Scammed into Forex

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Hi All,
In early Feb. I responded to an SM idea that read something like, " Want to learn Forex? Join us and get a private coach free for six months."
Sounded great, no risk and a chance to learn a new skill!
Seconds after filing out an online firm I got a call from a guy in NYC who after me telling him “I have absolutely no experience being a trader.” He replied by saying, “Fantastic, you have not learned any bad habits to your coach will enjoy building you up from a newbie to a pro.”

My first small surprise came when he asked, “So how much do you want to start your account with?”

“I’m sorry”, I replied, “The ad said the training was free. Why do I need to put up any money?”

“Oh no problem you will not need to use the money it will just help you have access to the best platform and when the time is right you can start easily.”

The min was 250$ and I thought, what the hell, let’s see where this goes…

So my scam alert was high. My “Coach” immed. told me in a genuine British accent that messing about on a demo account was a waste of time and that I wold need to really play the game to get the VIP signals to make profitable trades.

It looked like the scam was on and that this was just an elaborate way to try and get people to put up, (he suggested 50k) their money to get rolling.

Like many I have been on the wrong side of some scams, in most cases when you ask them to prove their worth it ends the show rather quickly.

So I said,"How about you just apply your VIP signals to my 250$ and if it goes well then we can talk further. He replied, "no problem."
30 min later I had almost doubled my money…

He of course was quite happy wit the result and I was now in a corner. He did prove the signals were good and I promised to “talk.”

I added another $3,200 to the account in two installments and he gave me two more sets of VIP signals…So this is where the story goes sour right?

He make me just over 3k in profit on the two sets of signals and of course is telling me I am missing the chance of a lifetime. My account currently stands at just over 7k.

So I joined babypips to learn to trade because I think that my, “mentor” has just gotten lucky with me and I am still living in a long scam.

So to the community, I am happy to join and welcome your advice on how to proceed. So far I like what I have seen on No Nonsense Forex but I am really having trouble applying much of VP’s strategy because I have no experience with indicators or how to apply them.

I made 175 really small profitable trades (max $3.70) vs 21 losses (max $1.90) just sitting on the 1-15 min charts.

I am looking for a teacher/mentor who wold like to help a really teachable disciplined student learn to become a successful Forex trader.

The whole reason I am doing this is so I can get off a travel grind which has caused me to be away from my son too much as he has grownup.

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Not often you hear this route in to Forex, and more surprising how diligent you are being over the signals provider. Good for you, not many would be.

Learning to trade yourself is hands down the only sure way to be successful long term, as signals , companies etc there is no guarantee how long they will be around , so ultimately you must be able to rely on yourself to trade and trade well.

There are many good mentors out there, but there is not a one size fits all answer to who is best for you, so always do your own research. I would suggest David Parsons as someone worth talking to if you want a mentor.

Whatever path you take on your Forex journey, i hope it is successful for you.

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I thought VP did not actually provide a strategy. He just tells people to try out every indicator and find the good ones. Then uses indicators he admits are rubbish in videos to prove a point…

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My advice to you is every time you see a site like NO Nonsense Forex, and it has a guy that calls you and asks for deposits, and then asks for more. Run away as fast as possible its a scam 100% sure. No profitable trader will make a site like that and call you asking for deposits. My advice is if you want to proceed with trading, get most of that money out of the trading account. With little experience and if you wish to trade with a live account 10$ or 20$ is more than enough as it is 100% guaranteed that you will lose that money. See it as money that you lose to learn how to trade, there is no need to lose thousands in a stupid way. Good luck

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Good advice

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Back to the service, have you tried withdrawing your balance? I’d be interested to see what happens. Even if you’re cool staying with it, I think the withdrawal is where you can learn a lot about a company.

Also, you say you got scammed into forex. If you believe that, why stay with them?

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Hi REaley,
Thank you for the advise and good wishes. I will look up David Parsons. I appreciate the recommendation. Good luck to you as well.
Best,
Jason

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Hi TP89,
To be clear I did not get a call from No Nonsense Forex. I have been listening to No Nonsense to get training and I like how he has a conservative disciplined approach.
The call came from a different company that promised a mentor.
Your idea to pull out and train of a limited sum of 10$ or 20$ may be the best way to proceed.
Thank you very much for the advise.
Best,
Jason

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The answer is very easy-try to withdraw most of the money and than you know whats going on

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Hey AbsoluteJason, i will give one more advice, there are lots of bad things associated with forex, from scammers to brokers that want to benefit from inexperienced traders, there is all kind of things. So my advice is always test a service with a small amount of money, never put thousands without testing first. Put a small amount try to withdraw if all goes well then add bigger amounts

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Hi Epidot,
VP does not provide an exact algorithm however he does give great strategic advice on money management and the correct mindset needed to be a successful trader.
Do you have any other people to recommend?
Best,
Jason

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I have one person to recommend in terms of locating highi probability low risk trades. Sam Seiden. In terms of money management it should be simple. Risk no more than 2% per trade and do not interfere with the trade. You do not need multiple indicators. Doing so results in you being on the same side as everyone else using the same tools and entering trades at the same levels. Trade Supply and Demand only on a clean chart and you will be trading on the same side as institutional banks which is the only way to succeed.

Do not ever pay anyone to teach you. Best advice

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Hi mtb_rex,
Good suggestion on withdrawing the balance. The reaction will be interesting as the pressure is strong to always add money to the account.
I have not switched yet because all the signals I have been given really did very well.
The scam leading me to believe I will have a private coach in a no pressure situation and then hitting me over the head with a hard sell guy. He is also an extremely likable guy.
So I politely just tel him that there is no chance I will get a loan or borrow from friends at this time. Maybe I should change. Really trying to concentrate on finding great FX education.
Best,
Jason

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Epidot you hit the spot!
That is much appreciated. Will dive in and take your advice.
Best,
Jason

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Yes Sam Seidens free videos can be found on Youtube. He either works in or used to work in the OTA (Online Trading Academy) . You can learn all you need from the free videos.

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Can i ask you out of curiosity, the guy that called you does he work for a broker?

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Hi @Absolutejason,

Is the company regulated?

Do you have any open positions that are floating losses?

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Hi FOREX . com,
Thanks for writing in. the company is gocapitolfx. They look legit to me. But seriously I have no idea even how to check. They have some registration numbers listed at the bottom left of the website.
I do have open trades but I placed them unassisted. Hoping to wake up tomorrow with a stringer Euro :slight_smile:
Best,
Jason

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Yes, it is gocapitalfx. Have you heard if them?

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It looks like they are not regulated so its always risky

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