Forex Factory claims to be making 3,000 pips almost every month with their EAs. Then they say to get access to them you have to pay $12 a month to help cover the fees for the site. But why would they care about your $12 if they are each making $30,000? Does anyone know if these are legitimate?
that is a good point !
there might be 2 situations:
- they do make the 3000 pips but they still want something for their system. a sort of recognition in the form of money
- it is a scam
if i were to have such a system, and would sell it, i also would require a modest sum for it. i mean, i made it, i make a lot of money from the system, you can too, and will, so the least you could do is pay a modest sum for the site maintanance so that i don’t have to pay that from my own pocket. i have to get something, not only give.
Forex Factory is a shady business, they appear all nice and friendly but they are dirty. They advertise anybody who is willign to pay them $6k per month, even the scammiest broker on earth. They claim to be there to help newbies but they advertise scams to new traders. That is just wrong if they had any integrity they would only advertise legitimate Forex businesses. I can set up a scammy broker in under two weeks. A broker that has strict rules in the fine print that nobody reads. Something like ‘If you scalp all your profits are forfeit’ and then after 3 months when I have 200 clients each with $5k accounts on averge I can pack up and run. To advertise this scammy broker If I have $6k I can hand it over to FF and they will put me up no questions asked. I say a company which does that is not a good company.
Also I have been hearing a lot of rumors that the guys that make a lot of post on FF are being paid. This is not exactly wrong but it is amusing people like NewstraderFX who posts his thoughts on fundamentals have to be paid to post on FF.
I cannot backup groovenators advise, but he does raise a good point. Some people think that the best way to make money on the forex is to sell your system to someone else. After trading with several systems, some I paid for, some I got for free and some I made up. I have found out that winning 70% of the time is easy its making money that is the hard part. I have had months where I win 85% of my trades but still end up losing money. Of course I have been fixing this problem. Becareful about these systems that claim to make x amount of pips a month. Because money management is the important not the system. That is why I opened the thread “lets do an experiment.”