The Fxkeys.com to Ruining Your Account 2

By | September 9, 2014

Update May 2016: Fxkeys.com have re-branded themselves into LuckScout.com. Different name, same junk.

I’ll go through another article which I find is extremely dangerous for beginners. Not only because it gives them false hopes and a false image of what trading really is, but also because it sets the stage for a lot of unnecessary frustration and heartache. Most people dream of multiplying their accounts and making huge amounts of money when they start trading. Fueling those dreams with falsehoods and fantasy world spreadsheets, all done from behind the appearance of a successful, professional trader is very wrong, if not illegal.

This is your greed that doesn’t let you sit and calculate and see how much money you could make if you just would be patient and happy with a small amount of profit every month and what account size you would need to become rich in a short time. I have done this for you. … So, if you start with a $1000 account and you make only 25% profit every month and you don’t withdraw any money for 24 months, you will have a $211,758.24 account and you can make $52,939.56 per month after 24 months or two years. – FxKeys

After bashing the ridiculous, out of this world idea of doubling or tripling your account every week, he comes with this so called ‘small amount of profit’ of 25% per month. Can you spot the sleight-of-hand here ? If 100% weekly is indeed absurd, it doesn’t automatically make ‘only’ 25% every month a conservative, easy to achieve target. To any serious trader it’s just as preposterous and instantly exposes those who trot out such calculations as the jokers they really are.

I’m not saying that 25% per month is unachievable. There are months when more than that can be made and years when more than 300% can be achieved. There are several traders who have verified performance like that, Mark Minervini or Peter Brandt just to name a couple. What I am saying is that you need tremendous skill together with a favorable market environment to achieve those kinds of returns. You can’t just put in a spreadsheet your initial trading account balance and ‘only’ 25% monthly profit and get bleary-eyed of how rich you’ll be in 2 years. That’s ridiculous.

fxkeys1

Right there you can see the second most common wet dream of beginners. Close to 100% success rate. I urge you to read one of my previous articles where I talked about this. Most real traders have success rates of around 50% or lower. These are traders managing millions or billions of dollars with documented track-records going back decades.

To conclude, be very careful where you get your trading information from. Use your common sense and always double check everything. If something sounds too good to be true (like growing your account from $1k to $200k in 2 years) it most probably is.

23 thoughts on “The Fxkeys.com to Ruining Your Account 2

  1. Chris Hodgson

    Hi JLTrader

    Just a couple of things with respect to you;
    -I trade similar to Chris Porttoff from FxKeys and last month alone I made 30% quite comfortably, and that was with losses and some missed trades. It is very easy to make that kind of return consistently.

    -FxKeys is completely free to everyone, no scams or membership fees. So why would he make stuff up?

    -If you read through all the articles im sure youll change your mind

    Cheers

    Reply
  2. Pete

    I have to agree with Chris Hodgson.
    Fxkeys is 100% cost free. He does not sell anything, He doesn’t even recommend Brokers for crying out loud!
    I, for one, have not been able to see any scam on this site or with any of his posts. Trust me, I have been HAD by a few
    I would tend to agree with the Profit calculations of 25% being a little more than average but I am also a Rookie in my trading so far.

    Reply
  3. Todd

    Also I would like to defend the good name of Chris Pottorff and his Web site fxkeys.com … the recommendations made very consistently on the Web site by Chris and his associates are highly conservative and very cautionary to new traders.

    I’m not taking a position on the estimates of high profits but since his advice is to trade on demo accounts UNTIL one has been consistently profitable for six months, no one would risk “ruining their account” even if your supposition is correct and Mr. Pottorff and his system doesn’t make any money.

    My impression from following fxkeys for the last nine months or so is that Mr. Pottorff is motivated by the endless numbers of novices who lose lots of money trying to learn fx trading. He casts a very useful light on lots of deceptive or dubious practices which hurt fx traders including having to bet against the bank and getting caught up in 5, 10, 15, 30, 60 and 4 hour trading cycles.

    If you want to evaluate fxkeys.com perhaps a good place to start would be to drop the “ruining your account” stuff and evaluate the “95” and “100” trade set ups which he has identified over the last few months. Many have done quite well and since he urges people to always trade with fairly tight stop losses, losses — when they occur — have been in the context of overall gains.

    Reply
    1. JLTrader Post author

      I’ve never said that 100% of the hundreds of articles on fxkeys.com are complete bullshit. I just pointed out through a few strong examples that the site is not reliable and people would be better off getting information somewhere else. Here are a few more examples a reader sent me that Chris Pottorff is the fake name used by one Vahid from now defunct site forexoma.com:
      http://www.fxkeys.com/currency-pairs-correlation-in-forex-market-cross-currency-pairs/
      http://brixzen.blogspot.co.nz/2009/09/pair-currency-correlation.html

      http://www.fxkeys.com/what-is-the-proper-risk-and-reward-ratio-in-forex-trading/
      http://www.forexfactory.com/showthread.php?p=4204530#post4204530

      http://www.fxkeys.com/what-does-it-take-to-be-a-successful-trader-hard-work-practice-or-natural-flair-for-trading
      http://bucsotb.com/forum/viewtopic.php?f=26&t=3623&start=0#p31387
      Be my guest and go ahead in learning forex from someone who can’t even get his name right.

