Here’s the breakdown by monthly return:
Here’s the breakdown by monthly return:
Lambda Ascent: +2.4%
Omega Genesis: +.9%
Omicron Growth: -1.41%
Theta Trader: -10.35%
While Theta Trader recorded a loss for November, it is only the second time this year it has recorded a loss for a single month and just the third time in the past 2 years which it has had a negative month. This represents a great time to join the Theta Trader program if you had been considering joining but weren’t sure when a good time to join would be. Theta Trader is poised to make a comeback in the coming months, one you surely do not want to miss. Especially considering we are still running our promotion waiving our $200 technology integration fee typically charged to all new accounts and lowered our minimum deposit to $5,000USD.
I have wasted a lot of time on this in the past and I hope that you can benefit from my experience. On the surface, sites like Myfxbook seem like the best way for newbies to tell which signal providers, educators or robots are the best.
However, when you look at the “Strategy” section of the website, you will find lots of fantastic results. Most of them seem too good to be true.
You think to yourself…is that for real? Some of the results really are amazing. Are they faked?
There are also various sites specialize in Forex trader reviews. Most of these sites talk about traders in their forums. These sites can also show equally fantastic results.
So what should you believe?
While you can never be 100% sure that all results are true, there are certainly a few ways that you can uncover legitimate traders, with a high degree of certainty.
In this post, we will take a closer look at how to spot fake Forex trading results.
First, let’s take a look at the accounts on MyFxBook. There are some accounts that look like this.
The returns are amazing and it seems too good to be true. So what should you look for?
First, find out if the results are verified. The track record has to be verified and there must be a green check next to it.
Here is an example of an unverified account. The trading privileges do not need to be verified on MyFxBook.
Another thing that you should look at is the length of the track record. Obviously, they don’t have to have a 10 year record, but the longer, the better.
Many fake accounts will only have a track record of a few months.
Of course, past performance does not guarantee future results. But it does help you understand what you are getting into.
Next, take a look at the trader or developer website, if they have one. If the site looks bad or there are a lot of misspellings on the site, that is not a good sign.
There are certain features of a website that can tip you off. Some sites end up using a free Blogger blog. Do you still want to give your hard-earned cash to a trader that can’t afford $5 per month to host their own site?
There are some cases when a legit trader has a bad website. But if it is obvious that they have not put the time and effort to create a real website, then they are probably equally undisciplined about their trading or they are making up their results.
Sometimes, the links on a site can be affiliate links. The reviewer, in this case, gets paid for referring a client to an agent. This is legitimate, but beware.
If it is obvious that a site is only in it for the commissions, you have to ask yourself if they really believe in the trader, or if they are just trying to make a quick buck. Are they actually using the service?
Some sites are blatant scams and might keep you wondering why anyone would fall for it. But people do. Scam sites can use videos in their marketing and they can be very convincing.
One deception is built around the idea of the language barrier between countries. They think they can pull off a “lost in translation” on their clients.
This usually centers around using video footage in one language and subtitles in the target language. Sometimes that video isn’t even trading related.
However, the video looks official and many times, comes from a news cast or a similarly semi-credible source. Here is an example from the Adrian Shiroma scam.
If you just watch the video for a few minutes, you will see that it is a scam. In this video, she never actually says “Adrian Shiroma,” even though it is in the subtitles.
You should be able to take a keen look at the brokers that a trader is using. Some of these traders may make things to be legit. A standard check I prefer is to search for the name of the broker with the word “sucks” if you Google the brokers review, for example, and finds nothing, not even a negative review, it should give you enough sign that the broker is fake.
Obtaining results for the search doesn’t have to mean that the broker is bad. Even the best in the game will have negative reviews.
The sad fact about trading is that there will always be haters. Most people are not successful traders and they want to blame anything and everything else, besides themselves.
But sites like Forex Peace Army, can give you a good idea of if a trader or educator is worth investing in.
If you try to sign up for a service, are you able to get to the end or does it send you to some weird page or give you an error? Sure, there can be momentary technical outages, but if you have these issues all the time, this can be a giant red flag.
A real broker should be able to get you started with a live account and a trading platform. A lot of fake trading sites will not give you the opportunity to download the broker’s proprietary platform.
It can be really easy to get excited about the Forex market. For people who don’t want to trade, having a trader do it for you can be very attractive. But there are a lot of risks involved with finding a solid trader.
To get started with our verified Forex signals and managed accounts, check out this page.
I hope you’ve learned a few things from this post. It should help you to spot a scam in the future.
We typically save posts about our performance for a big recap at the end of the month or beginning of the following month, but this calls for an exception… Our Theta Trader managed account program returned a whopping 10% so far this week. Taking into account gains earlier in the month that means Theta Trader is well over a 20% gain for the month, and a tremendous 181.94% for 2015 so far.
