Finally I Have Doubled My Forex Account, Now What’s Next? It is fixed and the option to change it is disabled. Ask the seller why “Gain” and “Absolute Gain” do not match. I need demo only for publishing at FF due to the fact of our hacker friends but these aren't manage just as well as the real accounts. All rights Reserved. Then you can close them and continue trading. This is beyond the apex of absurdity and only a crazy person would fall for that. The broker can scam me while showing me a fake (real account on metatrader).. Live Accounts November 25, 2019 April 3, 2020 Forex Trade1. Watch my presentation on video or read the article below: Traders are desperate for trade strategies that will propel them to instant riches. Check if the screenshot of the myfxbook portfolio is clickable or not; Check if the myfxbook account has not been updated for a long time; Check if the account was updated recently and when did the last trade ended; Check if the track record and trading privileges are verified; Check if the account has a lot of private information, such as balance, profit, equity, open trades, lots and history; Check if gain and absolute gains do not match (possible fake). Without verification, the user may not be aware if the strategy is reliable or a hoax. Live Account with Investor ID Password. So, always check when the last trades were closed and if the account is active. ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. Generally, a forex demo account is a trial account funded with a specific amount of virtual currency. Furthermore, if the account has a lot of private information, such as balance, profit, equity, open trades, lots and history then it is a fake. You can see that my “Gain” is 103%. There’s another clue that this strategy went into loss. We use technologies, such as cookies, to customize content and advertising, to provide social media features and to analyze traffic to the site. Why they are not showing recent results?” The most likely reason is that their tool does not work. The domain name should be exactly this way as highlighted by the red box. You won't chock-full off the d*rty tricks of the brokers. So, the main difference between the two is that: Gains show the growth from initial deposits, while Absolute Gains show the growth from current and subsequent deposits. There are various ways of achieving this. Go to Deriv Official Website and start your online registration today. Therefore, the trades were intentionally left out during verification process on myfxbook account, so that the trading strategy does not look bad. Everything looks great, including the smooth, upward equity graph. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. This site uses functional cookies and external scripts to improve your experience. In the image below, you can see an example of a real Myfxbook account. Forex scams often pitch "too-good-to-be-true investment opportunities" as a way of convincing you to part with your money. However, if the strategies are to be made public or used for commercial and consultative reasons, then they ought to be verified. After depositing $100, the strategy was able to realize approximately 103% gains. Since I doubled my account in one year, I deposited another $100 into this account, so now it shows deposits of $200. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. After verification myfxbook is able to detect whether the uploaded strategy is from a real MT4 account or a demo MT4 account and then sets it to the proper account type. To avoid looking bad on Myfxbook, they stopped updating it before the account crashed or whatever the case was. The best way to avoid being a victim, and avoid getting scammed, is by getting a good Forex trading education before you enter the markets. Most Forex brokers offer two main types of accounts – demo accounts and real money accounts. Your choices will not impact your visit. Always check whether the “Track Record” and “Trading Privileges” are verified – this is very important. First I am a father, a husband and then the author of the book “How to Start Your Own Forex Signals Service”. Have a Merry Christmas, when you celebrate. Don’t trust it if Myfxbook says that it’s a real account when “Trading Privileges” are not verified. However, while I was doing research for this presentation by visiting various forums, I realized that many people cannot differentiate between real trading accounts, demo accounts, and backtests, which can be fabricated even more easily than live trading accounts. I am sure I have been scammed by a very similar way to what you have explained,, the server name is platformsfx-server,, it shows that my account is real but they took all my money basically through a website called o-markets.com In this example, a trading strategy is uploaded to myfxbook account from FxOpen demo trading account. keep up the good sleuthing... 5 Forex Scams Used in EAs, Indicators, and Signals, Watch Fake MyFxBook Accounts Forex Scam Video #6, How to Identify Forex Scams in 5 Easy Steps. Fake/Real; Company Related; Paid Client Related; Home. keep up the good sleuthing, Rimantas!--feaisland55. 3 Live-Real Accounts Put to test = $1k, $10k, $100k We now have put ourselves to test we will trade 3 different accounts with different capital size to measure our own strength. Demo accounts are mostly used to try out different strategies and tactics or to get familiar with the trading platform used by the broker. Don’t trust it if information like balance, equity, profit, lots, open trades, and history are hidden. The purchase, sale or advice regarding a currency can only be performed by a licensed Broker/Dealer. The only logical explanation is that most of the open trades were losing trades. All backtests have a panel called “Strategy Settings” at the top. The link does not redirect you to the real myfxbook account, but rather connects to a pdf document on the company’s website. Forex Demo and Live Account Trading -The Differences. With tools like Photoshop, all these numbers and results can be fabricated; it’s not difficult when you know what to do and how to do it. If you’re analyzing a strategy in your own account, then you don’t need to verify them, unless you are trying to prove that your strategy is good or you plan to sell it. If you see an account that uses a “Custom Start Date,” this may indicate that the results are fake. