Profit-ForexSignals.com
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Honesty
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Quality
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Cost
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Support
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Verified Trades
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User Experience
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Summary
An outright Forex trading scam. The scheme is to churn and burn the trading account of the victim as quickly as possible. The hyperactive trading activity creates the illusion of fast and steady profits, however the truth is that there is no trading system. Only a scheme to charge a monthly fee for “trading signals”, and to generate broker and vendor trading commissions that have zero benefit to the account holder. Performance reports submitted to MyFxBook.com are bogus and meant to lure in the inexperienced and gullible.
Thanks for reading today’s review of Profit-ForexSignals.com
What is Profit-ForexSignals.com? The company is a Forex auto trading service that markets aggressively on MyFxBook.com. The company supposedly offers fully audited, and 100% verifiable trading signals that can be auto traded through various Forex brokerages.
Profit-Forex Signals offers trading signals that range in price from $100 per month, up to $1,000 per month. A person opens an account from a list of available Forex brokers, and then authorizes that the signals are to be auto traded without the discretion of the account holder.
The company is a one person operation that is solely owned by a 33 year old Croatian named Ninoslov Golubovic. You will find his Facebook profile at the following page. Although the website proclaims to have multiple employees, all successful Forex traders. We were actually only able to confirm Ninoslov and his wife, Anna. Whom he proclaims to have 8 years trading experience and trades with 90% accuracy.
Initial impression of website
The website is very well presented and contains a very compelling sales presentation. The company claims “absolute honesty” and “full transparency”. The website also claims that since inception, there have been zero losing months since 2010. Below, you will notice a web graphic that Profit-ForexSignals.com prominently displays with the description “Best Forest Signals Service 2011-2012-2013-2014”. However, notice that the website proclaiming these awards, Emporium Trading is no longer active. However, a quick DNS and Archive.Org search reveals that the website is actually just an extension of Profit-ForexSignals.com and was actually controlled by Ninoslov Golubovic.
A fake website created by Ninoslov Golubovic that fraudulently misrepresents the trading performance of Best-ForexSignals.com
The company claims that since 2010 the trading signals have been 99.99% accurate, with single pip returns averaging nearly $200,000 per year.
Obviously, this is one of those situations where if it sounds too good to be true, then its probably a scam.
Complaints filter into TradingSchools.Org
Ninoslov Golubovic
Since mid 2015, I have been receiving a steady trickle of complaints from various individuals that tell a remarkably similar story. Probably the best overall representation of those complaints can be found from a person that filed a complaint on ForexPeaceArmy.com. The heart of the complaint is as follows:
After looking at their “EXCELLENT AND UNBELIEVABLE” performance, which I believe many people have saw it and believed same as me, I joined their service on 18th of November and subscribed for their ULTIMATE PROFESSIONAL AUTOTRADER (which guarantee 3000-5000pips per month)
I have paid $350USD for this service alone and I opened account of $2000USD at ALPARI BROKER.
I have all their e-mails and notifications which promised me to GUARANTEE 3000-5000 pips monthly or ALL MONEY BACK!
On 18th of November my account was connected to their EA AUTOTRADER and LOT SIZE was set the way they recommended me, NINOSLAV (Profit Forex Signals) told me to use 0.10 LOT SIZE for EACH TRADE OPENED!
I did not touch my account at all and all trades was opened by only Profit Forex Signals.
AFTER 9 DAYS OF USAGE OF THEIR ULTIMATE AUTO TRADER MY ACCOUNT GOT BLOWN AWAY!!!!!
As you can read, this complaint is very distressing and the person that wrote this compliant obviously feels betrayed. However, this complaint is just one of many.
A heart breaking complaint
Every once is a while, I get a complaint that is so astonishing that it challenges the realm of what is believable. In April 2015, I received yet another complaint about Profit-ForexSignals.com and felt that I had to get this person’s story published. Hopefully, it will serve as a warning to the trading community.
The following story arrived in my email inbox and described a situation where a trader came across the sterling, “100% verifiable FXBook.com trading performance” and felt compelled to invest his savings into the Profit-ForexSignals.com $1,000 per month signals plan. The owner of the company showed him what looked to be actual account statements and guaranteed a minimal amount of performance or a money back guarantee. The following graphic was the supposed system performance overview that the trader was supposedly investing in.
