An outright Forex trading scam. The strategy would be to churn and burn off the trading accounts of their victim as fast as possible. The Forex action generates the illusion of rapid and steady gains, however the reality is that there’s not any trading system. Just a strategy to charge a monthly fee for”trading signs”, and also to create broker and seller trading commissions which have zero advantage to the account holder. Performance reports filed to MyFxBook.com are fake and supposed to lure in the gullible and inexperienced.
User Review( votes)
Thanks for reading today’s review of Profit-ForexSignals.com
Profit-ForexSignals.com is a Forex auto trading service that markets aggressively on MyFxBook.com. The company promises to offer fully audited, and 100% verifiable trading signals that can be auto traded through various Forex brokerages.
Profit-Forex Signals offers trading signals that range in price from $100 per month, up to $1,000 per month. 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.
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. Whom he proclaims to have 8 years trading experience and trades with 90% accuracy.
Initial impression of website
The website is very well presented and contains a very compelling sales presentation. The company claims “absolute honesty” and “full transparency”. The website also claims that since inception, there have been zero losing months since 2010. Below, you will notice a web graphic that Profit-ForexSignals.com prominently displays with the description “Best Forest Signals Service 2011-2012-2013-2014”. However, notice that the website proclaiming these awards, Emporium Trading is no longer active.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.com and was actually controlled by Ninoslov Golubovic.
The company claims that since 2010 the trading signals have been 99.99% accurate, with single pip returns averaging nearly $200,000 per year.
Obviously, this is one of those situations where if it sounds too good to be true, then its probably a scam.
Complaints filter into TradingSchools.club
Since mid 2015, 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.com. The heart of the complaint is as follows:
After looking at their “EXCELLENT AND UNBELIEVABLE” performance, which I believe many people have saw it and believed same as me, I joined their service on 18th of November and subscribed for their ULTIMATE PROFESSIONAL AUTOTRADER (which guarantee 3000-5000pips per month)
I have paid $350USD for this service alone and I opened account of $2000USD at ALPARI BROKER.
I have all their e-mails and notifications which promised me to GUARANTEE 3000-5000 pips monthly or ALL MONEY BACK!
On 18th of November my account was connected to their EA AUTOTRADER and LOT SIZE was set the way they recommended me, NINOSLAV (Profit Forex Signals) told me to use 0.10 LOT SIZE for EACH TRADE OPENED!
I did not touch my account at all and all trades was opened by only Profit Forex Signals.
AFTER 9 DAYS OF USAGE OF THEIR ULTIMATE AUTO TRADER MY ACCOUNT GOT BLOWN AWAY!!!!!
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.
A heart breaking complaint
Every once is a while, I get a complaint that is so astonishing that it challenges the realm of what is believable. In April 2015, I received yet another complaint about Profit-ForexSignals.com and felt that I had to get this person’s story published. Hopefully, it will serve as a warning to the trading community.
The following story arrived in my email inbox and described a situation where a trader came across the sterling, “100% verifiable FXBook.com trading performance” and felt compelled to invest his savings into the Profit-ForexSignals.com $1,000 per month signals plan. 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. A nice, steady upward slope with only one losing trade during the prior 5 months of “100% verifiable, real time performance, all guaranteed by FXBook.com”. Yes, the monthly subscription fee was certainly high. But Miroslav Goluvobic recommends that as the profits quickly accrue, then traders should increase the size of positions to compound the returns and offset the subscription fee’s. It all sounded great.
The trader was then instructed to open a Forex trading account with a highly recommended Forex broker named, HotForex.com. The trader then set up his trading account with a balance of $20,000, which represented his life savings. Doing this took a huge leap of faith, and what happened next can only be described as horrifying.
Profit-ForexSignals.com actual, real time trading performance
During the first month of 2016 the auto trading robot began trading the $20,000 account. On the very first day of trading, there were an amazing 60 trades taken. Nearly every single trade entered
and exited was targeting only one pip in profit. And so, after day one, there was a tremendous amount of commissions paid to HotForex.com. 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 216 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. By the 3rd trading day, there were an astonishing 10 consecutive losses at $830 per loss. In only 72 hours of trading with Profit-ForexSignals.com, the customer had lost nearly half of his trading account.
On the 7th day of live trading, the system had now executed over 450 trades. Once again, a long list of tiny winners, and then a cluster of 20 consecutive massive losses totaling $12,164.
On the 10th day of live trading, the system had now executed over 600 trades. A long list of hope inspiring tiny winners, and then a cluster of 11 consecutive massive losses totaling $4,900.