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder.com Forex blog. The good news is there are a few potential solutions. Hello dear reader, You must have stumbled on this article because you googled to find out if the bitcoin trading website you are trying to use is Fake or real. In this article, I will explain how sellers fabricate Myfxbook accounts and reveal the tricks they use to mislead people into thinking that an account is real when it’s actually a demo. Here is an example of an uploaded backtest on myfxbook: The figure represents an uploaded backtest results on myfxbook. It doesn’t make sense showing it to others unless these things verified. I will wrap up with a summary of the signs and clues that a Myfxbook account may be fake: When you are checking the things on this list, keep in mind that the last two clues do not necessarily mean that it’s a fake Myfxbook account, unless these things were done intentionally to fool people. Below the strategy settings, is a forward test link. Scammers know very well that people believe what they see. 5 Untold Tricks To Creating Better And Profitable Forex Robots, Expert Advisor Scams and How Forex Traders Can Avoid Them. Your email address will not be published. Clearly understand this: Information contained in this product are not an invitation to trade any specific investments. Rimantas--so all those 60% returns on MyFxBook aren't quite real. However, there is no single evidence to support the claim aside from the statement properly placed on top of the page. However, upon clicking on the link it is noted that the trading closed six months ago- around February. The problem is most people do not like large lot sizes and are basically put off by them. The sales techniques are so overly aggressive that it’s hard to take them seriously. So I have to ask: “Why are they not trading? They do not use real money, and so there is absolutely no risk involved. Or it could be that the account has not been used for months and then the trader starter using a different strategy. Fake/Scammer never update about high risk involved in Forex Trading and never give proper guidance for capital management or risk pattern. The past performance of any trading system or methodology is not necessarily indicative of future results. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Lastly, if gain and absolute gains do not match it could signal fake results. In conclusion, tricksters are always looking for new ways of tricking traders. Don’t trust a non-clickable screenshot of Myfxbook portfolio. Have a Merry Christmas, when you celebrate. 2. So, the question is: why have they not been trading? That’s a good reason to hide their history and lot sizes. You point out possible issues which are easily overlooked without special training :). Even if this trading record was verified, we’re in October, and they stopped trading in January. Next time you land on a site that shows Myfxbook results, make sure there is a clickable link to a real Myfxbook account. Trade it for a month or more, and then attempt to make a withdrawal. For years Forex traders have been relying on Myfxbook to verify trading results of other traders and software sellers. This is because open orders may be pending orders that are yet to be triggered. They have open trades, but they are private. What is the difference between a DEMO account and REAL account in forex? Which cookies and scripts are used and how they impact your visit is specified on the left. I’m sure they are hiding that information for a reason. Let’s look at another example from another website. Don’t trust an account that has been updated recently but trading ended months ago. The broker creates the situation faced by a trader in a demo account to make a trader used to various trading situations. The account is typically populated with digital (fake) currency and operates exactly like the real platform would. Secondly, check if the account has not been updated for a long time. With tools like Photoshop, figures can be easily altered to produce the desired results. However, after verification of the track record and trading privileges, the account does not change to a demo but remains a real account as shown above. But upon clicking on the forward test link, we see the strategy fails to work or it had been stopped several months back. You may change your settings at any time. It might be that the trader could not open a new trading account – for example, Hot Forex has a 5 real trading account … Make sure you look at metrics like “Gain” and “Absolute Gain.” This would not fool everyone, but newbie traders might be misled. On top is the strategy settings of the backtest, while below is the strategy report/results. Lastly, it is important to look at the difference between gains and absolute gains as these two parameters tend to be confusing to most people and may, therefore, be used as a frontier to trick traders. It involves taking a risk with a huge trading size, which covers all the expenses and losses over a period of time – that is, if it succeeds. Another crucial thing to consider is if the information is private or accessible to the public. None of the topics we’re about to discuss are quick fixes, but with the right amount of discipline, your dilemma can be resolved. i guess that's why customers write in and ask why they're not mirroring the EA's advertised returns. When I clicked on it, I came across the following screenshot: As you can see, the sellers of this trading bot promise huge profits in a few months, and claim $20,000 in withdrawals. They show 69% equity; it means the account equity dropped down to 69% which means their open trades are currently down by 31%. This is quite a big problem. The diagram represents a trading account that has not been updated for long. FOREX.com offers a free $50,000 demo forex trading account with no risk and no obligation. But there is no proof of that. How to Identify Forex Scams in 5 Simple Steps, How To Know If a Forex Trading Signal Is a Scam, All About Repainting and Non-Repainting Indicators in Forex, A loss of -$1125.80 dollars that never happened and a story about the demo account that is more stable than a live account. I don’t know whether seasoned traders would take the chance on something like this, but newbies can be fooled. