How To Spot Forex Scams

Beginner Questions
48 
  "If trading 80-90% win ratio with people is "reeling in gullible little fishes" then I'm guilty.

That’s what separates me from the rest. I’m the real deal. Get it?

I know it’s hard to believe. I do the impossible on a regular basis. That’s what I do.

And fuk yeah my attitude changes when my trading became this good. I’m the $hit and I know it. It’s not bragging if you can do it. I’m probably the best trader on this site, and I do it live. "

This is a post from petefader to someone who questioned his validity if he dosent want to answer something he belittles them 301 Moved Permanently check it out on his site.

if you want an example of pure arrogance look no further. all hes trying to do is get people on to his pay site ,what a bighead this guy is.

.

49

[QUOTE=buster48;685115]"If trading 80-90% win ratio with people is “reeling in gullible little fishes” then I’m guilty.

That’s what separates me from the rest. I’m the real deal. Get it?

I know it’s hard to believe. I do the impossible on a regular basis. That’s what I do.

And fuk yeah my attitude changes when my trading became this good. I’m the $hit and I know it. It’s not bragging if you can do it. I’m probably the best trader on this site, and I do it live. "

This is a post from petefader to someone who questioned his validity if he dosent want to answer something he belittles them 301 Moved Permanently check it out on his site.

if you want an example of pure arrogance look no further. all hes trying to do is get people on to his pay site ,what a bighead this guy is.

[B][U]I’ll repeat the beginning of this thread and add a few lines at the bottom…[/U][/B]

This post is directed at you new traders out there and also those of you who’ve been scammed in the Forex. This post is For You.

Many scammers out there feel uncomfortable when I’m around these boards. The reason for this is because I know their tricks. I was a Fraud investigator before I was a Forex trader and educator.

Still today I’m a member of the Association of Certified Fraud Examiners (ACFE).

I know exactly how they fool people and you should too.

If you’ve tried Forex training, got beaten out of your money and don’t want to get ripped off again, here’s the best way to tell if someone is fooling you:

It’s about results. Often trading results are reported after-the-fact. We all know how easy it would be to take two opposite positions, in two different accounts, reporting ONLY the positions that succeed.

Showing trading results after-the-fact is Usually how scammers fool people.

It’s kind of like ‘the hand is quicker than the eye’ trick. People are so awed by the results, they forget that the trades were executed hours or days earlier, leaving plenty of time for manipulation.

Here’s how decent people can avoid being fooled and scammed:

Ask whomever is trying to impress you with their trading results, to give you their trade execution details, including entry and direction of position…Not After-The-Fact But At The Time Of Execution, complete with stop loss so that you can monitor their trades and trading systems In Real Time using Real Time Verification.

In my Forex training venue I post trade executions complete with stop loss In Real Time. There is no hocus pocus as trade are posted in real time and not minutes or hour later. People have heard about my training and how I teach people to execute trade with 20-pip stop losses for 500 to 1000 pip gains or more. They think I must be fooling people, but then when they see that I show my trades in real time, they know that I’m for real.

Scammers don’t like me because they feel the pressure I’m bringing to bear on them to post their trades in real time too. They don’t want you to know their tricks and they certainly don’t like posts like these that will alert you to what they’re doing to fool you.

Scammers don’t fool me and they shouldn’t fool you either.

Remember: Where there’s big money such as in the Forex, there is going to be Big Abuse.

Use my advice to help you not to lose your hard earned money and to avoid being taken for a ride. For all of you newer Forex students or any of you who think you might want to give the Forex a try; yes this market can be lucrative, in fact it can be very lucrative…BUT, if anyone is trying to convince you that this is a get rich quick business, Beware! That is your Number One Red Flag Warning!!

‘Get Rich Quick’ Does Not Mean You! ‘Get Rich Quick’ means the guy who’s trying to sell you the ‘Get Rich Quick’ scheme.

