I get emotional when i see people Tag FOREX trading as a fraud or scam

These same people who willingly participate in ponzi schemes, people who save their money in banks only for banks to trade their money on the same scam market and give them peanuts in return.

Even the management of this forum has banned it. (To protect people from scams, maybe). Because of the bad reputation it has built.

But do you know people call the stock market a scam too. Do you know people even call some real estate deals scams?

Why? Because they failed in the venture.

I will use this thread to debunk the "mystery" of forex trading.

I will educate any who wants to be educated.

I will show you real traders, verified real accounts and I will approach them to participate in this thread. (At least 50 traders).

I will expose the politics of the markets. The scammer of the business (brokers, marketers, teachers) and how they work hand in hand. When you know them you'll laugh anytime you spot them.

I am typing this in anger and resolve. The problem of this business is the real people in it don't have time or make effort to defend the business because it takes them out of their comfort zone.

But this has to stop

To the moderators. I know you guys will be trigger happy to ban me. Consider my age on this forum. Consider my topics, consider my posts.

I have never sold any ebook or tutorial on this topic or even promoted it in anyway.

And to prove I'm not playing games. I will give you access to my live account and any other info you want.(The moderators only)

Whatever i do here is for educational purposes. I will tag a number of relevant names I feel can be of help to this thread because I cannot do this on my own.

Any promotional post should be banned.

You will never see FOREX trading the same when I start.

If this thread is not banned or blocked. I will go on.

Cheers

The Mods:
Puskin
FOD
Naijacutee
Dominique
seun

Seated

nice one OP....I am with you

at op no need for this topic


they call it a scam, so?

whats my biz. if it puts food on my table why should i open a thread to debunk it

NonFarmPayrol:
at op no need for this topic


they call it a scam, so?

whats my biz. if it puts food on my table why should i open a thread to debunk it

It's this mentality you have that has allowed the good name of FX rot.

You are selfish. I am selfish for keeping info to ourselves.

Now, every quack is a guru. Every yahoo boy and drop out pastor comes out to preach on radio about making millions in FOREX.

If there's wrong in the world you either suffer in it or be an agent of change. If I don't change this. Someone close to me might fall for the scams everywhere.

dowjones:


It's this mentality you have that has allowed the good name of FX rot.

You are selfish. I am selfish for keeping info to ourselves.

Now, every quack is a guru. Every yahoo boy and drop out pastor comes out to preach on radio about making millions in FOREX.

If there's wrong in the world you either suffer in it or be an agent of change. If I don't change this. Someone close to me might fall for the scams everywhere.

unless you live on the moon , you will know forex preachers ran out of biz after 2012

forex seminarians have gone into other biz

only the real traders are doing their things codedly

when last did you see any forex radio advert compared to 2009-2011 when it was wild fire

NonFarmPayrol:


unless you live on the moon , you will know forex preachers ran out of biz after 2012

forex seminarians have gone into other biz

only the real traders are doing their things codedly

when last did you see any forex radio advert compared to 2009-2011 when it was wild fire

You're correct. however, this thread is register the truth of FX on this forum. for the sake of those that will google FX trading. because all they will see is SCAM SCAM SCAM. FX trading should have a fighting chance. thats the whole point.

Have patience and see where i'm going with this

I will try to make my contribution as brief as possible. because most people on the forum avoid reading. so i will try to be brief and cust out as much as possible.

contents of this thread in three parts. I will update this thread as my free time permits.

​Part 1: Exposing the scammers
> How to spot a fake Broker, Marketer and Teacher
> How to spot a fake statement or an account that will blow up very soon
> Recognizing the real deals.

Part 2: FOREX trading is not for everyone
>Here's how to know if you've failed even before you've started

Part 3: Making money in the FOREX market
> Links Real accounts making money
>Real people making money (just a few links, videos and social accounts)
>how you can make money from FOREX trading.

am interested, if you are ready to tackle the basic bc fx trading is for the selected few.

OP carry on, may be I can add to my knowledge.

Part 1: EXPOSING THE SCAMMERS

SPOTTING A FAKE BROKER

There are different types of FX brokers; STP, NDD, ECN and market makers

To save time I'll talk about the best and the worst.

The best type of brokers are the

>ECN brokers (Electronic Communication Network):
The ECN technology matches buyers and sellers directly so prices isn't fixed but is determined by offers by both parties. This is the height of transparency

So the broker provides technology that only links you the trader to other traders in the liquidity pool and they get a commission from it. Shikena!