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. As it can be seen, the expert promises huge returns in few months- he made $170,136 from $1,800 to be exact and it only took six months to amass all that money. While it may not be prudent to disqualify the information as false, there are signs that indicate that this information is fabricated. They are much like real outbreaks that are faced while trading. :(, > So those "verified" live accounts on MyFxBook can really be demos. I hope that you’ve found this article helpful and that you’ll join me for the next one where I look at MT4 Expert Advisor Scams. The trading privileges are verified and the account status is real (which is wrong): Myfxbook shows demo account as a real account after a full verification process. We also share information about your use of our site with our trusted social media, advertising and analytics partners. > Thank you, Rimantas, for sharing this important info. It cannot be changed anymore. So, what exactly is a forex demo account? So much for their verification process. With the emergence of fake experts and malicious brokers out to make easier money from them, traders have no alternative but to seek ways of keeping these con men and women at bay. Can we trust Myfxbook after this? Thank you, Rimantas, for sharing this important info. NOTE: These settings will only apply to the browser and device you are currently using. And I cannot change it back to demo; the option is disabled. The image below shows a real myfxbook account: It can be clearly seen that this is a real myfxbook, evidenced by the presence of a link in the URL. The figure represents settings window of a trading account. I wasn’t trying to fool anyone but, when this happened naturally, I understood what “Gain” and “Absolute Gain” mean. Don’t trust an account that has not been updated for a long time. This document does not take into account your own individual financial and personal circumstances. That’s because it recalculated the “Gain” to include the new deposit. Perhaps they started with $10 and got lucky on their first few trades, then risked with large lots. Recommended read: How To Know If a Forex Trading Signal Is a Scam. This Myfxbook bug might be fixed by now, but you never know. Given that FOREX FURY is a scalping EA, you should not expect the same results as the demo account results. You can also subscribe without commenting. The bottom line is that if something private, they are trying to hide something ugly. Even if a tiny detail is hidden while everything else is present, precaution should always be adhered to. They may be hiding their open trades because they are running in loss. Thanks a lot for this video series! (For more information on backtests, see the previous article [LINK].). I did a Google search for trading bots and chose one of the first links that popped up. golly! It might be that the trader could not open a new trading account – for example, Hot Forex has a 5 real trading account limit. You can use them to test out different trading strategies and get a feel of the market. There are various ways of knowing if a myfxbook account is a fake. If you see an account that uses a “Custom Start Date,” this may indicate that the results are fake. Rimantas is automated trading systems expert and is one of the most well-known programmers in the world of Forex with over 20 years of programming experience. The pdf document contains lists of trades allegedly from myfxbook account. > I haven't used their autotrade systems, so honestly I cannot comment on this. The investor further asserts that he withdrew $20,000 in profit to his personal bank account. In the screenshot below, you can see that they stopped all trades in April and their account was last updated in May; in other words, all the trades were closed one month later. It should, therefore, be noted that any strategy result with its subsequent strategy settings on top of it on myfxbook is an uploaded backtest. All purchasers of products referenced at this site are encouraged to consult with a licensed representative of their choice regarding any particular trade or trading strategy. I do not want to fool anyone, I wrote into the “Comments” field that this is a demo account. This is how people are fooled into thinking they are inside Myfxbook. A lot of information has been hidden: the balance, equity, lots, profits and so forth. Neither us, nor our affiliates or associates involved in the production and maintenance of these products or this site, is a registered Broker/Dealer or Investment Advisor in any State or Federally-sanctioned jurisdiction. Invest in Spot Forex and CFDs on Deriv MT5. We are committed to the fair handling of reviews and posts regardless of such relations. Even if the list was verified and obtained from myfxbook account, the last trades were done in January 2016. Do not act on this without advice from your investment professional, who will verify what is suitable for your particular needs & circumstances. Thirdly, check if the track record and trading privileges are verified. However, when the settings window of the same account is opened, it becomes clear that the account is a demo. Best ways to check if a myfxbook account is a fake: Recommended read: How to Identify Forex Scams in 5 Simple Steps. Fabricated results are altered to showcase positive results while neglecting undesired outcomes and are, therefore, rarely up-to-date. On the other hand, real money accounts allow you to really participate in the Forex market. Imagine what a monthly 1,200% profit can do for you even if you started with a $1,000 investment! In simple terms, a demo trading account allows traders to trade fake money by mimicking live forex prices. Backtests, on the other hand, are created using a history of prices over a period of time. Required fields are marked *, You may use these HTML tags and attributes:
