ForEx "Agent" has set up an account for my father, using unknown EA

New comment
 

Hi all

As an introduction and to provide context, I have literally zero experience with forex trading and up until 2 days ago I had never heard of MT4.. 

My father has recently been introduced to someone who claims to be forex trading whiz, and after showing him a supposed trading account that was massively in profit in a very short period of time (approx GBP£50k profit over 3 months), my father was convinced to start trading. I am more skeptical, and worry about the "too good to be true" side of things.

My father has opened up an account with a regulated broker (who seem to be high profile and reputable) so I have no issues there. My concern is that this agent has set up / customised his trading account with an EA that conducts all the trades. He won't tell my father which EA it is. This makes me extremely nervous - without knowing what strategy is being employed, this feels like a very risky strategy from my father.

I have access to his trading account with the brokerage, and have downloaded the MT4 platform. I can see the history of trades as well as open ones. But I cannot see what EA is being used and so can't research anything about it.

Can anyone help me identify the EA please? I'm struggling to see where I can get these details.

Thanks

 
bansaladman:

Hi all

As an introduction and to provide context, I have literally zero experience with forex trading and up until 2 days ago I had never heard of MT4.. 

My father has recently been introduced to someone who claims to be forex trading whiz, and after showing him a supposed trading account that was massively in profit in a very short period of time (approx GBP£50k profit over 3 months), my father was convinced to start trading. I am more skeptical, and worry about the "too good to be true" side of things.

My father has opened up an account with a regulated broker (who seem to be high profile and reputable) so I have no issues there. My concern is that this agent has set up / customised his trading account with an EA that conducts all the trades. He won't tell my father which EA it is. This makes me extremely nervous - without knowing what strategy is being employed, this feels like a very risky strategy from my father.

I have access to his trading account with the brokerage, and have downloaded the MT4 platform. I can see the history of trades as well as open ones. But I cannot see what EA is being used and so can't research anything about it.

Can anyone help me identify the EA please? I'm struggling to see where I can get these details.

Thanks

If you do not have access to the PC or server where the Mt4 platform with the EA runs is not possible.

Is of more importance to know what the EA does rather than its name. Hence good to ask the agent about the strategy. 

Even if you do it may be an unknown EA or an EA that specific company wrote for own use hence may not be helpful. 

Check the orders placed by the EA if they leave a comment that could point out to the EA name if is a known one. 
 
bansaladman:

Hi all

As an introduction and to provide context, I have literally zero experience with forex trading and up until 2 days ago I had never heard of MT4.. 

My father has recently been introduced to someone who claims to be forex trading whiz, and after showing him a supposed trading account that was massively in profit in a very short period of time (approx GBP£50k profit over 3 months), my father was convinced to start trading. I am more skeptical, and worry about the "too good to be true" side of things.

My father has opened up an account with a regulated broker (who seem to be high profile and reputable) so I have no issues there. My concern is that this agent has set up / customised his trading account with an EA that conducts all the trades. He won't tell my father which EA it is. This makes me extremely nervous - without knowing what strategy is being employed, this feels like a very risky strategy from my father.

I have access to his trading account with the brokerage, and have downloaded the MT4 platform. I can see the history of trades as well as open ones. But I cannot see what EA is being used and so can't research anything about it.

Can anyone help me identify the EA please? I'm struggling to see where I can get these details.

Thanks

What kind of a deal did your father agree to ? 

If its a simple IB (the "agent") then his commision grows the more your father trades.(Agent can just overtrade and they will receive commision whether you win or lose)

If its a simple IB and also received a fee ,same as the above.(same as above,no skin in the game,if you lose they will refund the fee ,but they get the commisions ,they make money either way ,you dont go after them because they refunded the fee)

If its a PAMM ,then a percentage of gains is in play depending on your broker ("agent" has skin in the game).

If its a signal here ,they have skin in the game because they want to be ranked.

Did they show your father a signal account ? 

 

Michalis - thank you for that info, that is good to know. At least I know I can't get the name of the EA through the MT4 terminal from the broker. But that is also very good advice -just to analyse the trade to see if I can see anything. I am an financial analyst so hopefully will be able to get some info.

About the comments - there is nothing that can help me identify the EA in the comments. they say, for example, "SELL TREND-Lvl-0".. I have googled this but nothing useful returned. However I have seen the Expert ID whenever I hover over a trade. Again I have searched these IDs but did not come up with anything useful or that matches my father's trades.


Lorentzos - there is no signed agreement unfortunately, it's an informal arrangement. This is what makes me nervous. My father's understanding is that this agent will make % based on gains made, so i think it's PAMM based on your list above. 

Excuse my ignorance, but what is a signal account?

 
bansaladman:

Hi all

As an introduction and to provide context, I have literally zero experience with forex trading and up until 2 days ago I had never heard of MT4.. 

My father has recently been introduced to someone who claims to be forex trading whiz, and after showing him a supposed trading account that was massively in profit in a very short period of time (approx GBP£50k profit over 3 months), my father was convinced to start trading. I am more skeptical, and worry about the "too good to be true" side of things.

My father has opened up an account with a regulated broker (who seem to be high profile and reputable) so I have no issues there. My concern is that this agent has set up / customised his trading account with an EA that conducts all the trades. He won't tell my father which EA it is. This makes me extremely nervous - without knowing what strategy is being employed, this feels like a very risky strategy from my father.

I have access to his trading account with the brokerage, and have downloaded the MT4 platform. I can see the history of trades as well as open ones. But I cannot see what EA is being used and so can't research anything about it.

Can anyone help me identify the EA please? I'm struggling to see where I can get these details.

Thanks

This entire story sounds extremely alarming and if you do nothing it's just a question of time when the entire 50K are gone forever.


Do you have the full login credentials including the master password for your dad's trading account?

If no, contact your Dad's broker and ask them to reset the account's password.

If you have the master password you can change it yourself. This blocks the EA terminal from performing any further operation. 

So you'll be able to close all trades manually and save what's left from your Dad's money.

New comment