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We firmly believe this program is only going to continue to achieve outstanding results and have decided to extend our promotional offering of waiving the typical $200 one-time technology integration fee, reducing the minimum account size to $5,000 USD (Theta Trader typically requires clients to open with a $25,000 minimum deposit), and keeping the performance fee at a flat 25%, instead of the 30% performance fee typically charged for clients who deposit less than $300,00. This is a great time to get into the Theta Trader program if you were considering doing so.
Had you invested $10,000 USD with Theta Trader at the beginning of the year you would have a balance of $28,194 before fees today.
September 2015 netted our signals and managed account programs a combined 11.87%. The biggest gain was in our managed account program which saw a 21.03% increase over the course of the month. Keep in mind the S&P 500 ended the month -2.64%.
Here’s the full breakdown
Theta Trader: +21.03%
Lambda Ascent: +.16%
Omega Genesis: -1.32%
Omicron Growth: -8.00%
Our managed program, Theta Trader has had not only a tremendous September, but a tremendous 2015, having netted over 98% for the year!
Here’s some quick math – if you had invested just $10,000 into Back Bay Markets’ Theta Trader program in the beginning of this year, you would’ve made $13,593.20 (before fees) and had a balance today of $23,593.20!
For a limited time the $200 activation fee that is typically charged for all new accounts is being WAIVED. This is a great time to get into the Theta Trader program.
(Past results are not necessarily indicative of future results. Read our full risk disclosure)[vcex_divider style=”solid” icon_color=”#000000″ icon_size=”14px” margin_top=”20px” margin_bottom=”20px”]
Looking at the FX market for September 2015 we saw a number of big moves and a few surprises. Across the globe, markets have been in turmoil since the Chinese surprise devaluation of the Yuan earlier in August. Emerging market currencies, US stocks, European stocks, and commodities have all seen losses throughout the past month.
The big question of when (and at this point, if!) the US Federal Reserve will increase interest rates remained unanswered as Yellen and the Fed decided again to leave rates unchanged despite a number of financial thinktanks speculating September would be the month the Fed finally raised rates. This decision pushed the S&P500 down during the first week following the announcement. On the other hand, the yield on the 10-year Treasury Notes jumped on the news, closing higher at 2.166%. Only time will tell if the Fed decides to raise rates in October, or later.
Interest rate hike predictions in the UK have kept the pound from making any considerable gains against currency pairs, in fact the GBP/USD pair has toppled from a high of 1.5655 in mid-September to a month end in the area of 1.5111. The United Kingdom had been the fastest growing economy in the developed world going into 2014. Mid-way through 2014 a massive weakening of the GBP and the UK economy as a whole has continued well into 2015 as baskets of currencies have strengthened against the Pound.
Japan had relatively few surprises for currency markets. The Bank of Japan (BoJ) went forward with its stimulus and was backed up by the fresh Japanese government. The market-coined term, Abenomics, describes Japan’s three pronged attack on overcoming deflationary and boosting output, this stimulus package one of those prongs.
USD/JPY has bounced in a narrow range around the 120.00 figure with price action being choppy at times but never straying too far away from the big figure. There was and is some disappointment that the government has not yet progressed on big structural reforms, while the Bank of Japan indicated that the current rate of policy stimulus is about right as Japan has shown signs of a recovery.
The market uncertainty carrying over from June made us nervous going into July but it turned out to be a very positive month for all of our signal providers. The four programs netted a combined +16.10% for the month. We will look to keep the momentum going in August! The full breakdown is as follows:
Omega Genesis: +2.23%
Theta Trader: +3.15%
Lambda Ascent: +6.01%
Omicron Growth: +4.71%
View all of our signal here: http://www.backbaymarkets.com/signals/
The Federal Open Market Committee (FOMC) announced a continued reduction in the size of its bond purchase program to a monthly total of $25 billion. FOMC Minutes indicated a probable end to asset purchases this coming fall. The Bank of England kept interest-rate and asset-purchase levels unchanged.
The European Central Bank’s (ECB) latest announcement contained no monetary policy changes following recent stimulus measures, maintaining historically low interest rates and holding out the prospect of future measures if warranted. Finally, the Bank of Japan reaffirmed its commitment to low rates and intention to continue money-market operations with an aim of closing the shortfall from its inflation target.
Risk aversion was the name of the game to end the month of July following more dramatic selloffs in Chinese equities. Yen and Euro ended the month on a positive note.
