TradeProfits

Can you fake mt4stats?

Posted on 26. Mar, 2010 by Moderator.

I think FAP Turbo was the first EA where you could see ”live results” from mt4stats, imbedded on the sales page. As FAP Turbo was selling like crazy, it is easy to understand why everyone else selling EA´s started to take the same approach. However, most of the time when you buy one of these EA´s which has shown incredible live results from mt4stats, they still manage to lose money consistently on your real trading account? How is the possible when you have seen amazing results from a long period of forward testing? Showing good results from forward testing is obviously a very good sales pitch, but I am yet to see any EA live up the results posted on any sales page. Over at the MQL 4 Forum, there is a pretty interesting discussion regarding the possibility to fake mt4stats results. This guy jjc is arguing that it is possible to do so, as long as there is a financial incentive to do so:  Read more... (613 words, estimated 2:27 mins reading time)

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StealPips – A new scam from the guy behind USDBOT

Posted on 23. Mar, 2010 by Moderator.

I am sure most of you guys remember USDBOT; an expert advisors which was sold through clickbank some time ago. I have written a post about it here, because I was in contact with this guy “Mark Trenton” over Skype who was telling me that he would help me out with the promotion of my new book Forex Hacking, if I emailed my list about his new EA. So I did, and afterwards I never heard a word from Mark again. Hi simply disappeared. A few days later, a lot of buzz about the USDBOT started to pop up, all over the net. USDBOT was a scam. Apparently it was an exact copy of a free EA from the Forex Factory forum called Opto123. USDBOT was then changed into an EA using a martingale strategy, and now the product has been removed from (and by) Clickbank (probably due to a high refund level, as people could simply grab the free version).  Read more... (316 words, estimated 1:16 mins reading time)

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USDBOT Buzz – Another Scam?

Posted on 22. Feb, 2010 by Jakob.

Some time ago, I wrote about a new EA here on TradeProfits called USDBOT. I spoke to this guy Mark Trenton (if that is his real name), and he promised to help me out with the launch of Forex Hacking, if I put an ad for USDBOT here on TradeProfits. However, after the launch of USDBOT, Mark was gone and I never heard a word from him again. In addition to this, it seems that the USDBOT is an exact copy of another EA, namely a free one which can be downloaded over at the ForexFactory forum called Opto123. USDBOT was sold for $149, apparently with a bunch of upsells. The people behind USDBOT claim that they bought the EA from a developer, but the creator of Opto123 did not authorize this. After all the buzz, USDBOT was changed to a secondary version, which apparently uses a martingale strategy, which is very likely to blow your account. If you did buy the USDBOT, I suggest you ask for a refund and download the free version. Read more details about this over at 4xProject.

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The bankruptcy of GFX Markets

Posted on 26. Jan, 2010 by Bryan.

This is a guest post by Bryan from www.forexfraud.com

Forex trading has more than its fair share of scandals, yet the average newcomer is hardly knowledgeable about the great dangers involved in the process of choosing a broker. In this article we take a brief look at the case of GFX Markets in order to remind you how bad things can go in this flourishing business.  Read more... (470 words, estimated 1:53 mins reading time)

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Random Noise

Posted on 31. Dec, 2009 by Jakob.

It’s the last day of 2009 and probably the last post of the year. It’s been an interesting year with a lot of new things taking place in the trading environment. In one of the upcoming days I will write more about what has been happening here at TradeProfits and some of my plans for the upcoming year. For now, I just want to share a few interesting topics with you guys.  Read more... (310 words, estimated 1:14 mins reading time)

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Forex No Loss Robot Loses Big Time

Posted on 27. Dec, 2009 by Jakob.

I have allowed myself to copy this picture from 4xproject, as I simply needed to share it. It doesn’t get much better than this!

 Read more... (104 words, 1 image, estimated 25 secs reading time)

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Forex Peace Army – Signal Change & Updates

Posted on 16. Dec, 2009 by Jakob.

Forex Peace Army used to send forex signals out to their subscribers, one email per day, with trade recommendations for the upcoming day. However, a while ago, they changed this, and instead of one email, they started to send several emails, regarding the upcoming news events, and how to trade them. In the new way of delivering signals there is a stronger focus on news trading, and less on the overall market movement and correlation with the major indexes. Apparently not everyone enjoyed this new approach (including me), so the guys from Forex Peace Army sent out an email asking their members to vote for their favorite method. You can see the results here; it seems like we might go back to the old way again. In addition to the new daily signals which are made by Felix, you can still see the daily signal recommendation from Sir Pipsalot here, and the weekly outlook from Sive Morten here.  Read more... (238 words, estimated 57 secs reading time)

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Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?