A near perfect equity curve. 80% gain in only 5 months.
Obviously, this a very compelling equity curve. This is the equity curve that every trader dreams about. A nice, steady upward slope with only one losing trade during the prior 5 months of “100% verifiable, real time performance, all guaranteed by FXBook.com”. Yes, the monthly subscription fee was certainly high. But Miroslav Goluvobic recommends that as the profits quickly accrue, then traders should increase the size of positions to compound the returns and offset the subscription fee’s. It all sounded great.
The trader was then instructed to open a Forex trading account with a highly recommended Forex broker named, HotForex.com. The trader then set up his trading account with a balance of $20,000, which represented his life savings. Doing this took a huge leap of faith, and what happened next can only be described as horrifying.
Profit-ForexSignals.com actual, real time trading performance
During the first month of 2016 the auto trading robot began trading the $20,000 account. On the very first day of trading, there were an amazing 60 trades taken. Nearly every single trade entered
Forex conman Ninoslov Golubovic
and exited was targeting only one pip in profit. And so, after day one, there was a tremendous amount of commissions paid to HotForex.com. There was also a handful of tiny winning trades where the system was able to accumulate one pip profits, and a handful of trades that were underwater and continued to bleed the account.
By the 3rd trading day, the system has executed an astonishing 216 trades. You can probably imagine the amount of commissions paid. Once again, there was a long list of tiny winning trades, and then a cluster of massive losses. By the 3rd trading day, there were an astonishing 10 consecutive losses at $830 per loss. In only 72 hours of trading with Profit-ForexSignals.com, the customer had lost nearly half of his trading account.
On the 7th day of live trading, the system had now executed over 450 trades. Once again, a long list of tiny winners, and then a cluster of 20 consecutive massive losses totaling $12,164.
On the 10th day of live trading, the system had now executed over 600 trades. A long list of hope inspiring tiny winners, and then a cluster of 11 consecutive massive losses totaling $4,900.
Finally, on the 12th day of live trading, the system had executed astonishing 841 trades and had completely wiped out the entire balance of the original $20,000 account. Many readers might not believe this sad tale, I certainly had a hard time believing it. And so the person sent me the account statements directly from HotForex.com. I then imported that trades into the following spreadsheet, where you can view and witness the financial carnage.
[table id=33 /]
As you can imagine, the customer was very upset. He had spent $1,000 upfront for the trading signals, and had funded a trading account, and then in a matter of days…he had lost everything.
After the account was drained to zero. He next contacted Forex-TradeSignals.com and cancelled the $1000 per month signal service. Ninoslav Golubovic agreed to immediately stop the service. However, approximately two weeks later, another charge appeared on his credit card statement for an additional $1,000. The customer then contacted Ninoslav Golubovic to complain and have the charge reversed. The customer was then given a wide range of excuses and apologies and was told that the charge would be reversed in only a few days.
After 3 weeks, the customer then logs into his credit card account and not only did Ninoslov not reverse the $1,000, but he actually had the audacity to charge the customer once again, for an additional $1,000. All told, in a matter of 7 weeks, Ninoslov Golubovic charged the customer $3,000 and blew up his $20,000 trading account. The client had to then cancel the credit card and is in the process of fighting with Ninoslov Golubovic about reversing the $2,000 in unauthorized charges. Amazing stuff folks.
Executing the scam on MyFxBook.com
Some readers are probably trying to figure out how these bogus results were able to be slipped into the supposedly, fool proof MyFxBook.com? Let me explain how the scam works. What Ninoslav is doing is continuously adding and removing trading systems on MyFxBook.com. At any given time, he has dozens of trading systems that are feeding hypothetical, simulated trading results into MyFxBook.com, if the systems are performing well, then he publishes the results to the public audience. However, the very moment that the trading systems begin performing poorly, he then removes it and replaces it with yet another system that is currently working. The net effect is the appearance that his systems are robust and excellent performers. However, the truth is something entirely different.
What are Forex-TradeSignals.com?