, By using this form you agree with the storage and handling of your data by this website. Scammers might grow a small account by 1000% and then deposit extra $10,000 USD to make it look like all the profits were gained on a big trading account. Here’s an example from my Myfxbook account. The website has its trading report and its subsequent link to the myfxbook account, which is a good sign. Maybe they’ve had only 11.6% growth and changed the numbers. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. This article will not delve much into how backtests are created – for more information on backtests visit www.mt4backtest.com. So much for their verification process. Traders, especially those are planning to enter the forex market, turn to demo account trading to get a feel of the market and the real world trading environment. In conclusion, tricksters are always looking for new ways of tricking traders. The high degree of leverage can work against you as well as for you. Next to the backtest, there is often a forward test. The issue of private non-accessible information is perfectly highlighted by this account: Myfxbook account shows impossible gain with most of the stats set to private and hidden. The open trades were then subsequently set to private. So, the last trade closed six months ago, the account was last updated four months ago and the open trades are not present for public scrutiny. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. However, there are so many ways to trick the system these days that this verification platform cannot be trusted all the time. My “Gain” stayed the same because it was real – I started with $100 and I doubled it. That is your decision. That doesn't provoke a warm and fuzzy feeling of confidence in MyFxBook. Of course, this is not visible to the public so it will look like a real account on Myfxbook. It is connected to the FxOpen demo server. For instance, the presence of extra text on the image from myfxbook account clearly indicates this. And since they are designed in a way that they can be triggered after several hours or even days, chances of being copied is very high if they are left open for public viewing. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. For those who might not know, forex demo accounts are training accounts that you can make and practice trading. Thnk u very mch Rimantas for dis clear reveals of Myfxbook hidden thngs,u really doin a gud job sir mch appreciation to u. Further scrutiny of the account shows that the equity is around 69%, which means that the equity fell down to 69% or the account lost approximately 31% of its money. we will keep them under check week by week and month by month this accounts will not only give confidence to our traders but will also bring more transparency, strength to our performance If the account is personal and only used to check trading strategies at a personalized level, then the strategies do not need verification. One of the various methods they use is the creation of fake myfxbook accounts to convince people into buying their strategies. But if the sellers keep their history and lots private, they can trick people. About forex demo accounts. But when you look at the history of the trades, they end in April, and the account was last updated on May, a month later after all trades were closed. Today, we will be discussing fake Myfxbook accounts scam. The backtest feature on myfxbook, however, is a great feature as it enables users to know if strategies are viable based on past trading history. Backtests results should never be taken seriously because the process of creating them is rarely in the public knowledge and also because they can be easily fabricated compared to live trading. They also show a list of profitable trades. This is how people can trick others into thinking that they have excellent trading results. Let us take a look at another example where the tricks become more sophisticated: The diagram represents a trading account with a fake verified myfxbook account. This article is dedicated to revealing how myfxbook accounts are faked. Unfortunately, sellers of trading tools devise all kinds of tricks to outsmart beginners; even experienced traders are fooled sometimes. It is intended for educational purposes only and NOT as individual investment advice. I have created two of the most popular trade copiers and other trading tools for MT4 that are already used world wide by hundreds of currency traders. I know that many of you believe that if a trading strategy or bot is verified by Myfxbook and shows an upward equity curve, good percentage, and profits, then it must be the “real deal.” You may even think that you’ve found the Holy Grail and that you’ll be rich next month. Notice the two red X’s at the top. Consider the screenshot above. If people saw huge lot sizes, they would know that it’s foolish to use this strategy. Regardless of what the story is, I would treat this as very suspicious. If you see a nice strategy on Myfxbook, check if it’s an uploaded backtest or a live strategy. Myfxbook accounts with private non-accessible information should be avoided at all cost. FOREX FURY is a scalping EA. So this is how they do it... Moderators if you have a problem with me posting this please don't suspend me as it's not against the rules to post … The only way to survive the massive equity drops that you see in the above screenshot is bigger lot sizes, for example, if you go into a drawdown and have one last lucky try. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. The third option would be to use trading engines or tools that will prove the viability of trading strategies. ok, so now myfxbook can also be not real if they show it. Now, it shows an “Absolute Gain” of 59%. What is shown is a huge, impossible gain of more than 53,000%, with a monthly average of 1200% in profit gains. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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