Finally, on the 12th day of live trading, the system had executed astonishing 841 trades and had completely wiped out the entire balance of the original $20,000 account. 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.com. I then imported that trades into the following spreadsheet, where you can view and witness the financial carnage.
|Open Time||Type||Size||Item||Price||Close Time||Price||Trade P/L|
|2015.12.21 00:01:15||sell||0.13||eurusd||1.08511||2016.01.04 02:41:01||1.0846||6.63|
|2015.12.21 00:01:16||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:17||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:18||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:19||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:20||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:21||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:22||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:23||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:24||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:25||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:26||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:27||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:28||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:29||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:30||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:31||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:32||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:33||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:34||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:35||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:36||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:37||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:38||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:39||sell||0.13||eurusd||1.08512||2016.01.04 02:41:01||1.0846||6.76|
|2015.12.21 00:01:40||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:41||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:42||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:43||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:44||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:45||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:46||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:47||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:48||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:49||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:50||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:51||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:52||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:53||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:54||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:55||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:56||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:57||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:58||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:01:59||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:02:00||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:02:01||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:02:02||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:02:03||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 00:02:04||sell||0.13||eurusd||1.08515||2016.01.04 02:41:01||1.0846||7.15|
|2015.12.21 13:51:23||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:24||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:25||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:26||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:27||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:28||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:29||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:30||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:31||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2015.12.21 13:51:32||sell||0.13||eurusd||1.08682||2016.01.04 01:24:58||1.085||23.66|
|2016.01.04 03:39:13||buy||0.13||eurusd||1.08415||2016.01.04 03:57:30||1.086||24.05|
|2016.01.04 03:39:14||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:15||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:16||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:17||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:18||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:19||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:39:20||buy||0.13||eurusd||1.08415||2016.01.04 03:57:30||1.086||24.05|
|2016.01.04 03:39:21||buy||0.13||eurusd||1.08415||2016.01.04 03:57:30||1.086||24.05|
|2016.01.04 03:39:22||buy||0.13||eurusd||1.08414||2016.01.04 03:57:30||1.086||24.18|
|2016.01.04 03:50:32||buy limit||0.01||eurusd||1.08||2016.01.04 03:51:03||1.08495|
|2016.01.04 03:51:29||buy limit||0.13||eurusd||1.08||2016.01.04 03:55:21||1.08577|
|2016.01.04 03:51:29||buy limit||0.13||eurusd||1.08||2016.01.04 03:55:30||1.08577|
|2016.01.04 23:00:03||sell||0.15||eurusd||1.08283||2016.01.05 01:50:06||1.08264||2.85|
|2016.01.04 23:00:13||sell||0.15||eurusd||1.08292||2016.01.05 01:50:05||1.08264||4.2|
|2016.01.04 23:00:25||sell||0.15||eurusd||1.08286||2016.01.05 01:50:03||1.08264||3.3|
|2016.01.04 23:00:36||sell||0.15||eurusd||1.08287||2016.01.05 01:50:01||1.08264||3.45|
|2016.01.04 23:00:46||sell||0.15||eurusd||1.0829||2016.01.05 01:49:59||1.08264||3.9|
|2016.01.04 23:00:57||sell||0.15||eurusd||1.08284||2016.01.05 01:49:58||1.08264||3|
|2016.01.04 23:01:07||sell||0.15||eurusd||1.08284||2016.01.05 01:49:56||1.08264||3|
|2016.01.04 23:01:16||sell||0.15||eurusd||1.08285||2016.01.05 01:49:53||1.08263||3.3|