After reviewing the trading records on MyFxBook.com and the trading records of the victim, it is painfully obvious how Ninoslav is pulling off this scam. His systems are not even trading systems, there is no trading logic whatsoever. They simply enter a random order to buy or sell a market order for any particular Forex currency. The system then attempts to profit only a single pip. If the system is not able to fill for a one pip profit, then on the very next minute, it then repeats the process and doubles the original position. It continues to do this until the trading account has reached the maximum allowable leveraged position. This is a classic martingale type system that attempts to double the original position, and continues to add to a losing position until the account is fully leveraged. However, sometimes the market refuses to give up that single pip in profit and it runs against the account holder. As you can see from the above account statements, the positions either liquidate at one pip profit, or the account is wiped out at full broker margin. Very ugly stuff.
By simply applying some basic statistical mathematics, we can very easily deduce that the trading systems of Forex-TradeSignals.com have a 100% failure rate. One of two possible outcomes are the only possibility; option one is that the account becomes fully leveraged and loses in one grand string of losses, or option two is that the account is ground down to zero because of the cost of commissions. The math does not lie.
Forex Brokers love Forex-TradeSignals.com
MyFxBook.com is a Forex broker sponsored website. They give the veneer of providing a clean and transparent performance viewing of different trading vendors. But the veneer is false. The true motivation is to provide a platform where swindlers and hustlers can continuously ply their bogus trading systems to the general public. The dynamic is simple, a person finds a trading vendor on MyFxBook.com and then opens an account with one of MyFxBook.com’s recommended Forex brokers.
How dirty are the Forex brokers? Most are very dirty. In fact, most people are not even aware that Forex brokers are the counter party to most of the trading activity. In other words, when you are taking a trade, you are betting against the casino operator. Much like a casino takes the other side of your bet, the same is true with Forex brokers. For this reason alone, I am very leery of Forex and prefer to trade on open exchanges, where my trades are matched with other traders. Betting against the casino has a long and verifiable history of having disastrous outcomes.
Another dynamic that nobody every talks about with Forex brokers is the broker/educator relationships that have outrageous conflicts of interest. What do I mean by this? In this review, remember how the client was recommended to open and account with HotForex.com? Ninoslav Goluvobic is also an affiliate marketer of HotForex.com. And Ninoslav Goluvobic probably never mentions that for every single trade that is executed on his system through HotForex.com, he is receiving 60% of the trading commission from HotForex.com.
As you read this review, are you now starting to realize and understand why Forex-TradeSignals.com executed over 800 automated trades for the customer with the $20,000 account? Ninoslav Golubovic’s only motivation is to churn as quickly through each and every auto trading account, as quickly as possible, before the inevitable blow up occurs. In the case of $20,000 trading account, not only did Ninoslav Golubovic charge the poor victim $3,000, but he also earned an estimated $840 in trading commissions.
Wrapping Things Up
Many readers of TradingSchools.Org know that I have been very critical of the Ninja Trader Ecosystem, as well as Online Trader Central, both are enablers of fraudulent trading educators. But I have written very little about Forex brokers and the outrageous conflicts of interest that seek to place investors into disastrous positions. MyFxBook.com is very similar to the Ninja Trader Ecosystem, both prop up and provide a platform for fraudulent educators and fraudulent trading systems that benefit only the vendor and the broker.
Well that’s it for today. Yet another trading scammer gets exposed. Thanks for reading and please don’t forget to leave you comments below.
Profit Forex Signals – Ninoslav – Why did he and his team make many financial recompense promises to me for the last 12 months and deliver none of them. I have factual and documented email evidence that shows and proves you have not honoured any of these.
I don’t think that myfxbook deserves so much criticism. If somebody accepts couple of months of trading as a proof of good performance then it is his/her own fault. The same goes for track record with partially hidden data or with Martingale or grid systems which are ticking bombs. Also you should stick only to big and known brokers – apparently it cost only 5000£ to get MT4 licence and pose as a broker (which give you opportunity to make up any trading track record). So all information is available and it is up to potential investor to analyse it. However, I have to say I was struggling to find even one system on myfxbook that met all my criteria. That tells you how difficult trading is and why people prefer to “teach” rather than trade.
Myfxbook deserves all the criticism and then some. They’re knowingly enabling scammers to dupe unsuspecting customers by allowing fabricated trading records as “proof of good performance”, which makes them party to the scams.
There are scammer that have been faking their results for years. As discussed at his site, pretty much any Tom Dick or Harry can become a Forex Broker and fake out MyFxbooks. Myfxbooks provides zero proof of anything.
Even I who started to realize this whole industry was nothing but a swindle never realized just how bad it was until Emmett’s site. I am still just amazed how this is the only site to actual demand proof of profitable trading and call out these con artist.
