Forex not so Peaceful Army Revealed.

[andyfx]

Please be aware that there are more scams in forex than there are traders. I think this may be because all those washed up failed traders then take it upon themselves to extract money from new traders in order to make a living.
Hope they sleep well at night (if not with one eye open).

I have started this thread because it was mentioned that the forexpeacearmy website was a usefull resource. Well that could not be
further from the truth. They are the biggest scammers out there, one of them is currently in prison for fraud and deception. And they do all this under the cover of a anti-scam website.

Please if you are new to trading do not believe ANY of the reviews on this site or any other that Felix Homogratus is associated with, i.e forexbastards felixbastards

If you are thinking of purchasing a system from one of these sites please watch the following.

[JonnyFX]

Originally Posted by andyfx

Please be aware that there are more scams in forex than there are traders. I think this may be because all those washed up failed traders then take it upon themselves to extract money from new traders in order to make a living.
Hope they sleep well at night (if not with one eye open).

I have started this thread because it was mentioned that the forexpeacearmy.com website was a usefull resource. Well that could not be
further from the truth. They are the biggest scammers out there, one of them is currently in prison for fraud and deception. And they do all this under the cover of a anti-scam website.

Please if you are new to trading do not believe ANY of the reviews on this site or any other that Felix Homogratus is associated with, i.e forexbastards.com felixbastards.com

If you are thinking of purchasing a system from one of these sites please watch the following.

YouTube - Forex Scams - forexbastards.com

YouTube - Comments from a Trader to FelixBastards Commercial

ForexBastard is a scum. He trashes legitimate firms and services while rating his own signal service high. He lives off of affiliate income and by shrilling off his worthless drivel to people who love his misery. Only failed traders and failures find his garbage of any value. I fail to understand why some people with such low status mindset wanting to get into FX or investment in general. I fail to understand it. If newbies want genuine advice; start by reading at least 10 books written by professionals on the matter. Amazon.com is a great resource in finding those books. Googling firm ratings or rummaging through ForexBastards is not the answer to a damn thing. And another thing, conspiracy theories are always spun by the misinformed.

[Andrewunknown]

Originally Posted by andyfx

I have started this thread because it was mentioned that the forexpeacearmy.com website was a usefull resource.

The site was mentioned, but not really as a useful resource. In any case, it's certainly not a bad idea to share the other side of the story to counterweight the hero worship you'll find elsewhere concerning Felix. Those who are new need not be caught unaware.

[TexasTrades]

What an entangled web these scam sites weave for us newbies to cough up our hard earned cash! I found a site that detailed the forex peace army scam and am inclined to believe it! I haven't done this yet but Vince Rowe has this deal called "8 pages of free resources" that he offers free for the asking to anyone that asks by just putting "8 pages of free resources" in the subject line in an email to vrowe@tradingacademy.com . I really need to send an email and see what he has there, I think I'll do that now!!!

Be careful of the hype and remember you need to do a plan and treat this like a business , not a laptop "one armed bandit" ha ha. I've been learning and earning but every pip must be earned the hard way with intestinal fortatude ! Yes , it's not trading made easy, not in this "shark infested" trading venue! You MUST WORK YOUR TRADING PLAN and take enough time to do your set-ups with historic data as a guide to how different scenerios usually play out putting High probability on your side and practicing good money management! You should probably get to know the item you are trading like a brother. Learn what times of day it makes predictable moves like the AUD at 7PM tends to change directions or continue a strong trending move. Just little things you can pick out if you play around with some back data. Watch how price shoots up from support and down from resistance then goes back for more only to shoot away again.

Watch how the "breakouts" will "headfake" you and turn back the otherway. Set your stops with room to breathe but not so much room that your risk/reward is so out of balance that you blow out your account. Like Vince always jokes about, trading is easy, it's making a consistent profit that is hard.

Get to know your trading platform!!! Can you execute any order on a dime? Or do you fumble along looking for the right tab in the software losing precious seconds??? Can you quickly execute a complicated trade with quick precision? What is your backup plan? What if your computer blacks out, do you have the speed dial set to your broker or have a backup computer running along with your main one? What about your connection? I went to do a set up just the other day and had no internet!!! No kidding!!!

