An outright Forex trading scam. The scheme is to churn and burn the trading account of the victim as quickly as possible. The hyperactive trading activity creates the illusion of fast and steady profits, however the truth is that there is no trading system.

Only a scheme to charge a monthly fee for "trading signals", and to generate broker and vendor trading commissions that have zero benefit to the account holder. Performance reports submitted to MyFxBook. The company is a Forex auto trading service that markets aggressively on MyFxBook.

A person opens an account from a list of available Forex brokers, and then authorizes that the signals are to be auto traded without the discretion of the account holder.

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The company is a one person operation that is solely owned by a 33 year old Croatian named Ninoslov Golubovic. You will find his Facebook profile at the following page. Although the website proclaims to have multiple employees, all successful Forex traders.

We were actually only able to confirm Ninoslov and his wife, Anna.

The website is very well presented and contains a very compelling sales presentation. The website also claims that since inception, there have been zero losing months since Below, you will notice a web graphic that Profit-ForexSignals.

However, notice that the website proclaiming these awards, Emporium Trading is no longer active. However, a quick DNS and Archive. Org search reveals that the website is actually just an extension of Profit-ForexSignals. A fake website created by Ninoslov Golubovic that fraudulently misrepresents the trading performance of Best-ForexSignals.

The company claims that since the trading signals have been Obviously, this is one of those situations where if it sounds too good to be true, then its probably a scam. Since mid , I have been receiving a steady trickle of complaints from various individuals that tell a remarkably similar story. Probably the best overall representation of those complaints can be found from a person that filed a complaint on ForexPeaceArmy. The heart of the complaint is as follows:.

I have all their e-mails and notifications which promised me to GUARANTEE pips monthly or ALL MONEY BACK! As you can read, this complaint is very distressing and the person that wrote this compliant obviously feels betrayed. However, this complaint is just one of many. Every once is a while, I get a complaint that is so astonishing that it challenges the realm of what is believable.

In April , I received yet another complaint about Profit-ForexSignals. Hopefully, it will serve as a warning to the trading community. The owner of the company showed him what looked to be actual account statements and guaranteed a minimal amount of performance or a money back guarantee. The following graphic was the supposed system performance overview that the trader was supposedly investing in. Obviously, this a very compelling equity curve. This is the equity curve that every trader dreams about.

Yes, the monthly subscription fee was certainly high. It all sounded great. The trader was then instructed to open a Forex trading account with a highly recommended Forex broker named, HotForex. Doing this took a huge leap of faith, and what happened next can only be described as horrifying. On the very first day of trading, there were an amazing 60 trades taken. Nearly every single trade entered. And so, after day one, there was a tremendous amount of commissions paid to HotForex.

There was also a handful of tiny winning trades where the system was able to accumulate one pip profits, and a handful of trades that were underwater and continued to bleed the account. By the 3rd trading day, the system has executed an astonishing trades. You can probably imagine the amount of commissions paid. Once again, there was a long list of tiny winning trades, and then a cluster of massive losses.

In only 72 hours of trading with Profit-ForexSignals. On the 7th day of live trading, the system had now executed over trades. On the 10th day of live trading, the system had now executed over trades. Many readers might not believe this sad tale, I certainly had a hard time believing it.

And so the person sent me the account statements directly from HotForex. I then imported that trades into the following spreadsheet, where you can view and witness the financial carnage.

As you can imagine, the customer was very upset. After the account was drained to zero. He next contacted Forex-TradeSignals. Ninoslav Golubovic agreed to immediately stop the service. The customer then contacted Ninoslav Golubovic to complain and have the charge reversed. The customer was then given a wide range of excuses and apologies and was told that the charge would be reversed in only a few days.

Some readers are probably trying to figure out how these bogus results were able to be slipped into the supposedly, fool proof MyFxBook. Let me explain how the scam works. What Ninoslav is doing is continuously adding and removing trading systems on MyFxBook.

At any given time, he has dozens of trading systems that are feeding hypothetical, simulated trading results into MyFxBook. However, the very moment that the trading systems begin performing poorly, he then removes it and replaces it with yet another system that is currently working. The net effect is the appearance that his systems are robust and excellent performers. However, the truth is something entirely different. After reviewing the trading records on MyFxBook.

