Is this a Scam?

Beginner Questions
1

Hi, I’m new in this forum, and I’m using a translator to talk with you, so my english may be bad lol

I recently found the MQL5.com community, that provides signals. And I saw this signal: FastWayToMillionFree Trading Signal for MetaTrader 4 Social Trading . It has 5441 subscribers, lots of positive reviews, and it’s a real account.
But can they fake the results? This is too good to be true, has a 4 050% Profit/Month and a very good trade history

2

[QUOTE=popuo;547929]Hi, I’m new in this forum, and I’m using a translator to talk with you, so my english may be bad lol

I recently found the MQL5.com community, that provides signals. And I saw this signal: FastWayToMillionFree Trading Signal for MetaTrader 4 Social Trading . It has 5441 subscribers, lots of positive reviews, and it’s a real account.
But can they fake the results? This is too good to be true, has a 4 050% Profit/Month and a very good trade history[/QUOTE

This account might have made a 4050% return off of $170 US… However over 50% of trades do not use stop loss. Seems to be highly leveraged and is a 1:500 leverage account. Look to be a scalp type trading going for small profit for the size of the account… I don’t think result are faked, but I can tell that user had withdrawn some profited funds. Right now they look to be betting against the dollar based on the gridlock in the US Congress and US Senate. I don’t think it a treble bet but holding a -$849.10 position in eur/usd compared to average win of $50 or less on a $7000 account at 0.7% or less per trade.

I would attach the files from the users history but my guess is BP not liking my OS files shows as invalid even after converting the .csv to .xls (Microsoft) and .ods (Open Source). Just register and/or login at mql5 and you should be able to check for yourself.

Cheers.

3

I suggest you download the EA/indicators and conduct your own backtest on MT4 to see the results yourself. Make sure you look at the parameters too since they might be inflating the numbers with an overleveraged account.

4

Where can I find the EA and indicators?

5

This is not an EA or Indicator but signal trading… In this case the signal is provide free through MQL5. Two things need to happen, first you need to make sure you version of MT4 supports signals… mine does not… If you have the signals tab in you terminal, just click on it find the signal in the list. Or subscribe to it at the site you quoted earlier…

Here is a tutorial on Metatrader Signal Services:
Video tutorial: MetaTrader Signals Service - MQL5 forum

Cheers

6

Yeah, thanks, I know how signals work, but if you read the guy I quoted he seems to say that the EA/indicators the signal uses could be retrieved, which seems highly unlikely to me.

7

I have seen this user tattoo the forum with all kinds of one and two liners… Some of the stuff put out there is dead on… but lack of research before answering can make a person look sloppy among other things…

Note:
No problem… So like your good to go then… After my post I saw the other thread where you where talking about errors from running the a signal. Hopefully you found my response useful there.

Cheers