I hope this posts saves you money and precious time on your learning journey.

Best Wishes and Good Trading,

Jeff Langin

[B][U]Add to this…[/U][/B]

If someone has an 80% win ratio and they want to teach you…you should ask yourself the question ‘why would they want to teach you if they make so much money?’ - [B]Do they have a clear and logical reason?[/B] It has to make logical sense…don’t buy into any notion that they just want to be a nice guy.

[U]Next as before…if anyone wants your money for their trading system…Make Sure They Prove To You That It Works Consistently…[B]In Real Time and Not With After-the Fact Results[/B]

Before you fork over your money, make sure [B]BEFOREHAND[/B] that you know you’re getting results that are [B]tested and proven by you (in real time) and not by someone else![/B][/U]

Read more: 301 Moved Permanently

50

Join my Skype chat and talk to traders that trade with me live. Get the facts and come back here and report. My skype is Petefader. It’s as simple as that guys.

51

First and foremost, before you talk smack about Pete do your homework. What your saying is called “Heresay.” Here is the definition (For Lazy People) if you don’t know what it means!!! Hearsay is the legal term for testimony in a court proceeding where the witness does not have **direct knowledge of the fact asserted, but knows it only from being told by someone. In general the witness will make a statement such as, “Sally told me Tom was in town,” as opposed to “I saw Tom in town,” which is direct evidence. Hearsay is not allowed as evidence in the United States… So with that being said, Pete SUPPORTS HELPING THE NEEDY AND OPPOSES HELPING THE “LAZY.”

I personally trade with Pete AND HAVE NOT HAD A LOSING TRADE SINCE…FACTS BABY…

He will teach you, but it takes work. Get off the couch and do some research…

53

My name is Ryan Spaulding. I joined PeteFader’s live webinars at the beginning of January 2015. I can honestly say that in 2 months I’ve only seen him take perhaps 2 or 3 losses. He will take partial profit quickly and does get hit for break even on the remainder about 50% of the time. Over the 2 months, I feel like he has averaged perhaps 3-4 trades a week. He is very picky about the trades he puts on.

Pete is very unapologetic about his track record. I’m sure some people can find this distasteful. Nevertheless, my first hand experience is that he is telling the truth about his win ratio.

In regards to Pete’s motivations, I can’t speak to that. I will say that if you watch all the videos in his channel on YouTube, he gives his method away for free. He hasn’t show us anything in the live chat that you can’t learn from studying his videos expect for perhaps how picky he is with trades and how quick he moves to break even. I personally am happy to pay for the live chat because it is improving my trading by teaching me to be more selective with set-ups and he answers some of my VSA questions (VSA is confusing if you start comparing Williams to Wyckoff to Gavin and their definitions of things like hidden upthrusts).

Disclaimer: I have never posted on BabyPips although I’ve had my account for a while. I have been a lurker and have read hundreds of threads between BabyPips, Forex Factory, James16group, etc. I am a lifetime member on the James16group forum. I have 1443 post there under username Rinehart just like here and ForexFactory.

54

when they delay the our payment (WD) means the warn us already. and when they start to delay for quite sometimes, feel free to start worry. these where I keep my account spread out among well reputation brokers company. checking user review are one of the key, try out their platform are next step to take, and start ask their support about their trading condition is a must. when the support are giving an answer more like "please wait I had to confirm with my superior’ etc, these could be means they hire uneducated staff to comfort their clients.

55

i was really hoping this will be a helpful thread cause i was actually thinking of taking ichimoku course and couldn’t decide if any would be worth it.

56

Thanks for the clarification. Of course I don’t expect an apology, they will just disappear like the others.

Call me arrogant, I don’t care. I’m changing lives. People tell me this on a regular basis. It’s very fulfilling.

