A few questions about forwarding trade signals? Is this possible?

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Jaron Fort
124
Jaron Fort  

My team and I would like to put our money together to copy trade signals from professional traders. However, we'd like to have access to our own accounts while still being able to copy trades from a shared demo account.


What we'd like:

The demo account is the primary account that we wish to pay to copy trade signals to. This demo account would also be set up as a signal itself and would forward the copied signals to our individual accounts. So the demo account transmits signals to our real account. I'm not sure if copied trades can be sent as a signal so I can use MQL to duplicate the copied trades essentially creating a trade signal.

"Does MT4 allow you to setup a trade signal on an account that is linked to a trade signal?"

"Also, will I be able to use a different broker than what a signal has? For example, I'd like to use TradersWay which is an ECN broker but the pairs look like 'iGBPJPY' instead of 'GBPJPY'. I feel that MT4 won't be able to tell the difference so the signal won't go through."


Another option is to use a trade copier. But this is going to be a tedious task. One option would be to set up two demo accounts. One for listening to professional trader's signals and another one that copies the trades of the main demo account, only to transmit those copied trades to our account as we would be subscribed to the second demo account since it would be set up as a trade signal.


Thank you.

Jaron Fort
124
Jaron Fort  

Answered my own question.


https://www.mql5.com/en/signals/rules

Rules for copy trading in MetaTrader 4 and 5 - the Trading Signals service
Rules for copy trading in MetaTrader 4 and 5 - the Trading Signals service
  • www.mql5.com
The "Signals" section on MQL5.com is designed to monitor trading results and transmit trading signals based on buy/sell transactions performed in the trading account of the Signals Provider. The "Signals" service is available for use only to mql5.com registered Users who accepted and agreed to be bound by the terms and conditions of the Signals...
Eleni Anna Branou
Moderator
6598
Eleni Anna Branou  
Jaron Fort:

My team and I would like to put our money together to copy trade signals from professional traders. However, we'd like to have access to our own accounts while still being able to copy trades from a shared demo account.


What we'd like:

The demo account is the primary account that we wish to pay to copy trade signals to. This demo account would also be set up as a signal itself and would forward the copied signals to our individual accounts. So the demo account transmits signals to our real account. I'm not sure if copied trades can be sent as a signal so I can use MQL to duplicate the copied trades essentially creating a trade signal.

"Does MT4 allow you to setup a trade signal on an account that is linked to a trade signal?"

"Also, will I be able to use a different broker than what a signal has? For example, I'd like to use TradersWay which is an ECN broker but the pairs look like 'iGBPJPY' instead of 'GBPJPY'. I feel that MT4 won't be able to tell the difference so the signal won't go through."


Another option is to use a trade copier. But this is going to be a tedious task. One option would be to set up two demo accounts. One for listening to professional trader's signals and another one that copies the trades of the main demo account, only to transmit those copied trades to our account as we would be subscribed to the second demo account since it would be set up as a trade signal.


Thank you.

With a demo account you can copy demo and real signals from MQL5.com.

You cannot share as a signal an account that is already copying a signal from MQL5.com

You can use a different broker, but you have to check the slippage tab of the signal you want to copy, to see whether the slippage between the 2 brokers is acceptable (like less than 2-3points).

You whole idea is not so solid though, because with all this copying from one account to another you will get delays and slippage problems.

Onyebuchim Obike
184
Onyebuchim Obike  
Preferably use Trade Copiers that allows copying of signals into different platforms (brokers) on the same Computer. This may reduce slippage and lattency issues a bit
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