Please read this sobering article

[Tribulus]

Forex scam - Wikipedia, the free encyclopedia

Quote:

"If 15% of daytraders are profitable, I'd be suprized" Drew Niv, CEO of FXCM.

[Scorpion]

That's why we have the Due Diligence forum here at FxFisherman. If you can prove that a forex investment program or a forex signal service is a scam, please create a new thread and tell us all about it.

[Tribulus]

scorpion:
That's why we have the Due Diligence forum here at FxFisherman. If you can prove that a forex investment program or a forex signal service is a scam, please create a new thread and tell us all about it.

Yes. Scorpion, you have done a superb job here on this forum. I feel it is THE BEST and deserves awards.

I also appreciate the input of yourself and the contributors.

I felt this article was a kind of wakeup call for traders in the forex. Many people are not aware of the sheer odds against them when they open an account and begin trading.

I feel many of those who sell EA's are scam artists.

If one looks at the EA's for sale, they should have:

- Foward tested EAs' for weeks, months, years

- Not many versions. The version of the week or version 100 of a program that is supposed to be an expert seems to scream bloody murder that they're basically doing "curve fitting" by looking at past data and retrofitting it to their EA and then publishing the EA with the best "results" - except that these "results" are not real.

-Valid Testimonials from real people getting real results. You should be able to contact them.

-Realistic returns. What's realistic? You tell me. In the article above they alluded to buried treasure. Many people had treasure maps to the treasure but the treasure was limited.

-Indepedent testing. The Automated Trading Contest that goes on in which Hendrick won a few times is the kind of thing needed.

There was one EA on here that came in almost dead last and yet the guy kept saying that his EA was so good.

So independent testing is where its at.

There is one EA out there that has to do with a Goose that is pretty much a scam. Avoid it.