EA scams - page 7

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Fernando Carreiro #:

May I suggest you reach out to the Service Desk and explain the situation. Unfortunately, using the "Complain" button does not attract the admin's attention much (based on personal experience).

PS! By the way, the author of the product you purchased, does not answer because he is currently banned (don't know the details, however — I'm just a moderator, a normal user).

EDIT: Please don't mention the product or the author by name here on the forum. Keep it anonymous.

Thank you.

Fernando Carreiro #:

Here is some more feed back. This is just my personal opinion, so take it with a grain of salt.

The product you bought does not seem unreasonable, but it uses some "marketing" words, like AI, and such.

In terms of functionality, it is a M1 scalper, so it can be very finicky about any lag or delays in processing and connection to the broker. Not exactly a "scam" but a very a "sensitive" EA that needs to be optimised and used properly.

It does look like it was over-fitted, but on first evaluation and based on the price and availability to subscribe on a monthly basis at the minimum price, I don't believe it to be a scam.

Also, yours is the only complaint on his profile, even though he has sold more than 10 products.

Given that he is currently banned, probably only for a short temporary duration, I would like to give the seller the benefit of the doubt in this case.

EDIT: There is a user comment explaining his absence ... "He will respond... He has been banned from writing for 7 days because of promotion of his EA in the forum. He'll be back tomorrow"

I did not find any deleted promotion of his in English forum, so I will search in the other languages and see when it was.

EDIT2: Could not find any such post. Don't even know when it was either. You will just have to wait a day or two and then talk to him. It may just be a misunderstanding and he will be able to help you sort out the problem for you.


I do not want to be a person crying wolf. I'll sit on my hands for a few days to allow the seller some time to repond. I just find the optimization results strange and very uniform.

 
Fernando Carreiro #:

Also, yours is the only complaint on his profile, even though he has sold more than 10 products.

I just want to say there was another one "hello sir, send any set file.......default settings maximum loss trade" - so it's not just me but in any case the seller has replied on the product now. Hopefully we will have two way responsive communication now.

 
Luke Monaghan #: I just want to say there was another one "hello sir, send any set file.......default settings maximum loss trade" - so it's not just me but in any case the seller has replied on the product now. Hopefully we will have two way responsive communication now.

That is a public "Comment" on the product page to which the seller was unable to answer at the time.

A private "Complaint" does not appear in public and is only accessible to moderators and admins.

[Deleted]  
stuartmiles #:

That sounds like a good way, like myfxbook, they have to be connected to a broker and live trade even if it is a demo account. That would sift out the scammers.

I agree that the EA should be linked to a real account because the backtest and demo account do not reflect real results. This change is necessary to separate the waste from the honest sellers.
 
Machder #:
I agree that the EA should be linked to a real account because the backtest and demo account do not reflect real results. This change is necessary to separate the waste from the honest sellers.

As long as your EA is not scalping - backtesting results with correct data (99% or 100% quality) from "Every tick" are not that bad. I would even say they are very similar if you have a decent range of stop and profit levels, apart from that of course the spread has to be included in the EA code as well as slippage. It is best to use "Real ticks", but it is hard to find a broker that provides more than 2 years of correct real tick data. The problem is that 95% of EAs work in a way that does not allow obtaining similar results from backtesting.

[Deleted]  
stuartmiles:

Does no one check sellers code for scams. For example this guy shows his EAs winning but they only win up until the last upload date and then they lose. He obviously has the data loaded in the EA

For example, his program was last updated on 28th february 2023 and you can see the great results before that date and the poor results afterwards


This means that nothing in the marketplace can be trusted and the whole thing is a waste of time. Why would anyone buy from the marketplace if they can't trust the code and they can do a genuine backtest?

EAs is just a tool, no more than that. You should know what logic behind it. 

What it can do for you, not just the result. Why thats  logic can work or not. And why you need them.

Sometimes if we know what logic behind it, we don't need them anymore. Just find logic behind them and try manual testing.

If you don't know it logic, you already lose.


 
Good suggestions that I copied here from one a forum.

I recommend to everyone who reads this to always have a real account in MQL5 Signals of a specific EA before buying.

1, do not trust backtests (past data does not guarantee future profits),
2, do not trust demo accounts (these are not realistic conditions),
3, do not trust pictures where there is only profit (you don't see a floating loss or total loss account),
4, do not trust sellers who manipulate the account deposit just to reduce DD or not lose the account,
5, do not trust 5 stars because they are often bought for a bonus or that's what beginners give,
6, do not trust AI because it's marketing nonsense and often there are dangerous martingale/grid strategies hidden behind it. It is important to be careful because there is no refund on MQL5 Market.
Documentation on MQL5: Constants, Enumerations and Structures / Environment State / Account Properties
Documentation on MQL5: Constants, Enumerations and Structures / Environment State / Account Properties
  • www.mql5.com
To obtain information about the current account there are several functions: AccountInfoInteger() , AccountInfoDouble() and AccountInfoString() ...
 
artogfrendnes #:
Good suggestions that I copied here from one a forum.

I recommend to everyone who reads this to always have a real account in MQL5 Signals of a specific EA before buying.

1, do not trust backtests (past data does not guarantee future profits),
2, do not trust demo accounts (these are not realistic conditions),
3, do not trust pictures where there is only profit (you don't see a floating loss or total loss account),
4, do not trust sellers who manipulate the account deposit just to reduce DD or not lose the account,
5, do not trust 5 stars because they are often bought for a bonus or that's what beginners give,
6, do not trust AI because it's marketing nonsense and often there are dangerous martingale/grid strategies hidden behind it. It is important to be careful because there is no refund on MQL5 Market.
Yes A.I machine learning in native mt5 is unrealistic unless connected to external sources . .Most touted EA's are martingale because they are the easiest to make look good . 
 
Lorentzos Roussos #:

Well a more applausable (applaudable ? ) protest would be to create a killer EA and publish it for free , that would for sure eradicate scammers . 

thank you!!! You nailed that statement! :D

 
Can you ban sellers and accomplices from constantly sharing pictures with profit where no loss or floating loss is shown? In some EA in Comments only show this unverified marketing. If they want to be transparent, let them share a real account on MQL5 Signals.
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