Forex Blog by Rimantas Petrauskas- Part 3

Expert Advisor Scams and How Forex Traders Can Avoid Them

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An expert advisor can be described as the ultimate trading robot, which continuously monitors markets and makes series of trading decisions for the trader. A legit Forex EA will yield a lot of money for the trader, while fake EAs will plunge him/her into financial ruin. There are many strategists who are building their special EAs that perform special trading tricks to yield results that may look good when they are actually fake. There are various ways of spotting fake expert advisors. This article will extensively look at them.

For years Forex traders have been relying on Myfxbook to verify trading results of other traders and software sellers. However, there are so many ways to trick the system these days that this verification platform cannot be trusted all the time.

Have you ever wonder how all the Forex robots are created? There are so many Forex robots online, but not so many actually work and generate profits. There are many ways to create profitable trading strategies, automated and manual, but most of these methods are incorrect. Over the last few years, I have created thousands of Forex bots and quite many of them actually make money on live accounts. If you are into creating your own automated trading systems then you are on the right page. Today, I will give you 5 untold tricks to creating better and profitable Forex robots (a.k.a. Expert Advisors).

September 28, 2017
Chris Svorcik
No comments
Guest Posts

Are you curious which Forex indicator is simple yet effective at the same time? I’m sure that all traders are looking for that special indicator taking care of all your trading decisions. Although this “Holy Grail” indicator does not exist, there is one particular tool that we find to be very beneficial for taking trading decisions: the Donchian channel indicator.

I gathered a list of the best Forex related blogs and websites and now we have a huge list of top 100 Forex blogs.

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Alert! Fabricated Backtest Results is a popular Forex Scam

Not all backtests are accurate. The only sure way of knowing whether a backtest is done correctly is to do it yourself and compare. Unfortunately, this is usually not possible and not many people know how to backtest Forex robots correctly. When you run repeat the backtest of any EA and do it correctly it becomes easy to know if any given backtest is fabricated or not. When investigating backtest report a special attention should be paid to the type of Spread, modeling quality, modeling type, and the graph.

This article was written to help you tell differences between fabricated and genuine backtesting results.

The forex market trades about 1 trillion dollars a day. With this kind of money floating in a market that is not very well regulated, forex scams are all over. Most of the popular scams have ceased to exist thanks to the enforcement of rules by bodies such as the FCA. Today more advanced scams exist in the name of forex signal service. Don’t get me wrong, not every signal service is a scam. There are some good reliable signal services and all you need to do is identify them.

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June 2, 2017
Rimantas Petrauskas
Forex

With the modern technology in place, the world is more connected and smaller. Communication around the globe is simpler today thanks to the robust growth in the information sector. Forex trading has not been left behind. Today, accounts managers are able to operate several accounts from a single master account.

Don’t confuse trade copier software with a signal service which operates using a trade copier. Let me explain everything you need to know about trade copiers.

A trade copier will copy trades executed in the master account to several slave accounts as shown below.

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Many forex traders make use of technical indicators to guide them in predicting and making the right trading decision. In some cases, a good number of these traders end up using indicators that instead mislead them.

In this information age, scammers are all over the internet preying on unsuspecting buyers of their products. A lot of forex indicators are on sale, promising to give unmatched results only to turn out to be scams.

This article focus is on repainting indicators. The concept of repainting has been used by a number of scammers. Repainting makes indicators so appealing when assessed on historical charts but not the case in real time trading. To break it down we differentiate between repainting and non-repainting indicators.

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Many people across the world fall into the traps of scammers and end up losing money in the hands of scrupulous scammers. If they had a better way of identifying the scammers earlier in advance, they might have escaped the pitfall. The forex market has been a soft spot for many scammers that are constantly coming up with new and lucrative scamming methods that are appealing to most people that end up on their trap.