They provide technology and customer service and their liquidity supplier takes care of profits and losses from traders.

(I will explain who these illuminati liquidity providers are much later but they are the ones that make things work)

The worst kind of brokers are :

MARKET MAKERS:
Even the name sounds suspicious. Rather than link you up to the multi-trillion dollar liquidity exchange. Market makers put funds in an account and that fund (their market) serves as the "exchange".
What this means is if you lose a trade, that account gets bigger and if you win a trade, well, you just Collected their money. So imagine what they'll do to you if you were a consistent winner! You are finished!
Market makers are like casinos or sport bet companies. You are playing against them. Because they believe the odds must be against you. So if you break away from the flock and become successful they will mark you.
Now this is the job of the DEALING DESK!
THE DEALING DESK are like village witches gathering around your picture discussing on how to Bleep you up.
That's why you hear brokers saying they are NDD (NO DEALING DESK)

Now how do we know if a broker is truly an ECN with NDD or just a market maker out to steal, kill and destroy?

Note:
ECN BROKERS make money from commissions and spread differences

MARKET MAKERS make money from commissions, spreads and your losses (greed!)

Next post

...SPOTTING A FAKE BROKER

How do we now know a true ECN or MARKET MAKER?

Truth is, you cannot know because they operate the same.
The same trading platform, identical technology etc.

The only saving grace and protector of traders is the REGULATORY AGENCIES.

Every country has a regulatory agency, so why then does this matter? It matters O.

The regulatory bodies of several countries have very LIMITED REGULATORY COVERAGE in the FX market and its operators.

So even if a broker might claim he is regulated, he has several LEGAL LOOPHOLES that will get him off the hook when he steals your money. Simply put, you cannot win them on court. It's all in the fine print.

It's like the Nigerian constitution. It was designed to aid corruption not fight it.

Now imagine the SEC in Nigeria trying to regulate the FX market and activities. Now who's the chairman of the stock market? aliko dangote! The president of the SEC should be one shody politician too.

All it takes is for a bribe and phone call to throw your file into the dustbin when there's a problem. I am a living witness to this injustice.

So how do we know which regulatory body to pick. Since we now know they're the defenders of the trader universe.

Next post

Many forex traders who claim to be scammed do not know half of the things I've mentioned.

And the sad thing is, most dont want to know.

I met a clown who was nagging on how forex is a scam and I showed him my live account. He was excited and started asking me questions.

Before I finished the second paragraph of my system's strategy this slowpoke laughed and said "too much brouhaha". Note this is loser who had lost money and was saying sport bet was the way for him.

I will touch this on the mindset of a loser later

...SPOTTING A FAKE BROKER

It's all in the regulation

Use this page to filter out the broker for you. From what you've read you should be able to pick out good brokers

http://www.myfxbook.com/forex-brokers

To save time. I'll cut the chase.

I will recommend brokers from only 2 regulators/counties

FCA - United Kingdom
FINMA - Switzerland

If you love your funds and your overall health. Use only ECN brokers regulated in these 2 countries.

These countries export financial services. They set the benchmark for financial conduct.
They penalize forex brokers and sieze licenses like it's a game.

In these countries financial institutions operate with respect!

Forget Cyprus, Mauritius, Cayman Islands, Malta, news Zealand and any other tax haven most brokers operate from

Canada and the US brokers are good but their laws are not favourable to most traders.

You might say "my broker is from Cyprus and i've not had any problems"

I was like you. Many years ago, I used a Cyprus broker called prime4x. They are closed now.

I joined this broker for newbie reason. They gave 100% deposit bonus and they had FIXED SPREADS...yummy!

But one morning I woke up to hear their office had been raided by interpol and it was a subsidiary of the Russian mafia and linked to many online casinos and money laundering rackets.

Cut the long story short..my money was gone in a flash.

And what did the CySEC do? Nothing! Because the broker didn't keep traders funds in a separate account. Everybody's money was in one account and it was frozen. Bye bye to months of handwork.

In the UK and Swiss you cannot operate a brokerage without a segregated account. And every source of deposit is audited regularly

I recommend these brokers

LMAX: they are an institutional broker. Minimum deposit of $10,000. These guys provide liquidity to other brokers.

Darwinex: they promote performance not profit which is the cornerstone to any good trading and every month,They share 4 million euros to the top 20 traders.

Dukascopy: they are a Swiss broker. Swiss broker operate Swiss Bank licenses. Meaning you automatically create a Swiss Bank account with these guys. When they call. They use hidden numbers because it's the Swiss account parole. See effizy!

