EA scams - page 4
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Most people are "scamming" themselves. Including EA sellers.
To produce an EA, you need to even experience and skills in trading, it take years. You also need experience and skills, it takes more years. You also need experience with mql5 itself, as well as MT5 which can easily produce wrong backtests results if you don't pay attention (I am not even talking about MT4, that's for sure the scamming platform by excellence.)
To buy an EA you ALSO need skills and experience. And you need to take your responsibilities. Nobody force anyone to buy anything here. If someone buy an EA based on backtests only, isn't that scamming himself ?
Of course, all these generalization are senseless, obviously there are honest sellers. That's doesn't even mean their EA(s) are good.
You are right. But that means we can't buy any products here because there is no way to check completly if it is a good product and there is a strong element of betting.
It is difficult to completely eliminate fraudulent products, but the market should make that effort. Such as asking for live signals for at least 6 months, as already mentioned. Unfortunately, it is not possible because for users to repeatedly buy bad products makes profits to the market as well?
What do you mean by checking ? What if the seller provides live record ?
It may be same as what you wrote in the previous post, Just focus on live accounts better.
Provided, of course, that the seller cannot tamper with the records. Is that guaranteed in this market? I think I saw a comment along the lines of "I made a mistake in setting it up and deleted the record."
It is easy to find fake neural network EA in market place:
I think the people who were fooled by the above, wanted to be fooled.
I don't think anyone who is making the efforts at using EAs want to be fooled. I thought it was too good to be true but was trying to test it in many ways to see if it was true. Like turning my internet off to see if it was using an external data source. I think in the end if you can't look in the box then don't buy the box.
Most people are "scamming" themselves. Including EA sellers.
To produce an EA, you need to even experience and skills in trading, it take years. You also need coding experience and skills, it takes more years. You also need experience with mql5 itself, as well as MT5 which can easily produce wrong backtests results if you don't pay attention (I am not even talking about MT4, that's for sure the scamming platform by excellence.)
To buy an EA you ALSO need skills and experience. And you need to take your responsibilities. Nobody force anyone to buy anything here. If someone buy an EA based on backtests only, isn't that scamming himself ?
Of course, all these generalization are senseless, obviously there are honest sellers. That's doesn't even mean their EA(s) are good.
I agree with most of what you said but there is no way to forward test without buying the EA.
You are right. But that means we can't buy any products here because there is no way to check completly if it is a good product and there is a strong element of betting.
It is difficult to completely eliminate fraudulent products, but the market should make that effort. Such as asking for live signals for at least 6 months, as already mentioned. Unfortunately, it is not possible because for users to repeatedly buy bad products makes profits to the market as well?
It does seem that if they required 6 months live testing the marketplace revenue would probably go down about 90%. I am not sure who owns MQL5 but the whole financial market is after liquidity to move the other way so what better than EAs that don't work.
You are right. But that means we can't buy any products here because there is no way to check completly if it is a good product and there is a strong element of betting.
It is difficult to completely eliminate fraudulent products, but the market should make that effort. Such as asking for live signals for at least 6 months, as already mentioned. Unfortunately, it is not possible because for users to repeatedly buy bad products makes profits to the market as well?
They really cant check , the volume is insane , we as users have to be more vigilant actually . For instance if i see stuff and i'm bored to report them that's on me (the users)
As far as the signals go they will adapt with such a rule . For instance launch 100 signals , six months later pick the winning ones ,launch eas and claim they trade those signals.
They still won't be able to check if the EA is running the signal.
A mod proposed a decent idea where MQ starts a signal with the EA once it is published on settings the vendor provides .
You get the added benefit here that the vendor will never ever ever ever ever delete the signal and start a new one.
And then there's the logistics of such a feature . Why would they do it ? What is the incentive ? they are already selling and making commissions . So until a competitor fills their side mirrors or there is a massive petition (not 40 people) then they wont do it.
Also consider its possible they are unaware of those issues .They really cant check , the volume is insane , we as users have to be more vigilant actually . For instance if i see stuff and i'm bored to report them that's on me (the users)
As far as the signals go they will adapt with such a rule . For instance launch 100 signals , six months later pick the winning ones ,launch eas and claim they trade those signals.
They still won't be able to check if the EA is running the signal.
A mod proposed a decent idea where MQ starts a signal with the EA once it is published on settings the vendor provides .
You get the added benefit here that the vendor will never ever ever ever ever delete the signal and start a new one.
And then there's the logistics of such a feature . Why would they do it ? What is the incentive ? they are already selling and making commissions . So until a competitor fills their side mirrors or there is a massive petition (not 40 people) then they wont do it.
Also consider its possible they are unaware of those issues .That's true what you say - they can just launch 100 EAs and pick the best after 6 months so that wouldn't work either. I understand that is what the fund companies do. Start many funds and promote the ones that make a profit over the preceding years. It looks good but doesn't mean anything as it can just be luck.
You are right. But that means we can't buy any products here because there is no way to check completly if it is a good product and there is a strong element of betting.
It is difficult to completely eliminate fraudulent products, but the market should make that effort. Such as asking for live signals for at least 6 months, as already mentioned. Unfortunately, it is not possible because for users to repeatedly buy bad products makes profits to the market as well?
You are complicating this subject.
Because there is the Rules of Using the Market Service , and if the seller broke the rules so yes - he is "scam" (and your/our personal criterias about "scam" or not "scam" - do not matter in this case).
Buying product in the market = investing money to the seller, and if you bought the product so the reasonable quesion may be asked:
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I am posting is all the time on the forum during the many years (it is about Market products but it is same for the Signals and for Freelance as well):
Forum on trading, automated trading systems and testing trading strategies
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Sergey Golubev, 2021.01.14 09:18
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I am posting this suggestion all the time on the forum. It is related to the Signals, the Market, and to the Freelance as well -
Forum on trading, automated trading systems and testing trading strategies
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Sergey Golubev, 2020.01.16 06:35
There is one rule which some people follow:
Just my optinion.subscribe to the signal or create an order in Freelance or purchase the product from the user/seller/coder/provider you know in person or you know by activity on the forum.
Because if you purchased something so I may ask:
"Do you know the seller in person, or you are familiar with him on this forum?"
If you say: "Not" so it will be very strange case for me ...
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There are a lot of professional and honest users/coders on the forum, and some of them are very active on this forum helping to the other people and replying on the forum posts/requests.
Always choose the person you know in this forum (who is very active here), and you will have less problems with anything.
Just my opinion sorry (because I am using Freelance and Market as well).
That's true what you say - they can just launch 100 EAs and pick the best after 6 months so that wouldn't work either. I understand that is what the fund companies do. Start many funds and promote the ones that make a profit over the preceding years. It looks good but doesn't mean anything as it can just be luck.
Well funds have a different tolerance and their money is in too most times. I first grasped this with crypto (1:1 leverage but these things go to zero xD)
Like the guy with the protest EA , the test starts at 1 million dollars