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Metaquotes should prevent the resale of signals by subscribers

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Stephen Njuki
5179
Stephen Njuki 2014.03.20 13:48 
  • 77%
    (47)
  • 23%
    (14)
Total voters: 61
Alain Verleyen
Moderator
30707
Alain Verleyen 2014.03.20 14:13  
This poll is without object. Resale of signals by subscribers is explicitly prohibited by the rules of Signals service.
Stephen Njuki
5179
Stephen Njuki 2014.03.20 20:18  
angevoyageur:
This poll is without object. Resale of signals by subscribers is explicitly prohibited by the rules of Signals service.
Well that is the theory. In practice there are so many social trading websites that allow anybody with an MT4 account to sell signals from his trade account.
Alain Verleyen
Moderator
30707
Alain Verleyen 2014.03.20 20:21  
ssn:
Well that is the theory. In practice there are so many social trading websites that allow anybody with an MT4 account to sell signals from his trade account.

Maybe. I suggest you to contact Metaquotes directly if you have any evidence that a subscriber is reselling a signal.

Do you have any proposal on the way to prevent that ?

Stephen Njuki
5179
Stephen Njuki 2014.03.20 20:38  
angevoyageur:

Maybe. I suggest you to contact Metaquotes directly if you have any evidence that a subscriber is reselling a signal.

Do you have any proposal on the way to prevent that ?

Metaquotes are the authors of MT4 and MT5 platform. So it could be a question of them introducing two strict user modes for any trading account on both Metatrader platforms. One mode could be subscriber only and here the ftp tab would be disabled and brokers and social trading sites that use metatrader would not accept signals from accounts of the 'subscriber' type. The other mode would be publisher and here the signals tab (under options) would be disabled and traders/ social trading sites would be blocked from copying trades to accounts of 'publisher' type. 

Just my suggestion. Someone could come up with something better. 

Rogerio Figurelli
Moderator
39504
Rogerio Figurelli 2014.03.21 03:27  
ssn:

Metaquotes are the authors of MT4 and MT5 platform. So it could be a question of them introducing two strict user modes for any trading account on both Metatrader platforms. One mode could be subscriber only and here the ftp tab would be disabled and brokers and social trading sites that use metatrader would not accept signals from accounts of the 'subscriber' type. The other mode would be publisher and here the signals tab (under options) would be disabled and traders/ social trading sites would be blocked from copying trades to accounts of 'publisher' type. 

Just my suggestion. Someone could come up with something better. 


First of all, I believe that the very most of the subscribers are following the rules and that this is the only way to have quality of service, since you have a MQ server side solution to copy trades.

Maybe there are bad guys, but if so, they have a bad signal and probably bad results.

Moreover, I don't think there is an easy solution, since even if you have a publisher or subscriber accounts, anyone that follows a signal need access to the account. And if you have access you can use a program to copy trades.

Maybe you could create an account with a delay to the subscriber access the account, but this looks like very risky, since you can lose control of the account.

And this looks like too much effort to solve an unlikely problem.

Grzegorz Korycki
52117
Grzegorz Korycki 2014.03.21 08:01  
it is very easy to prove that someone is reselling signal. All transactions made are permanently stored. The reward/risk factor would be very poor. Maybe long term trades could be copied, but most of MQL users prefer fast trades. (fast gains or fast loses ;)
Tonny Obare
28911
Tonny Obare 2014.03.21 10:29  
Its quite difficult to prevent that because like figurelli said, someone could just use a trade copier to copy trades to another account that retransmits the signals.
Grzegorz Korycki
52117
Grzegorz Korycki 2014.03.21 16:19  
tonny:
Its quite difficult to prevent that because like figurelli said, someone could just use a trade copier to copy trades to another account that retransmits the signals.

the signal has to be very good for someone to pay. And it would be easy to write analyzer for CVS transaction logs that would detect the theft. (for example looking for the same transactions with set slippage like 5 or 10 seconds max; there are not many signals that are paid and have subscribers, not to be able to check them with automated script/program. It would require much memory though) So even if someone is not caught now, he can get caught in the future. 

Really not worth it! That's my advice to all the thieves.

 

PS.  kind of virtually undetectable theft would be copying signals from MQL5 site to some external PAMM account. But there always will be bad-guys, you cannot regulate everything.

Marie Mire-de-Vie
1668
Marie Mire-de-Vie 2014.03.22 12:43  
I do not like those who use the work of others for resale. But I think it must be difficult to achieve.
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