MQL5 and Myfxbook are scams

https://www.mql5.com/en/signals/267746

Artificial Intelligence Forex EA V.3.8 System by aiforexea | Myfxbook

Yeah, right

SCAM!

I tend to agree with you, but it takes a pretty broad and loose definition of the term “scam” to include things like this.

They are what they are: it’s “what they are” that’s the problem.

At sites like that, people can make some money by listing trades with highly dangerous systems which are overwhelmingly likely in the short term to “show” huge profits, and which inevitably crash and burn at some later stage, after the customers have been attracted.

These situations arise because both the vendors and the sites themselved have a financial incentive to promote their “wares” in these ways.

The “top-ranked” system-sellers at sites of this kind [I]always[/I] crash and burn, at some unspecified future point, because their methods are based on profit-maximisation at the expense of sensible risk management, and all such trading methods have a (variable but) limited lifespan.

Meanwhile gullible, inexperienced “traders” invest, not understanding what’s inevitably around the corner.

There’s always a new “generation” of them to replace the ones who have blown their accounts, and the vendors can have multiple systems and aliases and “just start again the next day under another name” after each inevitable disaster.

The disappointing thing is that some trading forums allow links to these things, and even allow them to be advertised on their sites - only to see their own members sucked in. Disappointing but perhaps understandable: the “forum model” of internet marketing is basically a way of monetisation by selling advertising, after all, whether on a direct subscription system or just as “pay per click” advertising.

I see what you’re both saying and agree.
However, if you only use myfxbook as a log of your own trading surely thats okay?

For sure … but to a skepchick like me, the “reality” is that [U]many[/U] (clearly not all!) people who are giving links in forums to their myfxbook account are doing so for promotional purposes, because they’re actually “selling signals” or “selling mentoring” or “selling courses” or whatever.

The fact that [I]some[/I] forums allow such links/images under the justification of exactly what you’ve quite correctly stated above is surely exactly what facilitates and perpetuates all the scams?

Their excuse for this lamentable state of affairs tends to be that there’s nothing wrong with it, [I]per se[/I], and that it’s always a “judgment call” or a “grey area” (it doesn’t [U][I]have[/I][/U] to be, at all, of course … it’s a [I]choice[/I], really - as is usually the case when people offer that excuse).

Other forums have learned better and just disallow it altogether, which costs them nothing, doesn’t detract [B]in any way[/B] from the forum, [U]and protects their members[/U].

To me, it seems a bit of a no-brainer, overall.

I appreciate, of course, that not everyone agrees with this skepchick perspective (and especially those with financial incentives to dismiss it!). :wink:

I don’t actually have a myfxbook account/link now, but I did years ago and found it useful.
I understand your point, a lot of people (not all) only share because they have something to sell.
If the link above was legitimate and was 5% as successful as it claims, why on earth would the owner want to sell it, when he can sit back and count his money trading.
Unfortunately there are a lot of lazy and stupid people out there ready to believe these scams rather than actually work

I’m afraid I agree: ultimately, it’s arguable that the public gets the services and promotions it deserves, and this is just as true of the “aspiring trading community” as of any other demographic.

I have a question regarding these myfxbook etc accounts… Can you link your demo account there? Because if things work this way I cannot understand how would you trust such a thing. I mean how can I receive signals from a person who is using a demo account?

Yes you can link a demo account