His systems are not even trading systems, there is no trading logic whatsoever. They simply enter a random order to buy or sell a market order for any particular Forex currency. The system then attempts to profit only a single pip. If the system is not able to fill for a one pip profit, then on the very next minute, it then repeats the process and doubles the original position. It continues to do this until the trading account has reached the maximum allowable leveraged position.

This is a classic martingale type system that attempts to double the original position , and continues to add to a losing position until the account is fully leveraged. However, sometimes the market refuses to give up that single pip in profit and it runs against the account holder.

As you can see from the above account statements, the positions either liquidate at one pip profit, or the account is wiped out at full broker margin. By simply applying some basic statistical mathematics, we can very easily deduce that the trading systems of Forex-TradeSignals. One of two possible outcomes are the only possibility; option one is that the account becomes fully leveraged and loses in one grand string of losses, or option two is that the account is ground down to zero because of the cost of commissions.

The math does not lie. They give the veneer of providing a clean and transparent performance viewing of different trading vendors. But the veneer is false. The true motivation is to provide a platform where swindlers and hustlers can continuously ply their bogus trading systems to the general public. The dynamic is simple, a person finds a trading vendor on MyFxBook.

How dirty are the Forex brokers? Most are very dirty. In fact, most people are not even aware that Forex brokers are the counter party to most of the trading activity. In other words, when you are taking a trade, you are betting against the casino operator. Much like a casino takes the other side of your bet, the same is true with Forex brokers. For this reason alone, I am very leery of Forex and prefer to trade on open exchanges, where my trades are matched with other traders.

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Betting against the casino has a long and verifiable history of having disastrous outcomes. What do I mean by this? In this review, remember how the client was recommended to open and account with HotForex. Ninoslav Goluvobic is also an affiliate marketer of HotForex. And Ninoslav Goluvobic probably never mentions that for every single trade that is executed on his system through HotForex. Many readers of TradingSchools. Org know that I have been very critical of the Ninja Trader Ecosystem, as well as Online Trader Central, both are enablers of fraudulent trading educators.

But I have written very little about Forex brokers and the outrageous conflicts of interest that seek to place investors into disastrous positions. Yet another trading scammer gets exposed. Anyone who understands how markets work knows that what is available to everyone is worthless.

Myfxbook deserves all the criticism and then some. And he is from Serbia, not Croatia. It can be found on google, just type Ninoslav, not Ninoslov. Me being from Croatia. I am at a loss for words. Most scammers try to hide the fact they are ripping people off. This clown does openly with bravado. The Whitelabel scam mentioned in another post explains how it works.

I think myfxbook could be fine if one sticks to verified traders who have fully USA based brokers such as FXCM. But more important can someone explain this whole White Label thing to me. I thought US regulations were a joke.

Am I understanding this correctly that basically any Tom, Dick and Harry can be a Forex Broker and then take the other side of my own trade at any price I want and then send it to myfxbooks. This is what I harp on again and again. People rather lose money trading some fantasy world created by the trading room operators then actually make money trading real world. Real World trading is tough, while fantasy world sounds so easy with no draw downs and amazing returns to boot.

Of course the only ones making money in that fantasy world are the con artist who are taking your money. It goes without saying that a verified track-record from Oanda or FXCM is infinitely more credible than those from unregulated bucket-shops. You are right Vlad. A reputable Forex broker like FXCM or Oanda is a good start. But even with a reputable broker, they are finding ways to hustle up good results.

I had one guy selling a trading education that had a bunch of really small Forex accounts. He would simultaneously buy Forex in account A and sell in account B, then he would post the results for only the account that made money.

I really do not see how these regulators can be so asleep at the switch. There needs to be a massive lawsuit against these brokers. All these people from the Brokers to Myfxbooks are either consciously or unconscious aiding in this scam. Emmett when are you going write an article for the Wall Street Journal exposing this entire swindle industry. It used to be just the scum bag binary brokers who operated this way, now it is common across many brokers.