Any other broker promising you leverage of 1:2000, or 100 percent bonus or other rubbish is fake and if you are unlucky or profitable, will suffer when they're fed up of you.

Including the ones in Nigeria saying you can deposit in naira. They're all Thieves waiting for you to step on their toes.

Note: there are many other excerpt brokers. The ones listed are ones I can vouch for because I have used two of them and friend uses one. You can recommend yours

Next: SPOTTING FAKE MARKETERS AND GURUS

dowjones nice job, i really apprecipate ur effort, though i personally use EXNESS a market maker broker though they are honest and truthful i read where they acquire an FCA license ....i cant really say.

wamiikechukwu:
dowjones nice job, i really apprecipate ur effort, though i personally use EXNESS a market maker broker though they are honest and truthful i read where they acquire an FCA license ....i cant really say.

Exness is a good broker (so far). Infact I knew when they started, they were the first broker to use 1:1000 leverage.

Their ECN account has the best spreads. Infact it's unbelievably low. I trade only GBPNZD so I know when a spread is low

But it's a Russian broker. So Use them until you upgrade to big amounts of money. So you can sleep well at night.

Remember Alpari was good until their UK license was ceased. (please look at all the funny countries alpari has offices in to understand what i mean)

Now they do not have a UK license but still claim they are FCA regulated. They might be right because as long as UK is still in the EU, there are technicalities for becoming FCA verified but not regulated. (FCA can aknowledge you for the sake of fthe EU but cannot regulate your activites please research on this)

Exness is good. But once your coast is larger. Go to where the big boys play

SPOTTING FAKE MARKETERS AND GURUS

Do you know why there was so much buzz about FX trading? because everything about FOREX involves alot of money.

those bloggers out there, the CPC for keywords regarding "trading" is as high as $33.3 per click !

and that pennies

the real money isnt from clicks on ADs its from the unlimited residual income a blogger can get from one click of an AD banner that leads to a live account. Because for every account opened the blogger keeps making money as long as the trader keeps trading.

For the Seminar boys and Gurus they are simply introducing brokers the goal of the introducing broker is to bring clients to the real broker and as long as that account is active, that introducing broker gets a commission for every trade that trader places. that is passive income.

So all they do is come to radio. claim they have made millions and they can teach you everything you need to know in one afternoon in a fast food restaurant but make sure you open a live account for their support.

All those forex gurus and teachers are either selling land, preaching about crypocurrency, making soap and paint or just in full fledged yahoo plus now.

knowing them is simple you'll see how on the next post

SPOTTING FAKE MARKETERS AND GURUS

If you want to know if a Forex guru is for real or Fake , tell him to produce a live account history of at least 3 months.

99.9% WILL NEVER PRODUCE THIS ! NEVER !

The slick ones will attempt to provide another person's account,

and thats why we have a website called myfxbook this site allows Forex trader publish their trades in real time and even share their signals. and the site has a way of verifying if the account is yours and if the history is valid.

If a Teacher, Marketer or anyone cannot provide at least 3 months of trading on this site or any other publishing site. Forget him

Do not fall for screenshots. Do not fall for account statements in HTML files that open in browsers all these can be altered.

Same goes for sellers of expert advisers (robots) and indicators. Ask them for a live account where their product has been used and you need live published accounts.

If you don't ask for this and you get scammed, don't cry fowl cos you're a maga and you deserve to be scammed

NEXT; How can we spot a poorly traded account or an account that will not last? Next post (i'm slowly going into FX trading proper)

​Here's what a scam forex millionaire looks like.

Sandile shezi

This baby faced clown claims to be the youngest millionaire in South Africa and claims he made his wealth through forex trading and is giving free forex seminars (one day seminars) like in this video and many others;

https://www.youtube.com/watch?v=kUEzpWIG3NA

In his seminars he gives out free books but at the end doesn't really teach anything but tells people that they can leave their 9-5 jobs and be like him. (watch his interviews and notice how slick he is)

at the end of the few hours of "training" he will make attendees open a live accounts (not demo) with his broker ACM gold and opening this account will allow you get his strategy for free. but of course, you will have to fund this account to make any money. (this is how this idiot makes his money. Comissions from live account trades)

http://www.news24.com/SouthAfrica/News/SAs-youngest-self-made-millionaire-and-the-R30m-account-mystery-20150909

