Business claims to operate my MQL5 account to make profit and asking me to wire money to them
These are all the first stages of a scam.
When you are in doubt, there is no doubt...
When it sounds "too good to be true", then you know that is a scam.
Forum on trading, automated trading systems and testing trading strategies
Fernando Carreiro, 2022.06.07 14:40
Be it by fake agents, brokers, signals, or EAs, there is one weapon to beat them all — knowledge! Your knowledge is the key to prevent you from being scammed.
Invest and take time to improve your knowledge, to gain experience and improve your skills. Learn to do things for yourself and not to rely on others so much. You don’t have to be a master or even be very good at it, but the more you know and understand, the easier it will be for you to detect when something is not what it seems to be.
Learn how brokers work and how they are licensed and regulated. Learn about the different markets, trading conditions, types of accounts, leverage, and when you don’t understand something, ask first about it and get answers from different sources. Don’t just blindly accept things.
Learn to trade manually, even if you intend to use signals or EAs. You don’t have to be very good at it, but you need to understand all the different concepts of how orders are placed, how they are triggered, how to manage them, how to calculate and manage your risk, and all those pesky little details required to trade manually. Only then can you better evaluate the signals you wish to follow or the EAs you wish to use.
If you are going to hire someone to code your EA for you, then take some time to understand how coding works and some basic knowledge about it. Again, you don’t have to be good at it, but the more you understand, the easier it will be for you to communicate with the developer and provide valid, realistic requirement specifications and to understand how much work is involved as well as its value and how much to budget.
Also, learn to use the Strategy Tester properly and how to interpret the results. The better you understand it, and the more you use it, the easier it will be for you to evaluate the results from EAs you are considering.
So, in conclusion, don’t be a greedy idiot quick to jump onto anything “shiny”. Instead, be wise. Take your time. Invest in your knowledge and skills. Choose carefully.
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Hey, I run into a business by chance that they claim themselves to be based in Hong kong, can operate my MQL5 account to trade because they have experienced trader that is more likely to make money than I do. Now they ask me to wire money to their account (it's a personal bank account with Standard Charter) so that they will deposit the money to my MQL5 account and operate/trade on my behalf.
I feel suspicious about this model. Is this model a real thing with MQL5 at all? Or is it a scam to take my money?