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Author Topic: BEWARE Rogue signal providers!  (Read 2082 times)

Offline petersurrey

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BEWARE Rogue signal providers!
« on: August 23, 2018, 10:56:22 AM »
As many on this site are already aware there are numerous unscrupulous signal providers ready to take advantage of 'innocent' investors, however, the MQL5 signal service takes some beating this year with the total loss of investor funds now approaching $5M ( yes million!) with just two signal providers. The signals are then immediately removed from the website, giving the impression that the site offers only 'safe' systems....similar to many other signal provider websites..

The way this works is that even though MQL5 try to flag the more risky systems, there is no stopping the greed and impulsiveness of investors when they see steady double-digit growth month after month, until the subscribers are so many the trader only needs one month's subs to retire comfortably and swiftly loses all interest in his clients.

The latest 'dragon' and 'safe dragon'  GBP/JPY 20% month return systems calamity comes swiftly after the loss of a $3M investors funds from a 'no-lose' S&P 'long only' system. All systems failed to use stops with the promise that the trader would step in in the event of any serious market move.

The sad thing is that the investors adopt a blinkered defensive stance when challenged that the system was a pure grid and will fail with the first S&P correction - with one investor messaging me to say how sad it was that such negative people existed, only to see his account wiped out a few weeks later....

 My guess is that the trader didn't go out to fail his clients as both systems lasted a good 6 months plus, but just got complacent and greedy when he realised the subs more than compensated for his own trading profits....BEWARE!
« Last Edit: August 24, 2018, 12:49:05 PM by petersurrey »

Offline petersurrey

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Re: BEWARE Rogue signal providers!
« Reply #1 on: August 26, 2018, 04:38:22 PM »
..and yet another MQL5 forex signal service collapses - this time with another $1M ( yes million!) of 600+ investors funds at the hands of 'Twilight trade Profit'; taking the total losses from unscrupulous signal providers to at least $6M this year to date ( note these providers swiftly disappear from the website once the system collapses..)...ususal stuff of one years exemplary trading followed by complete collapse of discipline and risk control...

Offline JonasBlixx

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Re: BEWARE Rogue signal providers!
« Reply #2 on: August 27, 2018, 10:20:27 AM »
seen that.
pure bonkers.
martingale always make it to top as the growth rate is huge when they hit it right.
all the guy had to do was change the system when he had 1100 clients.
pure sheep.

Offline Paul.Trafford

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Re: BEWARE Rogue signal providers!
« Reply #3 on: August 29, 2018, 03:30:52 PM »
Thank you for sharing
The numbers are huge 5 million wow
Will spread it through my friends in social media too

Online outsidetheboxhk

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Re: BEWARE Rogue signal providers!
« Reply #4 on: August 30, 2018, 01:24:11 AM »
When I see the tell tale signs of "too good to be true", I tell people to start out cautiously and do heaps of due diligence in the beginning.  The ones that make big claims that entice people to subscribe, and if the new participant has not done the hard work of proving his value and character recently either on MyFXBook, other verified website or here with happy testimonials from Donna Forex members, then it is ok to be vigilant.

I am honestly concerned when a new forum / signal comes online and claims that they don't have recent verified stats to show their trading, claims to have huge investors, and that they don't want to reveal their identity.
I have built a good reputation and track record on my accounts and for followers, so I will leave it at that.  I don't want to stir up controversy, but you have been warned.
The red flags are obvious, and if someone doesn't want to submit themselves to the normal established verification steps, those who are wise would not easily give trust where it has not been earned.
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Online outsidetheboxhk

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BEWARE Rogue signal providers! This is the scam!
« Reply #5 on: August 31, 2018, 12:50:31 AM »
..and yet another MQL5 forex signal service collapses - this time with another $1M ( yes million!) of 600+ investors funds at the hands of 'Twilight trade Profit'

I have been interested to review this matter and to warn others on the Forex Signals Forum too.  After trading for 15 years and 2 years full time it's just really hard for me to believe that someone with the trading skills would rather trade 6 months compounding their capital pretty well and not really have a risk management plan and let it all go just to collect subscription fees.  The money you can make from trading if he/they would just have a risk management plan would be far greater than what they are collecting now and, in addition, they would not be harming so many hundreds of people and destroying their hard won financial health.

Anyway, this is what I have learnt:

Quote
There are several other signals on MQL5 that are the same person as Safety Dragon. All registered under various names so maybe friends, relatives, whatever. The guy (Cuong Pham Vu Kien) is dangerous and you can usually see his signature trading with high risks, high gains mainly in the GBPJPY pair. He often says hes from Hungary or India so if you ever see this, think twice before subscribing.

https://www.mql5.com/en/signals/411963#!tab=tab_reviews

https://www.forexsignals.com/forum/forum/signals-from-forexsignals-simpletrader/signals-from-simpletrader-network/736-fajalucky-signal

When I first viewed it, the signal had nearly $3M under management. This guy is a real scammer and was trying to get as many of his followers to hang in there when he was in a 70%+ drawdown. Sadly many lost most or all of their accounts with this one. The only thing I can say at this point is that we are very certain on the ID of this individual and there are about 5 people that fell into one of his managed account scams around a year ago through Skype conversations. He will be on the chopping block really soon.

There are reports that he was attempting to have people setup verified Paypal accounts for him to use for a small price. There were a few people that fell for this as well and is another investigation being done by several outside parties.
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Copy or Invest in my Strategy

DARWINEX
PSYQUATION
ZuluTrade (2 compensation models)

SignalStart
SimpleTrader
MQL5 Zero Spread
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Offline nick3232

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Re: BEWARE Rogue signal providers!
« Reply #6 on: August 31, 2018, 02:24:10 PM »
you're right ,been watching it closely since a month wondering why people got caught by such disonest traders and my only answer was greed and lack of knowledge

 

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