Do I need to use an Expert Advisor in MT4 in order to follow a signal provider (I 'successfully' subscribed to IncomePro) ?
I have previously copied trades (but not from the MT4 community signal providers list) and had to configure (quite lengthy) a Expert Advisor addon (it did work, technically. The trades didn't go well).
I'm using Pepperstone's MT4.
Also, where are the funds (used for trading) drawn from? I expect this is from my balance with my broker - but the video tutorial on signal provider subscription doesn't mention this at all... ?
No, you do not need to use any EA's addon to receive the signals on your Metatrader.I think - the other members of the forum may reply to the other questions. I just want to remind for everybody the instruction about how to sigscribe:
Forum on trading, automated trading systems and testing trading strategies
How to Subscribe to a MT4 Signal (new instructions, after 1065 version upgrade)
Eleni Anna Branou, 2017.04.10 10:02
Below are step by step instructions, of how to subscribe to a MΤ4 signal:
1. Register a MQL5 account: https://www.mql5.com/en/auth_register
2. Open your MT4 platform and go to Menu >> Tools >> Optios and click on the Community tab. There you put your Login and Password of your MQL5 account and click OK.
3. Go to the search area of your MT4 platform, on the upper right corner (where the magnifying glass is), type in the name of the signal you want to subscribe and click Enter.
4. You will see lower, in the Terminal Window of your MT4 platform, the results of your search. Click on the name of the signal you want to subscribe.
5. Click on the green Subscribe for $$ USD button on the right side of your MT4's Terminal Window.
6. Select the payment method and complete payment for your subscription.
7. In the Options >> Signals window that opens, tick the following options:
8. In the Use no more than: ...... of your deposit (95% maximum) field below, put the percentage of your capital, you want to participate in signal's copying.
9. In the Stop if equity is less than: ...... field, put the amount of your capital, you want to preserve, or leave it empty.
10. In the Deviation/Slippage field, select an option and click OK in the Options window to close it.
11. Now you have completed the subscription process and the only thing you need is a VPS (Virtual Hosting) in order to copy the signal 24/7 without having your MT4 platform open all day long.
12. Go to your account details in the Navigator window of your MT4 platform, right click in your account number or name and select the option Register a Virtual Server.
13. In the Virtual Hosting Wizard window that opens, the VPS with the lower Ping, ms value is presented automatically.
14. Select your payment plan for 1, 3, 6 or 12 months and click Next.
15. Tick the: I agree to the virtual hosting service rules and the auto renewal option below (if you want) and click Next.
16. Complete your payment for the VPS Service.
17. In the next window, tick the Migrate signal: account and settings option, click End and you are done.
You don't need any EA in order to follow a signal as Sergey very well pointed out.
As for the balance question there isn't any balance drawn from your account as you say, but your account copies the positions that the signal you copy opens, taking in mind your account balance in order to calculate the apropriate copying ratio.
Thank you Sergey & Eleni for your answers.
As a beginner who wants to try the copy signals option what tips can you give me?
1. what is important in the choice of broker?
2. Is there anything I have to think about before I subscribe to a signal?
- What if I only have say 500-1000 usd in my balance to trade with? Do I have to change lot size or other parameters?
3. Other tips to be aware of?
Thank you all for your feedback here on this forum.
Before subscription?Yes, there are some important information and some articles.
Tips for Selecting a Trading Signal to Subscribe. Step-By-Step Guide - the article
It is not advisable to begin copying a signal with open positions - wait for the signal to close all positions and then synchronize with ithttps://www.mql5.com/en/forum/212246#comment_5526080
How to Select a Deal Volume https://www.mql5.com/en/forum/9950/page93#comment_4052813
How to change the volume/lot size (many posts)https://www.mql5.com/en/forum/11714
Strongly recommended to use - calculator of the signal:
And finally - FAQ
That's all news
1. You have to choose a broker with a low slippage with signal's broker (check the slippage tab, green values are best).
2. By subscibing to a signal you are always put your money at risk, so you better be sure about it (forex its a risky investement anyway). Lot size multipliers are highly unadvisable, since they increase your risk considerably.
3. Check whether the signal you are about to subscribe has the money & risk management that suits your investement profile.