Posted on 18. Nov, 2009 by Jakob.

Casey Lim from Best Forex EA has made a great post about a new EA called No Loss Robot. He argues that this new EA shares many similarities to Don Steinitz’s HAS MTF Hedge EA. In fact they seem so similar that it looks like an exact copy! I love the way he outlines all the details, about this. I am sure that the majority of sales pages out there use the same approach as these guys (fake testimonials, photos from istockphoto, etc.). Anyhow, it turned out that Casey was wrong about one thing; The No Loss Robot was not a copy of Don Steinitz’s HAS MTF Hedge EA. It is the exact same EA with additional features (some improved stop loss function). Casey wrote Don Steintz with questions regarding the No Loss Robot and Don said that he had entered a partnership with two guys because they had some excellent ideas on how to improve his system. Now obviously there is nothing wrong in improving his product. However, it seems fair to say that this should be mentioned both on Don Steinitz homepage as well as on the No Loss robot page. In addition to this, they should stop using fake photos and unreliable claims:  Read more... (413 words, estimated 1:39 mins reading time)

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The End of Fake Testimonials?

Posted on 08. Oct, 2009 by Jakob.

Every time a new forex related products is released, one thing is sure; the sales page is hyped up, not only with crazy claims about how many pips and dollars the system can make you usually within an hour, but also with testimonials from people who claims the value of the product to be huge and that they have made an unrealistic amount of dollars in less than an hour. Such testimonials seem to be a very standard aspect of these landing pages. I am sure that 99% of all testimonials I have seen through time, has been fake and written by the creator of the page. The reason is, that before, it was legal to post them, as long as there was some statement on the page, telling the potential customers, that these results are not typical. Usually, you would find this, written with the smallest possible font size, at the very bottom of the page. In most cases you will probably not even reach the bottom before you leave the page or buy the product, as these pages tend to be some miles long. However, the Federal Trade Commission has come up with some new regulations, which might prevent, at least the use of stupid testimonials. I am sure we will see the internet marketers starting to use other lame-ass techniques in order to convince us about the great potential of their product. Maybe they will make the landing pages even longer (if possible); this seems to be one of their favorite methods. This might be the next place for FTC to step in; make regulations about the maximum length of one single page..

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Midnight Forex and FX-sms

Posted on 27. Aug, 2009 by Jakob.

Midnight Forex is a Forex signal provider and they have been around for some time now. For a long period they were getting very good reviews both over at FX-Review forum and ForexPeaceArmy. Their service was rather expensive, but as they were delivering good signals, apparently their subscribers were willing to pay up. The signals they sent out were pretty much set and forget, delivered everyday around midnight GMT. Then some month ago, things started turning around, and the profitable consistency of their signals started to fade. One of the creators of Midnight Forex, called Eric, started to send out email to all the members about the lack of good results. Everyone was told that they were working on a new and improved system which would be ready within a short period. I am not sure if they actually did change the system, but nonetheless, things have only been going downhill ever since. If you look at the latest reviews over at ForexPeaceArmy and FX-Review Forum, you will see that there are a lot of unsatisfied customers. If you go to Midnight Forex’s homepage you will see they have shut down their service (preliminary I suppose that is), hence they are currently not taking any new members. Then a few days ago, I get an email from a new signal provider called FX-sms. I went to their homepage to check things out. There is not a lot of information, but they state to have made some 10000 pips since the beginning of 2009, of course without any track record of any kind. The price for their service is a whopping $399 a month! Shortly after I go to visit FX-Review Forum, where one of the members has just made a thread about FX-sms. I suggest you go over and check out the thread here. In this thread, one guy mentions that there are several similarities between FX-Sms and Midnight Forex, PayPal address among others. I am not saying that it is the same people behind both services, but I would definitely wait for some honest reviews of FX-Sms before signing up. There are a lot of scammers in this business, and $400 is a lot of money! If any of you guys had any experience with Midnight Forex or FX-Sms, please feel free to share your thoughts.

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