Is this a scam

Matt912 · Mar 19, 2018

Hi,
Basically I’ve come into contact with a EA who claims he can get returns of 20% a month roughly on average, he has shown me his myfxbook page and his Metatrader account and all seems legit, all he requires is my meta trader login and that’s it and the only way he is getting paid is when I withdraw the profits and send him his share.
Would like your opinion on this please, and ps his myfxbook accounts where verified

Thanks

Pat494 · Mar 19, 2018

With your metatrader login doesn't he have total control over your account ? And may withdraw your funds at will.
Don't trust the man who spreads the burning sand with water.

tomorton · Mar 19, 2018

And surely there's some T&C that prohibits you from revealing your password? Ignore that and you've got no come-back.

Matt912 · Mar 19, 2018

Pat494 said:
With your metatrader login doesn't he have total control over your account ? And may withdraw your funds at will.
Don't trust the man who spreads the burning sand with water.

You can only withdraw funds through broker

Hoggums · Mar 19, 2018

What's his myfxbook page link - we can take a look to see if he's been manipulating this page.

Also - if he's good enough to make a profit like that he should apply to be a AutoTrade provider. Then you can simply "follow" him and your MT4 account will follow his trades via myfxbook without you providing him any details.

gerryg · Mar 19, 2018

Pat494 said:
With your metatrader login doesn't he have total control over your account ? And may withdraw your funds at will.
Don't trust the man who spreads the burning sand with water.

If this would be such easy... in order to withdraw you have to have access to broker personal area and at least smartly change withdrawals source which is unlikely given you don't pass additional verification of this step from broker support

You can give your password if you don't have sensitive stuff in your MT4 for example private trading EAs which he can steal

Pat494 · Mar 19, 2018

gerryg said:
If this would be such easy... in order to withdraw you have to have access to broker personal area and at least smartly change withdrawals source which is unlikely given you don't pass additional verification of this step from broker support

You can give your password if you don't have sensitive stuff in your MT4 for example private trading EAs which he can steal

That's an interesting point. All my paid for EAs in MT4 suddenly disappeared just over a month ago. I didn't make a fuss becuse they weren't any good.

Quantt · Mar 19, 2018

Matt912 said:
Hi,
Basically I’ve come into contact with a EA who claims he can get returns of 20% a month roughly on average, he has shown me his myfxbook page and his Metatrader account and all seems legit, all he requires is my meta trader login and that’s it and the only way he is getting paid is when I withdraw the profits and send him his share.
Would like your opinion on this please, and ps his myfxbook accounts where verified

Thanks

Hi Matt, stay away, there is no way someone can make 20% per month profit on average, simple math shows he will be a billionaire in about 55 months starting with only 20k.
Hi might not be able to withdrawal your money, but for sure he'll lose it pretty fast...

Matt912 · Mar 20, 2018

Hoggums said:
What's his myfxbook page link - we can take a look to see if he's been manipulating this page.

Also - if he's good enough to make a profit like that he should apply to be a AutoTrade provider. Then you can simply "follow" him and your MT4 account will follow his trades via myfxbook without you providing him any details.

https://www.myfxbook.com/members/EAXpert/eaxpert-ii/2433760
Here is his myfxbook page and he his account is verified and have logged into his mt4 account and seems legit

Brumby · Mar 20, 2018

Matt912 said:
https://www.myfxbook.com/members/EAXpert/eaxpert-ii/2433760
Here is his myfxbook page and he his account is verified and have logged into his mt4 account and seems legit

Two problems immediately stand out. First is the limited trade history of basically a month. Typically, one would look for at least 6 months of trade history. The second more problematic issue is that it is basically a martingale system. Just refer to the open trades and the successive increment in position and sizing.

What the person is attempting to do is trade without risk i.e. you take the risk and he or she picks up a share of the gain. Normally a martingale system can make money for a limited period and under the right conditions but on the longer run will more likely than not blow the account. Also a reason why it has limited trade history because the longer this goes on the more likely the account will blow up.