I get sick to my stomach at people like Lying Dean Handley writing articles that are completely bogus. He has never verified any of his trading titans can actually trade profitably. His claims are completely bogus and that is how this whole industry is. Just the lowest of bottom suckers looking for their next prey.
Don’t be their next prey.
So when I see track record from real account with big broker like FXCM with at least 3 years of risk adjusted profitability (no Martingale or grid), with significant deposit and without hidden data should I assume it is completely worthless? I’m struggling to agree with that. Other thing is that I really have not seen yet even one system on myfxbook which meets all those criteria. I am just saying what I would consider as a reasonably good proof of profitability.
Don’t worry, I am not going to be another sucker, I’m just using myfxbook to see how many people are really(!) profitable. So far what I have found is pretty hopeless.
This is an industry full of swindlers. One of trading rooms I belonged to posted years of fake results. You can not be too cautious. I would not accept any downloaded Brokerage statement put into Excel or TraderView as proof of anything. Here is what i would want to see:
1) They open their brokerage statement from a legit broker live in front of you,
2) You get a long enough trial that you can properly determine if they can actually trade profitable,
3) They clearly show their trades via the DOM or Chart Trader (no murky calls or hindsight calls)
4) No circus where they have 3 traders and it is also the one off mic posting trades that always makes all the money.
5) They accurately post their results and show the brokerage statement verifying those were the entries and exits they got,
and
6) You can copy their trades and get the same or reasonable close to the same results. If you cannot that should tell you something. Every scam from pump and dump and etc are used by these con artist. In other words if I am doing pump and dump then my brokerage statement might look great while all my students lose money.
I am sure I am missing something. But if you find that you have found a rare find. I have yet to see a trading room that does all that, but Emmett has a few he has found.
I am curious what trading room have you found that does that?
Lastly if you demand real proof you will be doing something none of the other people who get scammed again and again. They simple take the word of the trading room operator. It is truly unbelievable.
I haven’t use any trading rooms because I don’t believe in them. I agree with all you said, I haven’t found myself any course, product or mentor which I would consider proven and worth my money. And using common sense I don’t think they exist because if somebody has true and reliable edge in the market it works for him/her only because not many people are using that edge. So why on earth somebody would share it for 300$ ? Anyone who understands how markets work knows that what is available to everyone is worthless.
Hi all,
Its me, i had this really bad situation with this guy. I will explain all that happened.
First, when someone never meet trading and he dont know how is working everything, just take his decisions of what he read and which recomendations he recive.
When i started with them was everything okay, what they do is use really small lot size, they open many trades and they leave to take one direction, if its down no problem the price gonna go up again. At first they were doing really well, open close early in the same day or two days but after they start to have really really big drwadowns, i advise them, hey!, my account be carful, the answer was, no problem everything is controlled. So the eurusd was going down and they opened more posicions up more posicions up and the BOOM!,… nothing…
I been long time talking to Ninoslav by facebook, he was always answering me my questions and also we talk about his life and my life, we really talk a lot, he seems like really nice guy when you talk to him, but you know.., but one thing that i still didnt understand is why he still was talking to me after 5 months my account was broken. As i could see in forexpeacyarmy, many people had the same problem that finally was (some of them). That was giving me hope that maybe he can return my money, but never happens. He talks a lot with me, that he is coming to Spain (where i live, Barcelona), he go to Madrid for work and then maybe comes to Barcelona and take my money…., crazy lies and why? this is what i dont understand, was easy to block me and thats it.
They been trading in my account 4 months, i get 16000 dolars extra!, but i was wathcing almost everyday the trades. Also they was trading in the day and at night, this seems that he was not alone.
I can say that all the trades that was doing in my account was in myfxbook, exaclty the same. After they blow up my account, he told me that they was investigating which trader did this fault and they gonna fire him.., who gonna belive this….
I had to wait 2 months for supossly speak with “manager”, that he gonna fix my problem…, what he said to me?, that i can join again for free to until 30K, so put from my pocket more money for join scam company!, funny right?, after i wrote to Ninoslav in facebook. He said to me, im not according with manager about this deal, (i think was the same person), and i will fix it for be better to you.