Thanks for posting guys. See you next week. :slight_smile:

57

My name is Peter West.
I have studied petes methods,videos and anything he advises to read.
I have not joined his paid site yet as work is hloding me back at the moment.
I have joined his free skype room with over 100 members on it ,all trading in real time.
No one in there calling him a scammer and if you did you would get told where to go by 100 skypers.
Anyway any non believers should go to skype and check it out watch the trades being called by members and pull up the charts and watch.
Anyway I have not paid a penny for my Vsa knowledge from pete so far because a lot of it is free ie youtube and babypips thread, but I am 100 percent joining when work alows me to trade full time.
Pete keep up the good work .

58

Thanks for that, Westpest.

So, I think we are getting the idea here. I have shared my profitable method on youtube over the last few years. It’s free. I do have a course for sale, which is over 9 hours long, that lays out my method in a more organized way than the youtube vids. And of course, I can charge a fee per month for people who trade with me live. It keeps out people who are not serious (it used to be free) and anyone trading a decent sized account will most likely make back the monthly fee and then some. Seeing it done live does offer more information on how I trade and the nuances of the method.

Now that the record has been corrected, I’m done posting in this thread unless someone else has something to add. You guys dragged me into this by trashing me, so it called for a response. Done. I have MUCH better things to do than this. :slight_smile:

59

Any one claiming to have great success in forex market and saying his signals or account management is great without any proof is scam, its as simple as this.

60

clearly this feb join date with a single post is completely legit and not shady in any way.

61

3xfx, there is nothing wrong with taking a course in any aspect of market knowledge. If I wish to learn about architecture I would happily check for the best courses available and at what price…

But the title of the thread alerts to the nature of this particular business, so therefore it is necessary to do a lot more research than you would expect in many other businesses.

The legendary Richard D Wyckoff was passionate about education, he witnessed so many people lose to the market that education became his driving force.

He wrote in March 1922:

[B]“During the last 33 yrs I have been a persistent student of the markets, as a member of several Stock Exchange firms, bond dealer, trader, and investor…”[/B]

He then sets out why he wants to educate:

[B]"…I have in mind the thousands of new investors who find the market a vast, technical machine, too complex to be understood by many. It has been my effort to do away with this impression - to emphasize the fact that, in Wall Street as in anywhere else, the chief essential is common sense, coupled with study and practical experience".
[/B]

His advice is first to learn and practice for two or three years (many do not want to hear that one) and then perhaps join in the “greatest of all games”.

Just as a footnote, notice how Wyckoff used the word “student”, even with his vast experience of every single aspect of the market, from brokerage, to investor, to trader, to being an analyst and educator - none of this counts for much in the market where he remained yet a humble student.

62

Join my Skype group and talk to my subscribers or stfu. None of u have done it because ur cowards. Unbelievable.

He joined BP just to defend me. That was nice of him. The others?

I need to just stop reading this thread smh.

63

I’m not saying we should kill all the stupid people in the world…but rather to just take all the warning labels off things and let the problem solve its self.

64

If someone is asking for your money, I would say that this is a scam.

65

If you were as great as you claim to be legitimate responses like mine shouldn’t rattle you at all, unless you are claiming that there’s absolutely nothing fishy about accounts like this that someone like you can easily create(so you can pretend to be your own subscriber) to dupe newbies to do.

Have fun with your insane wins yet spends the time to squabble over an Internet board feeling threatened ( because you clearly have so much to prove).

Tfw logic does not compute smh

Remember how ict spent months hyping himself up( just like how awesome you claim to be) yet when his results collapsed on him his followers still heavily defended him? Yeah ok.

66

Talk to people in my Skype group that trade with me live, or STFU. There’s over 100 people in there. What’s the matter, chicken?

:39: pa kok pa kok!

I think I’m starting to enjoy this now. I don’t back down when the truth is on my side. :slight_smile:

67

I see you like to dodge the points I make. Point proven. Have fun in your nest of chickens and other unruly cultists.

68

Talk to my paid subscribers or STFU. :slight_smile: Stop making an ass out of yourself.

Pa kok!