Hoggums · Mar 20, 2018

Brumby said:
Two problems immediately stand out. First is the limited trade history of basically a month. Typically, one would look for at least 6 months of trade history. The second more problematic issue is that it is basically a martingale system. Just refer to the open trades and the successive increment in position and sizing.

What the person is attempting to do is trade without risk i.e. you take the risk and he or she picks up a share of the gain. Normally a martingale system can make money for a limited period and under the right conditions but on the longer run will more likely than not blow the account. Also a reason why it has limited trade history because the longer this goes on the more likely the account will blow up.

Spot on Brumby!

I'l reiterate - 1 month of history is not enough. You can be lucky for a month.

Stay well clear of this strategy, Martingale works until it doesn't - and when it doesn't work it decimates your account - which is what will happen eventually.

NVP · Mar 22, 2018

Let Matt give the guy his money ....

Let’s face it the only way we REALLY learn in this business is make those kinda mistakes

Matt don’t lose to much

Cheers
N

Pat494 · Sep 21, 2019

Has anyone else been bothered by people trying to get one to download Team Viewer ?
Am I right in thinking that once downloaded etc. they can totally control one's computer ?
He even asked if I did any banking from my computer.
Half way through the download I cut the connection. Within 2 minutes he is on the phone very angry.
Looks dodgy to me.
Any thoughts ?

Lightning McQueen · Sep 21, 2019

Never used it, but I believe you had a lucky escape there Pat, good on you for breaking the connection.

Advice from team viewer support

Scammers

Scammers and fraudsters are using team viewer to access computers by explaining they are from the ISP supplier.

community.teamviewer.com

cantagril · Sep 21, 2019

Pat494 said:
Has anyone else been bothered by people trying to get one to download Team Viewer ?
Am I right in thinking that once downloaded etc. they can totally control one's computer ?
He even asked if I did any banking from my computer.
Half way through the download I cut the connection. Within 2 minutes he is on the phone very angry.
Looks dodgy to me.
Any thoughts ?

Never had any dealings with TeamViewer but if you're interested in VPN/Remote Access etc, there are several free ones out there you can try. I used one of them in earnest for about 3 years when I was running and office in Casablanca from wherever I happened to be. Called UltraVNC ( I think) It was clunky to set up but once running appeared to be stable. As far as I can recall (this was 10 years ago) the only issue that caused any serious probs was that you couldn't turn on/off the thing so that if there was a power cut (and there was, regularly) it meant getting an incompetent minion to power up and sign in with the all important password.

0007 · Sep 21, 2019

Pat494 said:
Has anyone else been bothered by people trying to get one to download Team Viewer ?
Am I right in thinking that once downloaded etc. they can totally control one's computer ?
He even asked if I did any banking from my computer.
Half way through the download I cut the connection. Within 2 minutes he is on the phone very angry.
Looks dodgy to me.
Any thoughts ?

Team Viewer Is a legit program and very useful when used as intended (remote into somebody else's computer and take control as necessary) but obviously very dangerous in the hands of the wrong person. Even when installed, the would-be remote controller can't take possession of your PC unless you give him a one-time generated password (or he's managed to download on to your PC something dodgy which will do the job for him). I use this software many times to sort out other people's problems on a long distance basis. It's free for private use and I can highly recommend it.

Following on from above – one of the golden rules of computer security is never, never download something suggested by a caller of whom you have no knowledge. Anybody who rings you up and asks for personal details or wants any kind of access to your computer spells danger.

Pat494 · Sep 22, 2019

Thanks guys. It looks like I wasn't just being a bit paranoid.

hatemypips · Sep 22, 2019

Tradingview is best way to share, exchange and work together in trading ideas. No need to invent bicycle twice. I also have telegram chat with guys who also trade on Hotforex, I think you can also find a chat group with traders who trade on the same platform.

Is this a scam

Matt912

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Pat494

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tomorton

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Matt912

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Hoggums

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gerryg

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Pat494

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Quantt

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Matt912

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Brumby

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Hoggums

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NVP

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Pat494

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Lightning McQueen

Scammers

cantagril

0007

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Pat494

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hatemypips

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