>the link above shows the 30 million rand account he claimed was his wasnt his
>His preferred broker ACM gold (a grade C market maker) was under investigation when the article was written and they migrated to Nigeria (of course) and to ghana.
>the broker closed the ghana office and told ghanians to deal with the nigerian office. after which they seized funds from ghanian traders.
>they have poor reviews on every reveiw site.
and yes. they are a south african broker. Imagine, south africa and yeah. this idiot claims he used his school fees as trading capital so how did his account get to 30 million rand if the broker came online 2007?

this guy has NEVER given a youtube lesson or insight on trading ALL HE TALKS ABOUT IS HOW HE CAME FROM POOR TO RICH because he is a scammer

just an example of a quack. you will see what real traders look like in later posts.
Goodnight

dukascopy any day anytime

op you carry on
saying it the way it is

I was banned by the anti-spam bot after I posted my last post.

Infact I've been ban by that bot several times without breaking any rules.

I'll continue tomorrow

dowjones sorry eyah, take heart, that's how they are program to do.

OP, well done. I'm enjoying your posts.

dowjones:


It's this mentality you have that has allowed the good name of FX rot.

You are selfish. I am selfish for keeping info to ourselves.

Now, every quack is a guru. Every yahoo boy and drop out pastor comes out to preach on radio about making millions in FOREX.

If there's wrong in the world you either suffer in it or be an agent of change. If I don't change this. Someone close to me might fall for the scams everywhere.

@ dropout Pastor

Good job!

dowjones:
I recommend these brokers



Dukascopy: they are a Swiss broker. Swiss broker operate Swiss Bank licenses. Meaning you automatically create a Swiss Bank account with these guys. When they call. They use hidden numbers because it's the Swiss account parole.

Next: SPOTTING FAKE MARKETERS AND GURUS

Dukascopy no longer accepts clients from Nigeria. You ought to have received a mail from them about 5 weeks ago to this effect.

meshpips:


Dukascopy no longer accepts clients from Nigeria. You ought to have received a mail from them about 5 weeks ago to this effect.

I must have but I don't trade with them.

I use Darwinex

How can we spot a poorly traded account or an account that will not last

Next Post: I will show you some examples of some bad account statements and how to filter them.

It is not enough to see an account with a large returns and be satisfied. The “guru” might be aware of your ignorance and provide a white lie to deceive you into a scam.

Lets assume a marketer or Guru provides a “verified” statement of result. How do you know the account is on the path of ruin? How can you tell the account will wipe out in a matter of weeks or at best, months.

Here are the factors to consider when looking at a statement. especially one from m-y-f-x-b-o-o-k (remove the dashes). Lets not forget, never consider a screenshot as a statement.

1) The age of the account
2) The Risk used on the account
3) The kind of strategy used
4) other factors (broker, reviews)

The age of the account:
It is a general belief that the older an account, the better it is. Any account with less than 3 months of activity shouldn't be taken serious. Anything less than that should be considered as fluke or luck. This is why statement publishing sites have the “watch” or “Follow” feature that enables you follow an account's progress till it enters maturity.

The risk used on the account
You can determine how risky you want forex to be. Traders that apply too much risk by taking over-leveraged trades stand a higher chance of losing all their money.

A major determinant of how much risk a trader is using is the “DRAWDOWN” indicator on statements.

Avoid accounts with a drawdown more than 50%. in layman terms, drawdown is the reduction of an account's balance after a series of losses. In other words, 50% was the lowest the account's equity dropped to in its lifetime.

Any account with a drawdown higher than 50% is an indication, the trader might be a reckless gambler and should be avoided.

MANY NIGERIAN TRADERS OVER-LEVERAGE THEIR TRADES. THEY DONT EVEN KNOW THE CONCEPT OF PROPER LEVERAGE (this is a topic for another time)

The Kind of strategy used
To make money trading forex you need a proven strategy, however, some strategies have been proven to wipe accounts over a period of time.

One of such notorious strategies, is the MARTINGALE strategy.

This strategy involves taking larger trades in a losing position hoping the market will reverse and turn in profit. Most times, the market reverses slightly, but when it doesnt, the account is wiped out and in a best case scenario, all your years of profits wiped out in a few hours or days.

You can tell a martingale strategy is used from the trade history and the equity curve.

Other Factors
There are other factors left to your discretion (common sense and logic) that will make you decide if investing with a trader is a good or bad idea.

Personally, I look at several factors like the broker (Russian brokers are known to allow scammers use their servers for runs)
I consider the reviews (if available). The reviews say a lot about the real life experiences of dealing with that trader.
And many other things only your guts will tell you.

following, wamiikechukwu ma boss I can see you, your boy dey loyal to your interim government...