From their Myfxbook profile: I wonder how has he been able to fleece gullible people for so long. I mean, no track-record on a real account, exposed as fraudulent on ForexPeaceArmy. Org Review Team Warning Add Listing and Review Request Prop Trading Prop Trading Firms Menu Live Trading Rooms Stocks Trading Rooms Futures Trading Rooms Trading Software Trading Mentors Trading Systems Brokers Discount Futures Brokers Stock Brokers Live Forex Trading Rooms.

Profit-Forex Signals Emmett Moore May 9, Live Forex Trading Rooms , Trading Systems , Worst Trading Systems 27 Comments. Summary An outright Forex trading scam. Comments Rating 0 0 reviews. Absolutely nothing to recommend. Reported trading results are completely bogus and fraudulent. Is nothing more than a scheme to churn the trading account of the victim in order to generate trading commissions for the thieves involved in the scheme.

A near perfect equity curve. Forex conman Ninoslov Golubovic. About The Author Emmett Moore. Photo and Image Files. Audio and Video Files. Notify of new replies to this comment. The same goes for track record with partially hidden data or with Martingale or grid systems which are ticking bombs. So all information is available and it is up to potential investor to analyse it.

There are scammer that have been faking their results for years. As discussed at his site, pretty much any Tom Dick or Harry can become a Forex Broker and fake out MyFxbooks.

Myfxbooks provides zero proof of anything. I am still just amazed how this is the only site to actual demand proof of profitable trading and call out these con artist. So when I see track record from real account with big broker like FXCM with at least 3 years of risk adjusted profitability no Martingale or grid , with significant deposit and without hidden data should I assume it is completely worthless?

Other thing is that I really have not seen yet even one system on myfxbook which meets all those criteria. I am just saying what I would consider as a reasonably good proof of profitability.

This is an industry full of swindlers. One of trading rooms I belonged to posted years of fake results. You can not be too cautious. I would not accept any downloaded Brokerage statement put into Excel or TraderView as proof of anything.

Here is what i would want to see: Hi all, Its me, i had this really bad situation with this guy. I will explain all that happened. First, when someone never meet trading and he dont know how is working everything, just take his decisions of what he read and which recomendations he recive.

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When i started with them was everything okay, what they do is use really small lot size, they open many trades and they leave to take one direction, if its down no problem the price gonna go up again. Dont want to improperly color the Croations. Actually, am reviewing a Croatian stock guy right now. Pretty good thus far. Thanks for covering the latest in the forex retail shenanigans. So this is the latest type of scam to rack up commissions with affiliates. Exactly concur with myfxbook, zulutrade, etc.

Anyone can be a Forex BrokerYep, any Tom, Dick or Harry can start a Forex brokerage. You just need the software and the web traffic. The software can fun on a server in your garage. You are a Forex broker. Create a website and some random physical address in Cyprus and you are in business.

Just some further info on my comment above. As mentioned, the brokers offering these shared B book deals are well known in the industry. This is an excellent comment. You really get it. On a deep, deep level. Amazing how you just explained the entire industry dynamic in only a few paragraphs. I worked the dark side of the broker industry for a few years. I got out before I had no soul left. If your honest and have integrity forget about making any real money in this industry.

The honest guys with the honest business models are barley scrapping a living. I have seen it first hand.

This is the reality of the deals that are being done between affiliates and forex brokers. Many well know forex brokers offer this type of deal to educators and EA providers. Another room providing more evidence to my statement this industry is full of nothing but swindlers.

So frustrating to see people scammed by an obvious scam artist. I am sorry to be heartless, but at some point you have to use your brain.

Rob, I was thinking the same thing. I would check to see if they have an affiliate program. That in it self is a huge red flag. I would think the fx broker sees all his clients blowing up their accounts. They must know something is not right.

The scammers configure their own MT4 server. The results you see is not from alternating systems but rather from falsifying data on their custom MT4 server. Furthermore the educator and the broker are usually always in cahoots as you so rightly mentioned. This scam is not new, its been trending for the last year or so.

The biggest player is lionfxfund, you can google them to find information on how their scam works and the number of people who have fallen prey. Forex ShenanigansIn the United States, most people trade currency futures. Most of these Forex scammers are pretty new to me.

I got an email earlier from a guy that explained how to set up a white label Forex brokerage for only a few thousands dollars, then plug it directly into MyFxBook.

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