the USA.
So it looks like that FX brokers behave well on markets where they are well regulated but they act less ethical where they are caught less easier. Or these opinions were just fake?

I think there is a difference in enforcement between registration and regulation. If an entity wants to operate in a particular jurisdiction, they have to comply with the regulations - period. Registration domain may present a front of respectability but if they operate in a jurisdiction outside of its registration, the scope of enforcement may be very limited. You have to ask yourself a basic question - if there are issues, what recourse do you have given the jurisdiction that regulates that broker?