Signal provider fake record? Possible?

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James.Harrisonfx
153
James.Harrisonfx  

It is possible for signals provider to somehow fake their trading records? Too often signals providers don't perform as good as their history shown. Please comment thank you.

Eleni Anna Branou
Moderator
6588
Eleni Anna Branou  
James.Harrisonfx:

It is possible for signals provider to somehow fake their trading records? Too often signals providers don't perform as good as their history shown. Please comment thank you.

Its not impossible, I've seen it (very rarely) happen and sometimes MQL5.com delete such signals and/or ban the signal providers and the brokers involved.

But the most common case is that the history you see in a signal its short/brief and that was a very good/lucky period for the signal provider that is very difficult to continue/repeat.

James.Harrisonfx
153
James.Harrisonfx  
Eleni Anna Branou:

Its not impossible, I've seen it (very rarely) happen and sometimes MQL5.com delete such signals and/or ban the signal providers and the brokers involved.

But the most common case is that the history you see in a signal its short/brief and that was a very good/lucky period for the signal provider that is very difficult to continue/repeat.

What do people think about this signal? <link removed>

I answered you in a private message.

Eleni Anna Branou
Moderator
6588
Eleni Anna Branou  

I am trying to answer you in a private message but the messaging system is not working once again, so I place my answer here:

"The scam part in all this is that the drawdown value is fake! The small drawdown value is only true for the time this signal is connected to the MQL5.com database, which is only 15 days!!! That means that this signal could have touched -98% drawdown several times in the past 3 years and you wouldn't know about it, since that is not recorded in its history!"

Ziheng Zhuang
16618
Ziheng Zhuang  

Yes,it just happend.

There is a post in Chinese forum,the original poster suspects the signal provider modified the open price after the position was closed.

modify open price

The signal added position #1217538 buy 3.00 XAUUSD at 1336.26

The subscriber followed to open an order #12175626 buy 2.10 XAUUSD at 1336.26

but after the signal closed the position #1217538, the open price was modified to 1333.91 instead of the original 1336.26

The subscriber followed to close the order #12175626 at 1337.17

Sergey Golubev
Moderator
106112
Sergey Golubev  
Ziheng Zhuang:

Yes,it just happend.

There is a post in Chinese forum,the original poster suspects the signal provider modified the open price after the position was closed.

The signal added position #1217538 buy 3.00 XAUUSD at 1336.26

The subscriber followed to open an order #12175626 buy 2.10 XAUUSD at 1336.26

but after the signal closed the position #1217538, the open price was modified to 1333.91 instead of the original 1336.26

The subscriber followed to close the order #12175626 at 1337.17

I think - it should be reported to the service desk (they will check thee situation).

Yohana Parmi
4963
Yohana Parmi  
James.Harrisonfx:

It is possible for signals provider to somehow fake their trading records? Too often signals providers don't perform as good as their history shown. Please comment thank you.

Hi,

It seems that is impossible if the signal provider uses a regulated and trusted broker.
So, if you are selecting a signal provider, make sure the signal provider account is run in the regulated broker.

Anyway, we should not discuss brokers here and prohibited.
Good luck

Eleni Anna Branou
Moderator
6588
Eleni Anna Branou  
Yohana Parmi:

Hi,

It seems that is impossible if the signal provider uses a regulated and trusted broker.
So, if you are selecting a signal provider, make sure the signal provider account is run in the regulated broker.

Anyway, we should not discuss brokers here and prohibited.
Good luck

That's a good point Yohana, we should always choose trusted and regulated brokers, whether we are signal subscribers, providers, or just simply forex traders.

James.Harrisonfx
153
James.Harrisonfx  
How can I find out if the broker regulated?
Sergey Golubev
Moderator
106112
Sergey Golubev  
James.Harrisonfx:
How can I find out if the broker regulated?

by google for example.

this forum will not help as the discussion about the brokers is prohibited on the forum.

Eleni Anna Branou
Moderator
6588
Eleni Anna Branou  
James.Harrisonfx:
How can I find out if the broker regulated?

On the footer of the brokers website, usually you will find the authority(ies) that regulates it.

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