May 2015 netted our programs a combined -17.14% in growth for the month. The full breakdown is as follows:
Omicron Growth: -6.66%
Theta Trader: -6.16%
Lambda Ascent: +2.54 %
Omega Genesis: -6.86%
Aside from the steep ascent of the USD/JPY pair, relatively low volatility throughout the month of May on the major currency pairs left our managers with little to “work with” and it was reflected in the monthly results. Although down months are never something to boast about, based on past results this represents a terrific opportunity for clients who may have considered joining in the past but haven’t done so yet to start signal trading as our managers rarely get into extended drawdowns and often “rebound” very well.
The New Zealand Dollar extended a prolonged fall in value against a basket of most major currencies. Interestingly, the consensus behind this fall in the value of the Kiwi points to a fall in milk price forecasted by Fonterra, the world’s largest dairy product exporter. Combine this with a trade surplus drop from NZD754m to NZD98m, and fears that a weak Chinese economy may reduce New Zealand’s export business are leading many to predict this fall could continue through to .65 through the following months before the currency recovers.
The Canadian Dollar remained somewhat sideways throughout the month, though range bound the USD/CAD pair ended just about the 1.25 figure having started the month off just shy of 1.21 the figure. In the Bank of Canada’s public statement it attributed the slide to negative impacts of a recent strengthening in CAD globally and a slowdown in demand from its U.S. partners to the south. Although oil prices have started to rebound from record lows many expect oil prices to stay well below average and in turn push inflation to sub 2%, the Bank of Canada’s target for inflation.
The Bank of England is still eyeing a rate hike as their next “big move”, though with the news that inflation has officially hit 0% in May and economic growth figures were downgraded to 2.5% it is assumed the Bank of England will push back their plans for a rate hike to even further on down the road, perhaps mid next year. The Bank of England also added in its May statement that inflation could and likely would dip into negative numbers throughout the summer as lagging commodity prices catch up with the British economy.
April was unfortunately an aggregate down month. The our programs netted a combined -1.71% for the month. We will look to get back on track for investors in May! The full breakdown is as follows:
Omega Genesis: +0.53%
Theta Trader: -1.20%
Lambda Ascent: -1.16%
Omicron Growth: +0.12%
Market Recap and May Outlook:
April Showers bring May flowers (well maybe not for the USD).
May 1st – the Euro continued its climb today with the pair setting fresh month highs just shy of 1.1300. EUR/USD started the month of April at 1.0720 and has shot straight up, benefiting from market participants constant dumping of dollar long positions. The FED did not help the USD much with rhetoric backing their stationary stance in the markets.
We expect the EURO’s momentum stall a bit in the coming week falling back to 1.11/1.10 area then onto an eventful week ending with Non-Farm Payrolls on Friday 5/8/15. EUR/USD should ping around over the next week or two after Non-Farm but with the numbers set as high as they are (even after last months disappointing NFP numbers) the upside of the Euro against the dollar could be as high as 1.1580. We expect the resistance to be right around a high of 1.1290, but if NFP disappoints again then who knows what is next. One of our traders (Theta) pointed out an article in the FT suggesting that the IMF are going to take a hard line on Greece which should also cap the Euro to an extent.
March netted our programs a combined +26.69% in growth for the month. The full breakdown is as such:
Omicron Growth: +4.47%
Theta Trader: +12.34%
Lambda Ascent: +8.53%
Omega Genesis: +1.35%
March saw a number of big moves in the FX market. Falling oil prices on top of western sanctions saw the Russian Ruble succumbing to tremendous pressure, ultimately leading the Russian Central Bank to intervene with a handful of gradual rate hikes one after another.
To stimulate a limited amount of inflation and boost any economic growth already developing in the Eurozone, the European Central Bank launched a hefty quantitative easing (QE) program, very reminiscent of both the UK’s and the US’s QE programs between 2009 – 2013. As expected, bond yields have tumbled to near record lows and as a result devalued the Euro almost across the board and cheapened domestically made goods for foreign importers. European stocks, too, declined throughout the month but have sustained significant growth in previous months.
The U.S. Dollar continued to advance against the Euro, just short of a 13% gain for the month. This brought the EUR/USD pair to a 12-year low at 1.0456. During a March 18th Federal Reserve press release, the Euro clawed back some against the dollar when the Fed publicized it was downgrading its economic and inflationary outlook towards the USD. The Federal Reserve also announced it was tapering back its projected pace of rate hikes in the future. Disappointing retail sales reports, durable goods reports, and the state of the housing market continue to bring down an otherwise strong US Dollar.
The Australian economy, tightly tied to the falling commodity prices of the past 12 – 18 months has struggled to make gains against many currency pairs. Australia’s two largest exports, iron ore and coal fell by 50% and 25% respectively over 2014. Although the Australian Dollar fell by 3% for the year 2014, the Reserve Bank of Australia continues to drop interest rates in what appears to be an attempt to lower the currency further.