Copies and Scams

[liggy002]

Hello Everybody,

Donna has just started an official Black List.

Some of you asked what constitutes a Scam or shall we say something that deserves to be on a Black List.

Following are Donna's words regarding this and here is the link to the new thread/post.

http://www.donnaforex.com/forum/index.php?topic=3378.0

Also, PipDragon was added to the Black List today for ripping off KangarooEA signals and other infractions.

Regards,

Pippa

What counts for a Liar, cheat or scammer?

1. Vendors who are caught trying to defraud potential customers by posing as users of their system on this forum.

2. Vendors who refuse to refund and for whom customers may not be able to get refunds from their payments processors (eg paypal is hard to get refunds from, whereas clickbank is easy even if the vendors disagrees).

3. Vendors copying other people's systems/signals/software without permission, whether for profit or free.

4. Vendors who post fake reports on their websites (fake backtests, fake live statements, etc)

5. Brokers who do not return client funds after considerable effort on the part of the trader.


What is NOT included:

-bad performing products. A system that performs badly doesn't count as a scam for the purposes of this board.

Found a scammer? Want them to feature here? Send an email to admin@donnaforex.com Evidence MUST be included before we can post details publicly to cover us for any potential legal actions. The evidence must show beyond any doubt that the vendor is indeed a scammer. Evidence includes: emails, screenshots, IP address info, logs of attempts to recover money, etc.

If you suspect someone on the forum of being a vendor posing as a customer, then please let us know even if you don't have full evidence as this is something we can investigate here. "

Bad performing products may not necessarily be created by scammers but the trader still has a right to know what has worked and what has not worked.  A seperate topic should be created for products that have failed to perform as advertised and/or have blown the user's accounts.  Also, a note should be put in place to let the user know whether the vendor has run for the hills or has made an attempt to improve thier product.

[Josef]

Bad performing products may not necessarily be created by scammers but the trader still has a right to know what has worked and what has not worked.  A seperate topic should be created for products that have failed to perform as advertised and/or have blown the user's accounts.  Also, a note should be put in place to let the user know whether the vendor has run for the hills or has made an attempt to improve thier product.

The trade logic can be also correct but mistake can be in the code. Traders are not professional programers, logic is correct but mistake can be easily done by programmer.

[donnaforex]

It is hard to maintain a section on the forum specifically for products which haven't performed. If i did so, then i think every single product you see here would end up on that list (apart from maybe robots which use no stoploss which may survive a very long time before blowing up entirely), as even robots which work well for a number of people over a long period of time (wallstreet for example), there will always be people who end up with losing accounts for whatever reason, or declare a robot a loser because of 1 bad month.

I'd love to find ways to rank performance though and/or filter out the worst performers. There are just so many issue with this approach it doesn't make it practical to implement in any way i can think of on the forum - the best method for myself personally to see how a product is performing is to monitor people's comments as much as possible, watch their accounts, and seek as many different opinions as possible from parties who have nothing to gain/lose from giving their opinions. It means that we can't immediately pinpoint what is working and it requires a lot of time/energy to research it all, but it really is about the only way i can think of to get real 'on the ground' results which are applicable to your own trading.

[Syphon]

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Hmm, I think there are some bots that would fall in the category, but in reality - what are the boundaries from scam and just ripoff? Where one starts and other ends?

[clkdtm]

autofxmillionaire scam of the year

[pharoh777]

AutoFXMillionaire gets my #1 Vote for SCAM OF THE YEAR. 

The geniuses behind this trade copier that is guaranteed to drain your account with multiple (I Mean more than 10) 300+ pip drawdown orders when you are usually gunning for 10 pips.  A real beauty.

In the category of biggest scam artist the awards goes to:  The creators of AutoFXMillionaire as after their block buster scam they repackaged the EXACT same product and called it "ghost trader", now with even more ways to lose your money!!

Moment of silence for all those (I even lost a little) who lost money with that product................

Peace and Profits

[Stewi]

Isn't there a way to sue AutoFX or did they have a clever agreement in place to protect them from this?

I don't know because I never tried them, but surely if they are 100% scam there should be options to take legal action? Maybe even class action lawsuit?

Or is it just exaggeration?

[Barkingcat]

New member and once again find this a  brilliant forum...totally new to EAs...as I have technically traded for 5 years but stoked to see a community like Donnas on the net exposing the scammers!

Thanks,

BC

PS: Is there really a automated way to make 50% a year? This is only my second post so I will be searching this as well....any advice is appreciated though. 

[Metso]

PS: Is there really a automated way to make 50% a year? This is only my second post so I will be searching this as well....any advice is appreciated though. 

Short answer - no.

Long answer - no, there isn't.

[fxbootstraps]

PS: Is there really a automated way to make 50% a year? This is only my second post so I will be searching this as well....any advice is appreciated though. 

It isnt impossible at all.
My summary would be
Look at ForexCombo, FX Street and MDP.
Find people with regular contributions this way you can identify roughly which Brokers they might work with.
Also check out Myfxbook for systems live stats.

None of this is difficult it just takes a bit of effort upfront and then ongoing broker selection.
   

[macjoe]

Hi,
Watch this one http://www.frxexpert.org/index3.htm

Tommy the Fish exposed it: http://forexsham.blog.com/

[oldchartreader]

PS: Is there really a automated way to make 50% a year? This is only my second post so I will be searching this as well....any advice is appreciated though. 

It isnt impossible at all.
My summary would be
Look at ForexCombo, FX Street and MDP.
Find people with regular contributions this way you can identify roughly which Brokers they might work with.
Also check out Myfxbook for systems live stats.

None of this is difficult it just takes a bit of effort upfront and then ongoing broker selection.
   

I agree with "Boots".  You have to do your work and not be taking hugh risks with your money by opening up live accounts and risking a whole bunch on each trade trying to become rich overnight.  People who are successful here really do their homework and sometimes still get burned.

Watch those backtests.  Look for live real money accounts.  I have created numerous EA's and had them test for over a billion dollars profit only to have them completely fail when I put them on any account, demo or live.

In the end, just do your homework and research the EA's "Boots" lists....they are all good ones.

[Shawn]

Hi,
Watch this one http://www.frxexpert.org/index3.htm

Tommy the Fish exposed it: http://forexsham.blog.com/

Thanks for warning. Great site btw.

[2cb3d]

Forex Grid Trader is a Free EA called ILAN 1.4 - The code was decompiled from a Myfxbook member and shared freely after the Forex Grid Trader Code was identical to Ilan1.4

http://www.forexpeacearmy.com/metatrader_expert_advisor/forex_grid_trader_ea/real

http://www.myfxbook.com/members/FxGridTraderEA/forex-grid-trader-ea-gbpusd/294047

[2cb3d]

Forex Envy is a slightly Modified Forex Hacked.

Both EA's have been decompiled and source code Proves that Forex Envy uses the same Code including Trading Logic as Forex Hacked.