Tag Archives: scam
Posted on 11. Nov, 2010 by Jakob.
Not even a lot of good reviews will give you any guarantee when it comes to choosing the right broker in the world currency trading. OneCorpFx was rated as a 4-star broker over at FPM. A guy called Aladar was unable to access his funds in an account with OneCorpFx and was additionally informed that the money for some reason now was with Boston Technologies
Posted on 23. Sep, 2010 by Jakob.
A couple of days ago, I was over at the forum of ForexFactory and it seems that there is a new scammer in town. Those of you who have been loyal readers over at the ForexFactory forum probably already know a lot more about this than I do, but I still thought that this is an interesting story to bring up. So this thread “Jacko’s House of Pleasure and Pain”, has been around for ages, and was (as far as I remember) rated a 5-star thread and people were highly positive about this guy Jacko. He spent several years building this thread, giving himself a good name in the ForexFactory community. Now I never really followed this guy or his thread but a lot of people did, and apparently he also had a paid membership blog, and some time ago, he started a privat fund which Jacko was supposed to manage. Now due to his reputation over at ForexFactory, I am sure that a lot of people put a lot of money into this fund, and surprise! Jacko is gone along with all the funds. The thread over at ForexFactory has been downgraded (now only 2- stars! Lol) and there are a lot of unhappy paying customers. I really do hope that the people who lost any money in this scam will somehow be able to get their money back but right now things don’t look too good. This is yet another lesson about this industry filled with scammers – No matter how well you think you know a guy, be careful sending him any of your hard-earned money! Check out the thread here.
Posted on 19. Apr, 2010 by Jakob.
Long time ago, I signed up with on a website called daytradingrobot; a site who´s owner claims to send out stock picks which will skyrocket after he calls them. Today I got an email from him (Jason) about his stock pick of 2010 – a small company called Big Bear Mining Corp. featured on OTCBB as BGBR. I have never really followed any of these promotions before, but as I was in front of my screen the entire day today, I decided to follow BGBR on Think or Swim. After all, Jason from Daytradingrobot wrote the following “If BGBR does not triple in price over the next 4 weeks I will RETIRE as a stock picker.” This guy is promoting stuff all year round, and BGBR is his latest target. BGBR started out around 1.23 on my chart when the US session started and it took off rather quick all the way up close to 1.40 and then it started to drop back down. It closed close to 10% higher than where it started this morning. Now it will be interesting to see what happens over the next four week. Will “Jason” be able to send enough mails out, to get the stock price to triple in less than four weeks? I have a feeling this will be a tough challenge, but somehow I am pretty sure that the team behind daytradingrobot will keep sending their “stock picks”, no matter what happens to BGBR. Earlier today I read over at Tim Sykes blog, that he is looking for a possible short trade on BGBR. If you don’t know, these kinds of setups are exactly what Timothy Sykes is looking for. Just for the fun of it, I have pasted the disclaimer from daytradingrobot in below. This should make an alarm bell ring guys. If you would like to get started with Pennystock trading, and think that daytradingrobot will make you rich, take a couple of hours off and read everything over at Timothysykes.com
Posted on 26. Mar, 2010 by Jakob.
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:
Posted on 23. Mar, 2010 by Jakob.
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).
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.
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:
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..
Posted on 12. Jun, 2009 by Jakob.
A couple of days ago I wrote a few lines about the new Trend Forex 2.0 from John Chen. It was released a few days ago, and this product has been hyped like nothing I have seen before. Actually I have not had a hole lot of time to look into it, but I sure got a lot of email about it. Anyway, I just got an email from ForexPeaceArmy:
Posted on 13. May, 2009 by Jakob.
I have been bombed with email from Forex Magic Machine. A new EA which was released a couple of days ago.All the usual lame claims are there, sales page, price, etc. However I read some reviews over at FPA about it, and it turns out that when you buy it for the price stated at the sales page, you get a basic version and in order to get the “gold” edition you will have to pay double price, and an additional $100 for the best version, or something like that. Anyway, it all becomes a lot more expensive than what you might first expect. Then yesterday I went to 4xProject, a cool blog with reviews of different EA’s, and I see that they offer the “Forex Magic Machine” if you just sign up for their newsletter. I thought that was a bit weird, so I signed up, just to see if they were telling the truth. So I received an email from them, with a link to an EA which is developed by 4xProject. In the email they state that they have been able to break the code of the Forex Magic Machine, and develop an EA showing the exact same results. I didn’t download it, due to my current laptop problem. Anyway, I did find this entire thing to be a bit weird. So today I received an email from FPA, with the following headline: “A new type of EA fraud”. It turns out that the Forex Magic Machine is nothing but a reverse-engineered version of ITALIC free EA, which is available from TradingSystemForex. Charging something close to $300 for a copy of something which is made public available from another group of traders, is just wrong. My recommendation is to stay away from the Forex Magic Machine! If you want to spend money getting this EA, you should support the creators of ITALIC free EA.