Update May 2016: Fxkeys.com have re-branded themselves into LuckScout.com. Different name, same junk.
This is a great example of why having my own site to freely express views and thoughts is important to me. I was made aware of fxkeys.com, a website run by one Chris Pottorff with supposedly 23 years of trading experience. Judging by the articles’ titles and the comments left by readers it is aimed at novices. So far, so good. The problems started after I read a few of those articles and found a lot of bad information and outright lies. I tried to point this out in a couple of comments, but guess what, they weren’t approved. You can see them waiting for moderation in the picture below:
After a little while, they just disappeared. I urge any trader who tries to apply anything seen on that site to think twice. Just in one article, there are several falsehoods, as evidenced not only by the fact that my comments were removed but by common sense as well. Taking advice from someone who so blatantly lies is a sure way to ruin your account.
1. We opened a $1000 account and then started trading with it using our shared trade setups. The account turned into $100,000 in 14 months. That was a great achievement, not because of turning a $1000 into $100,000, but because of the lesson we learned.
I’m not saying this isn’t possible, given a very favorable trading environment (think the dot-com bubble). It’s just extremely unlikely.
2. One of us who were used to have a million dollar trading account, withdraw the money and left only $10,000 in the account. For him, who was used to have a million dollar account and make a reasonable profit every month for several years, $10,000 meant nothing. Trading with a $10,000 account had no risk for him at all. He turns his $10,000 account into a million every 2-3 years… He has raised his trading capital to a million dollar few times so far. This is what many of our other team members are doing, but just with different amounts of money and account sizes. This is what I have been doing for several years too.
This is where the plot thickens and the bullshit becomes real. No one can grow an account 100x times every 2-3 years. Not even one person, let alone several as this guy is implying. Anyone with half a brain would have no difficulty in seeing through these lies.
At this point, it doesn’t seem to be a fully fledged scam as there doesn’t seem to be any services for sale. But beware, with that kind of statements, my guess is that we have a scam in the making.