What is a scam in Forex trading?
In the foreign exchange (forex) market, a scam is an attempt by an individual or organization to defraud traders by misrepresenting the true risks and potential gains of a particular trade or investment. This can take many forms, such as falsely promising high returns with low risk, manipulating software to generate losing trades, or failing to deliver on promised returns.
Scams in the forex market can be particularly harmful because the market is largely unregulated and it can be difficult for traders to know whom they can trust. It is important for traders to be cautious and to thoroughly research any investment opportunity before committing their funds. Some red flags that may indicate a potential forex scam include:
Unsolicited offers: Be wary of unsolicited offers to invest in the forex market, especially if they come from unfamiliar individuals or organizations.
High returns with low risk: Be skeptical of claims that promise high returns with little or no risk. In the financial markets, there is always some level of risk involved, and it is not possible to consistently earn high returns without taking on some level of risk.
Unregulated brokers: It is important to work with a regulated broker when trading in the forex market. Unregulated brokers may not follow the same standards of conduct as regulated brokers, and may be more likely to engage in fraudulent activities.
Pressure to invest: Be cautious of brokers or other individuals who try to pressure you into making a decision to invest without giving you adequate time to consider the risks and potential rewards.
If you suspect that you have been a victim of a forex scam, you should report it to the appropriate authorities, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US.
This EA will probably fail with a margin call. Millions of optimizations have been made to get those line. But we can not do that for the future.
BTW.
I am not a friend of robots. The application is limited. I use it only for back testing for study purposes. The long term success is with manual trading. That's how my clients succeed. The human brain is capable of much more than a stupid simple-minded program that cannot react to different market situations.
Attention! All our products can be bought only on the official MQL5 website. Beware of scammers!