AT&T must have had a blip at 230 AM when I was online! Did I have a wireless provider as a backup? NO! What did I learn? I'm not prepared to trade big money is what I learned until I get all my backups in place! What about a power outage? What about Murphy? He lives in my house and I bet his cousin lives in yours! So is trading easy? It depends on you really, I love trading win or lose, it's like war planning. You set your plan , set your backup plan, and your "backup backup" plan (or plan C) then you execute with lightning precision! When you win with consistency , you can call yourself a real trader.

I guess I should also say this, I listen to "Biz Radio" bizradio.com at work (This is the job I am trying to replace with full time trading ) and Vince Rowe does an amazing radio show there every weekday from 11AM - 12Noon and He really goes on these rants almost daily about all those "traps" or "scams" out there that traders get snared by. This guy is a true educator and is so darn smart about anything related to trading. He has a "Team" of educators/traders in his school who all have their own trading styles and approaches. Vince always harps on how everyone is different and one trading plan doesn't fit all. Some people love to do 100's of trades a day for a few pips each while others only want to swing trade on long term trades. Others may trade once per day. So you see, everyone likes to trade like they like their coffee (I like mine black and strong w/ no cream or sugar thank you.)

Me, I like to try many different things and see what works best. I tend to "fiddle" with things even when it's all doing good, I am always trying to learn more and fine tune stuff so when I make a bad decision and take a hit, I am not bothered but take it as a price paid for "Real world" experience. For instance, I was making good money on news spikes but wanted to get in earlier. I noticed that the "expected" outcome of an upcoming news event seemed to always be right so instead of waiting for the move, I got in a half hour early based on it being right.

The news was May 7 , 2008 at 9:30PM EST. The AUD Employment change was predicted to be 10.2K which would be down from the previous period. I shorted 3 minis thinking it would go down but instead the figure came out at 25.4K and that beast shot up like a rocket!!! I watched my position go to -150 dollars in like 2 seconds and hit the "close trade" button! I was amazed at the speed it took off at! And to think most of that was probably bracketed trades done on algorythoms! Within a short time the trade came almost back to where it started! I then knew I should have simply took a short position at the head of the spike for 3 more and cash out after it came back down! Or just wait for the original trade to come back down and get out with a small loss. The funny thing was how the spike went up and down all at once (I'm referring to the bottom shadow of the candle wick here). If you had took a long position with a tight stop , you would have gotten stopped out in a millisecond ha ha.



Take Care and Happy Trading! ~ Bruce

[abner]

one thing to remember when going with a system, the simplest is most often the best.

1455 days to retirerment

abner

[4xStar]

Originally Posted by Andrewunknown

The site was mentioned, but not really as a useful resource. In any case, it's certainly not a bad idea to share the other side of the story to counterweight the hero worship you'll find elsewhere concerning Felix. Those who are new need not be caught unaware.

re forexpeacearmy, I do not see why people call it a scam since most of the information there is free. Yes it is agendized and they try to promote their own services, but everyone does that.
I subscribe to the daily news summary by Sir Pipsalot & Crazy Kat, which is FREE and includes a daily video analysis of upcoming news for the day that can affect movement in the pairs. I am learning a LOT from these videos, they give excellent explanations of news events and how & why they affect currency movements, a rather complex subject. At the end of each video is a 30 second ad for their news trading service, but after 10 minutes of good information, who minds the ad??

Bottom line, they offer a lot of free information, so I would definitely not put them in the scam category. Whether or not their paid services are useful, I can't say as I have not subscribed to any of them.

[BrianSNJ]

Originally Posted by 4xStar

re forexpeacearmy, I do not see why people call it a scam since most of the information there is free. Yes it is agendized and they try to promote their own services, but everyone does that.

Yes and No. One thing I learned in business seminars specializing in training you to recognize scams is that most often, the free and helpful type systems are typically the scammers, even though it seems contrary to logic. lol

That said, I do not have an opinion about forexpeacearmy. For now I will reserve my judgment and I take/utilize the information I gain from there but do not take it too seriously. I also watch their videos and have learned a lot from them. I dare not trade it yet as I am still not confident with news trading..

It does trouble me that they are always pushing product. One trick in business is to give away free stuff and to offer free seminars or training. This makes you look authoritative, knowledgeable, legitimate and instantly makes you the 'leader'. Now some attendees will just automatically listen to you and allow you to 'steer' them. And that equals profit and word of mouth publicity.