      Reply
  4. Todd

    Since people are investing their money with or at the behest of various “Internet voices” who they cannot meet, hear or even see pictures of it is very helpful to know as much information about these people who promote themselves and their theories. So thank you for the good service you are doing and good luck to you on your Web site.

    Reply
  5. FrankG

    Well, to make 15 , 20, 25% of profit is probably easy, for experienced trader of course. For me too… I made it around three or four times (during a month) but unfortunatelly lost it back to the market. Why???
    I am still no disciplined and patient, risking too much…
    Maybe, a experienced trader does not using risk of 2% of his account balance but maybe 10% and his risk reward ratio is maybe 5-10 : 1 (reward/risk)…
    But one very important thing is, to become a experienced, disciplined and patient trader.. Does not matter who write about this stuff he is right.
    Ive read a pile of articles about that, but the most detailed and what I have felt, openhearted and professional I found on fxkeys web site…
    So? What is the problem with turning 1000 anywhat to 100000 of anywhat in 2 years???
    None… OR it is: Discipline, Patience and Money Management

    Reply
  6. FrankG

    And to add:
    I FULLY SUPPORT CHRIS, his teammates and entire fxkeys traders party!

    Reply
  7. Boniface Akhuiwu

    Am a strong follower of Fxkeys. With due respect to you, its unneccessary to run anyone down even if you also run a parallel forex base training site. What I feel you should do is to focus on your site and if its educating people would visit it. Fxkeys was not recommended to me. Through search I was able to find it. So with other followers. I was in babypips also. None of those guys on babypips use their real name. Without please just go through his articles.
    Chris has collected any money from us. He doesn’t even recommend brokers for us. Thats to tell you how plain he is

    PLEASE typo error: I MEAN CHRIS “HAS NEVER” COLLECTED ANYMONEY FROM ANYBODY. Thanks

    Reply
  8. gary

    If there is no Fxkeys.com very few people would have found jltrader.com. So fxkeys are doing some good job for you too. Am I right?

    Reply
  9. Mark

    I see that Chris Pottorff/Vahid Chaychi has censored the Forexpeacearmy forum. You can’t write about FxKeys and Chris/Vahid on the Forexpeacearmy forum. There was a post and a few hours later it was removed from the forum.
    Here is the one and only place we can write without censorship and warn the FxKeys crowd.

    Reply
  10. kamal

    Hello everyone
    I want to tell you about my experience with forex trading,
    like any novice trader , I start reading books on the best strategies of the world’s most famous guru, I took siminaires also I aquired in a year alot of information on the technical analysis, but all this don’t really work
    I confirm two sources that are reliable
    the first is FXkeys , you will not find better, free and effective way to make money
    the second is to choose the right ECN -STP brokers forexpeacemaker

    I strongly advice you to follow these two wabsites,

    Reply
    1. JLTrader Post author

      Because either a) Chris doesn’t trade at all or b) doesn’t have anywhere near that kind of performance

      Reply
      1. FXP

        Obviously .. by the posts that you have highlighted those are very unrealistic expectations for beginners to even contemplate, maybe this guy lives in his own fantasy world, otherwise he could easily produce a verified account on myfxbook or the like.

        Reply
  11. Boniface Akhuiwu

    Hi Fxp,
    Does anyone own you proof of his/her successful trading career?

    Reply
  12. Niro

    Hey There, Just stopped by to say hi and wish success to all of us traders.
    for me personally Chris helped a Lot, If I was a Very successful and experienced trader… two things about that:
    1 – I am not sure that I would teach, maybe I just live a normal life, go to vacations with the family and donate which I believe is important, so when such a teacher like Chris arises we should all be thankful.
    2 – If I would have the urge to teach I am 100% sure I would do it completely anonymously, EXACTLY like Chris/Vahid (and the name is so not important) does.
    I wish you all real success, real self fulfillment in the endeavor of trading, just remember karma and donation to be fully successful.
    All the Best!
    and for Chris – you are a teacher which between the lines teach much more that trading, I appreciate you for that!
    Niro

    Reply
  13. mark

    Luckscout formerly fxkeys now asks for a membership fee of $9.99 per month. What does anybody think of this. In this case its not a risk free trading if whether you win or lose you pay $9.99 a month and I’m afraid there is no comment section on the article explaining their membership fee .

    Reply
    1. Niro

      You have a 60 days money back gaurantee, besides, ask Chris if its for you or not.

      Reply
      1. mark

        You do have a point, and compared to other succesful traders who share their knowledge $9.99 isn’t that really that big.

        Are you by any chance a part of the subscribers Niro? I’m really interested, too bad I don’t see much discussion about this subscription in the luckscout website. I sincerely want to know if he would be sharing his (Chris/Vahid’s) own buy sell movements.

        Thanks!

        Reply
  14. Niro

    Hey Mark I am not a subscriber yet, I believe I will join in the future.
    I think Chris is a very honest guy, you can ask him what ever you like and he will give you a sincere answer.
    BTW its 99$ not 9$ as you wrote.

    Reply

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