I been talking in facebook with Ninoslav many times, waiting for my money, but never got it, always get excuses like hecant withrawal his 2 million from Iron, that he work to much, he is ill, he have an accident…, this is the most strange things, also they sent me some pics that he try to withrwal money from his account but was not posible.., they block him.( i add the pics below).
Finally i know that i made really stupid and big mistake, thats what happen when someone dont have the right information and desires the fastest way to be succesful.
I can say that at the moment i did the biggest mistake in my life, who knows if i will do another worst than this, nobody…, but this mistakes are part of life, if we never commit any mistake that means we are not searching for what we want and dont want part of our wishes come true.
Fortunatly i could afford this money, i have my bussines completly different from trading (beautiful bakery in Barcelona).
Finally what i can say is thanks a lot to Emmett for everything what he do!
I didnt get back my money, but makes me happy that more people will avoid this company and with this makes dissapear this kind of companies.
Emmett;
Please correct. Name is Ninoslav. And he is from Serbia, not Croatia.
Place is called Niš, it’s in souther Serbia. It can be found on google, just type Ninoslav, not Ninoslov.
From his FB; you can easily see; he’s just a con man; who found way to cheat people.
I know it makes no big difference to you, but to me it’s like Mexico and US. Me being from Croatia.
Dont want to improperly color the Croations. Darn Serbians.
Actually, am reviewing a Croatian stock guy right now. Pretty good thus far. 3 weeks to review.
I am at a loss for words. Most scammers try to hide the fact they are ripping people off. This clown does openly with bravado.
i had an account linked to myfxbook. and signalstart.
I wrote several letters to the management and went on livechat and explained that many of their verified traders were very obviously in cahoots with some of the “brokers” – . The Whitelabel scam mentioned in another post explains how it works.
I think myfxbook could be fine if one sticks to verified traders who have fully USA based brokers such as FXCM .
however the fact that myfxbook never responded to my letters is a worry..
That’s the question was myfxbooks in on the scam from the start or are they surprised.
But more important can someone explain this whole White Label thing to me. I thought US regulations were a joke. Am I understanding this correctly that basically any Tom, Dick and Harry can be a Forex Broker and then take the other side of my own trade at any price I want and then send it to myfxbooks.
I don’t know if Myfxbook is on the scam per se, but they certainly have no interest in cleaning up that place.It goes without saying that a verified track-record from Oanda or FXCM is infinitely more credible than those from unregulated bucket-shops. Even when there’s regulation, it depends on the jurisdiction – for instance NZ is almost like having none at all, AUS, I don’t know what to think – I personally wrote an email to ASIC exposing a broker regulated by them – Synergy FX. That was back in October and I haven’t heard from them since.
You are right Vlad. A reputable Forex broker like FXCM or Oanda is a good start. But even with a reputable broker, they are finding ways to hustle up good results. I had one guy selling a trading education that had a bunch of really small Forex accounts. He would simultaneously buy Forex in account A and sell in account B, then he would post the results for only the account that made money. Have 20 accounts with the same broker, $50 each account.
Yep, any Tom, Dick or Harry can start a Forex brokerage. You just need the software and the web traffic. A “white label” is simply a piece of software that can be branded to your own look and feel. The software can fun on a server in your garage. Presto! You are a Forex broker. Create a website and some random physical address in Cyprus and you are in business. Is you google search “white label forex broker” and list of software providers are ready to help. https://www.fxglobe.com/en/forex-white-label This is just one of many.
Over the years, I have lost count of how many of these while label guys has gone belly up. There is no financial guarantee of whomever is counter party to the trades. The popular term is Bucket Shops.
Just some further info on my comment above.
As mentioned, the brokers offering these shared B book deals are well known in the industry.
If you showed me a list of the top 20 forex brokers in Europe/UK 90% are bucket shops (keep the client losses) and very few people are aware of this.
About 70% of these offer a shared B book to certain partners/affiliates based on trust/discretion.
The other 30% who don’t offer shared B book deals with partners (out of fear of it being made public!) focus more on direct clients or seek out affiliates that don’t understand how they make their money and offer them 50% of the spread even though the broker its self is making 30 times this amount.
This model is not NEW. It’s being going on for over 10 years.
There is just more competition now (the market is saturated). That’s why all these binary options guys came along (easier way to attract newbies.. make trading a game)
A raft of new brokers came to the market (mostly based out of Israel) in the last 5 years who start offering these shared B book deals to partners/affiliates.