|2016.01.04 23:01:27||sell||0.15||eurusd||1.08286||2016.01.05 01:49:51||1.08263||3.45|
|2016.01.04 23:01:38||sell||0.15||eurusd||1.08286||2016.01.05 01:49:49||1.08263||3.45|
|2016.01.04 23:01:48||sell||0.15||eurusd||1.08293||2016.01.05 01:50:09||1.08264||4.35|
|2016.01.04 23:01:59||sell||0.15||eurusd||1.08293||2016.01.05 01:50:11||1.08264||4.35|
|2016.01.04 23:02:14||sell||0.15||eurusd||1.08293||2016.01.05 01:47:49||1.08252||6.15|
|2016.01.04 23:02:24||sell||0.15||eurusd||1.08302||2016.01.05 01:47:49||1.08252||7.5|
|2016.01.04 23:02:33||sell||0.15||eurusd||1.08301||2016.01.05 01:47:49||1.08252||7.35|
|2016.01.04 23:02:46||sell||0.15||eurusd||1.08305||2016.01.05 01:39:58||1.08263||6.3|
|2016.01.04 23:02:54||sell||0.15||eurusd||1.08313||2016.01.05 01:40:01||1.08269||6.6|
|2016.01.04 23:03:05||sell||0.15||eurusd||1.0831||2016.01.05 01:47:49||1.08251||8.85|
|2016.01.04 23:03:15||sell||0.15||eurusd||1.083||2016.01.05 01:47:49||1.08252||7.2|
|2016.01.04 23:03:26||sell||0.15||eurusd||1.08301||2016.01.05 01:47:49||1.08251||7.5|
|2016.01.04 23:03:37||sell||0.15||eurusd||1.08301||2016.01.05 01:47:49||1.08252||7.35|
|2016.01.04 23:03:48||sell||0.15||eurusd||1.08302||2016.01.05 01:41:41||1.08259||6.45|
|2016.01.04 23:03:58||sell||0.15||eurusd||1.08306||2016.01.05 01:44:57||1.08259||7.05|
|2016.01.04 23:04:08||sell||0.15||eurusd||1.08305||2016.01.05 01:41:06||1.08261||6.6|
|2016.01.04 23:04:20||sell||0.15||eurusd||1.08307||2016.01.05 01:41:07||1.08262||6.75|
|2016.01.04 23:04:29||sell||0.15||eurusd||1.08307||2016.01.05 01:47:49||1.08255||7.8|
|2016.01.04 23:04:40||sell||0.15||eurusd||1.08304||2016.01.05 01:47:49||1.08255||7.35|
As you can imagine, the customer was very upset. He had spent $1,000 upfront for the trading signals, and had funded a trading account, and then in a matter of days…he had lost everything.
After the account was drained to zero. He next contacted Forex-TradeSignals.com and cancelled the $1000 per month signal service. Ninoslav Golubovic agreed to immediately stop the service. However, approximately two weeks later, another charge appeared on his credit card statement for an additional $1,000. 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.
After 3 weeks, the customer then logs into his credit card account and not only did Ninoslov not reverse the $1,000, but he actually had the audacity to charge the customer once again, for an additional $1,000. All told, in a matter of 7 weeks, Ninoslov Golubovic charged the customer $3,000 and blew up his $20,000 trading account. The client had to then cancel the credit card and is in the process of fighting with Ninoslov Golubovic about reversing the $2,000 in unauthorized charges. Amazing stuff folks.
Executing the scam on MyFxBook.com
Some readers are probably trying to figure out how these bogus results were able to be slipped into the supposedly, fool proof MyFxBook.com? Let me explain how the scam works. What Ninoslav is doing is continuously adding and removing trading systems on MyFxBook.com. At any given time, he has dozens of trading systems that are feeding hypothetical, simulated trading results into MyFxBook.com, if the systems are performing well, then he publishes the results to the public audience. 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.
What are Forex-TradeSignals.com?
After reviewing the trading records on MyFxBook.com and the trading records of the victim, it is painfully obvious how Ninoslav is pulling off this scam. 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. Very ugly stuff.
By simply applying some basic statistical mathematics, we can very easily deduce that the trading systems of Forex-TradeSignals.com have a 100% failure rate. 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.
Forex Brokers love Forex-TradeSignals.com
MyFxBook.com is a Forex broker sponsored website. 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.com and then opens an account with one of MyFxBook.com’s recommended Forex brokers.
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. Betting against the casino has a long and verifiable history of having disastrous outcomes.
Another dynamic that nobody every talks about with Forex brokers is the broker/educator relationships that have outrageous conflicts of interest. What do I mean by this? In this review, remember how the client was recommended to open and account with HotForex.com? Ninoslav Goluvobic is also an affiliate marketer of HotForex.com. And Ninoslav Goluvobic probably never mentions that for every single trade that is executed on his system through HotForex.com, he is receiving 60% of the trading commission from HotForex.com.
As you read this review, are you now starting to realize and understand why Forex-TradeSignals.com executed over 800 automated trades for the customer with the $20,000 account? Ninoslav Golubovic’s only motivation is to churn as quickly through each and every auto trading account, as quickly as possible, before the inevitable blow up occurs. In the case of $20,000 trading account, not only did Ninoslav Golubovic charge the poor victim $3,000, but he also earned an estimated $840 in trading commissions.
Wrapping Things Up
Many readers of TradingSchools.club 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. MyFxBook.com is very similar to the Ninja Trader Ecosystem, both prop up and provide a platform for fraudulent educators and fraudulent trading systems that benefit only the vendor and the broker.
Well that’s it for today. Yet another trading scammer gets exposed. Thanks for reading and please don’t forget to leave you comments below.