Here is another example of a forexpeacearmy product push maybe/maybe not disguised as a legitimate issue -(please note I broke the link with spaces because I do not wish to promote the site or offend any staff here at Babypips) http://w w w .forexpeacearmy.com/forex-forum/general-forex-talk/2284-our-forex-trader-made-250-000-broker-banned-him.html

The old story of the underdog fighting for his slice of the pie against the big bad corporate brokers!!! Sounds like a dime novel detective story. lol Personally, it seems to me like they are promoting bad behavior that possibly is not fair. Maybe illegal because it is improper manipulation of a market? I don't know. Basically, they preach get ahead by cheating in this article.

Right or wrong, that certainly is NOT the smart way to trade any market IMO. In the long run, your skills do not develop. So instead of learning to fish, you are dependent upon someone giving you a fish each day.

Again, for fairness, I am not judging, saying good or bad about FPA. I am just offering observation.

PS - babypips rules. Babypips, will you marry me? lol

[forexprodian]

I was fooled to use their signals, lost all my money after following their signals, and when i returned to them for help, they offered to get me my money back from the broker using their own way. the price was half the money. I was stupid enough to accept that as i was hopeless after my big loss.

I have been dragged to a fight between ForexPeaceArmy and the broker. FPA asked me to post that the broker has scammed me on many blogs and forums. They also asked me to send an email to the broker many times every day claiming that i was scammed.

In the middle of the battle, Felix called me asking for 2000$ up front to continue the fight, and threatened me to let me down with the broker if I refused.

At this moment, i discovered how stupid I was, and pulled out.
FPA showed no responisbilty what so ever for the fact that their signal was the reason for the loss in the first place.

Using unethical methods to blackmeil the broker to cover the loss never felt the right thing to do for me, and I really regret it. I have given up the case and told the broker all about what happened. To my surprise, they thanked me and rewarded me for honosty with a little deposit that I'm using now to trade, without the fake signals from FPA (Rob Grespit's) of course.

I know many brokers are bad, but FPA is the worst thing on the forex market, watch out for these unhonost people.

I was googling for forexpeacearmy and found this blog that tell many stories about the forex market and FPA

[tonymand]

Originally Posted by 4xStar

Bottom line, they offer a lot of free information, so I would definitely not put them in the scam category. Whether or not their paid services are useful, I can't say as I have not subscribed to any of them.

Well I have been in the forexdiamonds room for close on 2 years. I mainly use it as the fastest way of getting the news on release at by far the cheapest price and use it to adjust open positions rather than trade the news per se. There is no way this can be faked, scammed or anything else. Its a good and reliable service. People throw these scam accusations around without much thought

[tonymand]

Originally Posted by forexprodian

I was fooled to use their signals, lost all my money after following their signals, and when i returned to them for help, they offered to get me my money back from the broker using their own way. the price was half the money. I was stupid enough to accept that as i was hopeless after my big loss.

I have been dragged to a fight between ForexPeaceArmy and the broker. FPA asked me to post that the broker has scammed me on many blogs and forums. They also asked me to send an email to the broker many times every day claiming that i was scammed.

In the middle of the battle, Felix called me asking for 2000$ up front to continue the fight, and threatened me to let me down with the broker if I refused.

At this moment, i discovered how stupid I was, and pulled out.
FPA showed no responisbilty what so ever for the fact that their signal was the reason for the loss in the first place.

Using unethical methods to blackmeil the broker to cover the loss never felt the right thing to do for me, and I really regret it. I have given up the case and told the broker all about what happened. To my surprise, they thanked me and rewarded me for honosty with a little deposit that I'm using now to trade, without the fake signals from FPA (Rob Grespit's) of course.

I know many brokers are bad, but FPA is the worst thing on the forex market, watch out for these unhonost people.

I was googling for forexpeacearmy and found this blog that tell many stories about the forex market and FPA

Forexpeacearmy’s Weblog

No, you did this to yourself by getting into something illegal and frankly you were extremely naive when you 'lost all my money using their signals'. I think many people are in your position and think that there is some sort of free lunch here. Just think how impossible it really is to have signals that would outdo the professionals and for them to be given away free. How many flying pigs have you seen? Hopefully you can turn your losses into an important, if painful, lesson about trading. Most fail, there are no holy grails and you have to test everything you see. Read extensively on chance, probability and risk and you begin to see what a challenge this is