These guys all came from online gaming backgrounds where these types of deals are common.
Their business model is simple…
Find the naive/gamblers//fools and facilitate them losing all their money through their software. Free Bonus to get started ($50).No deposited needed etc. (Deposit $100 get $100 bonus)
All gaming marketing strategies.
Average loss from these beginners is approx: $3,000. (For 95% of these new traders its gone within 60 days)
The honest ECN/STP (commission only) broker guys are a dying breed. These new brokers have put them out of business in the UK, Europe and elsewhere.
They can’t recruit partners/affiliates and don’t have the budgets for marketing on the same level when earning less than 5% of the gamer brokers.
They don’t want the beginner idiots either as they just blow up and generate hardly any commission.
So they switch to bucket shop/gamer mode or have to throw in the towel if their conscience can’t stomach the business model.
Many of these new broker/gaming guys also make it very difficult for the traders to make money also.
Some will just hand the clients the gun and let them shoot themselves while the real low life’s will pull the trigger for the client (A mark really) by manipulating the price feeds/stop hunting/freezing the platform and many other tricks.
The technology to do this can be purchased and integrated into the Mt4 platform among other platforms
Anyway, Its is irrelevant if these brokers or wannabe brokers are set up through direct regulation or white label association.
Although a new breed of white label guys are calling themselves STP/ECN brokers when they are clearly not (SCUM!) and also have separate companies (EA /education) funnelling leads to their bucket shop white labels. This allows the broker in the public eye to keep some distance.
Either way the regulators have no idea what the fuck is going on in this industry or don’t care.
I mean the regulators considered to be tough (FSA ( UK)/ and ASIC (Australia) not the other complete muppets in other jurisdictions.
This is an excellent comment. You really get it. On a deep, deep level.
Amazing how you just explained the entire industry dynamic in only a few paragraphs.
Thanks. I worked the dark side of the broker industry for a few years. I got out before I had no soul left.
If your honest and have integrity forget about making any real money in this industry. The honest guys with the honest business models are barley scrapping a living. (brokers and educators)
If you have no morals, empathy or soul (a sociopath!) half a brain, knowledge of the industry and some financial backing you can make millions as a gaming broker (FX or Binary).
I have seen it first hand. There is no shortage of naive greedy, stupid, delusional and desperate people out there ready to hand over their money to hit the big score>
Awful and sad really. One side gets enriched (financially anyway) the other side gets ruined.
This is what I harp on again and again. People rather lose money trading some fantasy world created by the trading room operators then actually make money trading real world. Real World trading is tough, while fantasy world sounds so easy with no draw downs and amazing returns to boot. Of course the only ones making money in that fantasy world are the con artist who are taking your money.
Thanks for covering the latest in the forex retail shenanigans. So this is the latest type of scam to rack up commissions with affiliates. As many have known, MT4 and retail forex has been around a long time and multitudes of EA’s with the long one page ads which used to roam the web. It was all targeting the small account retail hopeful dabbling in small trading perhaps far longer than the glut of today’s retail NT and other platform driven futures and stock trading. Exactly concur with myfxbook, zulutrade, etc. They are full of manual or semi-auto scammers and game the myfxbook results. There was a poster on BMT who lost over 50k with zulutrade. The “top 10” zulu list of performerss can shifts fast as the EA’s or signals fail within a week of retailers joining, sometimes blowing up big ruining the dream linear upcurve which was touted earlier. Not to mention MT4 vendor EA’s have long had an infamous history of utilizing “martingale/grid” i.e. averaging down constantly and eventually betting a big chunk or the whole pot of the remaining account into destruction like they were some retail version of investment bankstering ala defunct MFGlobal. Most newbies who are unfortunately to fall for these scams learn the hard way how constant “grid” is insanely risky. Then the system owner usually disappears quick or is replaced by some other proxy. The fraud can be so flagrant and fearless perhaps because many of these brokers and scam vendors who use MT4 are offshore and by it’s nature forex is interbank so there are no central exchanges or regulatory agencies. It’s true there is also a server side version of MT4 available to brokerages which could allow them to countertrade or even frontrun and interfere as the counterparty. I once went to a forex and futures broker office and there were a lot of young low paid workers just watching screens somewhat furtively when visitors were about.
I really do not see how these regulators can be so asleep at the switch. There needs to be a massive lawsuit against these brokers. All these people from the Brokers to Myfxbooks are either consciously or unconscious aiding in this scam.
@Emmett when are you going write an article for the Wall Street Journal exposing this entire swindle industry.
Emmet,
The Forex Broker gave this guy 50% of the client losses not just $842 on commissions. He got $10k on that $20k account he blow up.
This is the reality of the deals that are being done between affiliates and forex brokers.
Marketing EA”s that blow up and then receiving half the losses from the brokers. is more common than you think.
Many well know forex brokers offer this type of deal to educators and EA providers.
It used to be just the scum bag binary brokers who operated this way, now it is common across many brokers.
Another room providing more evidence to my statement this industry is full of nothing but swindlers. So frustrating to see people scammed by an obvious scam artist. I am sorry to be heartless, but at some point you have to use your brain. Clues:
Clue #1) “Croatian Day Trader” – Fine call me a racist (even though he is white), but that should at least throw up a red flag, especially after you see his photo – it screams Croatian Mafia.
Clue #2) “The company claims that since 2010 the trading signals have been 99.99% accurate.“ I read that and I want to run as fast as I can in the other direction. That is complete nonsense. Is his target 1 PIP and his stop loss 10,000 PIPS. Seriously do you really believe there is someone out there trading with a 99.9999% win rate? It is utterly ridiculous. You have to be a complete fool to believe this nonsense. The only thing 99.99% in this industry is the percentage of con artist.
Clue #3) “A nice, steady upward slope with only one losing trade during the prior 5 months” I know people are desperate to believe in a fantasy, but you have got to have some common sense. TRADING DOES NOT WORK LIKE THAT. NEVER HAS!!!! NEVER WILL!!! PERIOD!!!!!!
Contrary to what all the trading rooms teach the Day Trader is not some miracle that somehow bypasses the laws of return on your investment.
Anyone promising ridiculous high win rates, no or little draw downs or worst you can trade a highly leverage instrument with a small account is scamming you. There is a reason that out of the 100s of room Emmett has reviewed I think 4 have proven they actually trade live and have provided their broker statement or use the robot.
This industry is nothing but con artist – Write that in Stone 1000 times, before giving a dime to one of these con artist.
Rob, I was thinking the same thing. Croation Day Trader = would you like all of my money today, or next week? Whenever a fx trade room / signal service recomends a broker. I would check to see if they have an affiliate program. That in it self is a huge red flag. It´s in the interest of the broker and your fx guru you take as many trades as possible. I would think the fx broker sees all his clients blowing up their accounts. They must know something is not right. Yet they allow him to continue his questionable actions is permitting the scam to continue.
From their Myfxbook profile: Motto: “Honesty is our primary, essential value.” LOL
Oh man, this is one obnoxious scammer. I wonder how has he been able to fleece gullible people for so long. I mean, no track-record on a real account, exposed as fraudulent on ForexPeaceArmy. Just incredible !
Emmett, regarding the execution of the scam, it’s actually quite different from what you’ve written.
The scammers configure their own MT4 server. The results you see is not from alternating systems but rather from falsifying data on their custom MT4 server.
Furthermore the educator and the broker are usually always in cahoots as you so rightly mentioned. This scam is not new, its been trending for the last year or so. The biggest player is lionfxfund, you can google them to find information on how their scam works and the number of people who have fallen prey.
Essentially the playbook covers two strategies which alternate depending on the customer and the size of the investment;
1) Frequent trades to profit from commissions
2) profitable “fake” trades for the customer, encouraging more and more investment followed by a “90% loss” in one day which the scammer innocently blames on bad luck.
It is unfortunate that website that are supposed to encourage transparency like myfxbook end up being the holy grail for scammers to add credibility to their operations
In the United States, most people trade currency futures. Most of these Forex scammers are pretty new to me. Amazing how they are able to create these “real” trading records and then aggressively push a trading service. I got an email earlier from a guy that explained how to set up a white label Forex brokerage for only a few thousands dollars, then plug it directly into MyFxBook.com. Once you have that set up, you can create any number of trading systems with “fully authentic” trading records and pipe them right into MyFxBook.com. Thats just insane to me. Letting the fox guard the hen house.
Wish I had a larger staff of writers to help me expose this stuff. Hard to keep up with the creativity of these people.