MQL5 Services: the good, the bad and the fake
Good evening everyone!
I am new on here and I spotted couple signals/EAs that look good, their stats make sense and everything does seem in order. I wanted to call in everyone with experience to ask you guys what do you look for when considering putting your hard earned cash into someone's pockets and if you have any tips for all of use to spot the fakes.
I read a lot of negative reviews of people getting scammed and makes me sad, I wish there was more openess. I believe this thread can help everyone so please contribute if you have any experience or tips for us! :)
Happy trading!
If you keep this topic in general experiences and advice its OK, talk about specific products and/or services is not allowed in the forum.
I can give some general advice about signals, watch out for signals that haven't been connected to MQL5.com from the very beginning.
They have a false maximum drawdown value, since no monitoring system can detect real working drawdown if its not connected to it from the very first day.
The indication of such situation is the light blue line in the growth chart of these signals, that represent the period before the connection of the signal to MQL5.com.
Also the Equity/Drawdown chart at the bottom of the page, shows a considerably smaller time period than the signal's whole history as its shown at the top growth chart.
If you keep this topic in general experiences and advice its OK, talk about specific products and/or services is not allowed in the forum.
I understand, I wanted to open the topic to get tips on what people should look out for not to get scammed, I believe scams happening on this website are no secret. But yea sure we can increase people's knowledge and awarness even without citing directly misleading services.
So people please to keep this post open to benefit as many people as possible refrain from ranting about a specific product and give more generic information if you noticed anything that would help a fellow trader avoid being misled.
Thank you! :)
If you keep this topic in general experiences and advice its OK, talk about specific products and/or services is not allowed in the forum.
I can give some general advice about signals, watch out for signals that haven't been connected to MQL5.com from the very beginning.
They have a false maximum drawdown value, since no monitoring system can detect real working drawdown if its not connected to it from the very first day.
The indication of such situation is the light blue line in the growth chart of these signals, that represent the period before the connection of the signal to MQL5.com.
Also the Equity/Drawdown chart at the bottom of the page, shows a considerably smaller time period than the signal's whole history as its shown at the top growth chart.
I do agree with you. I just want to add that it's technically possible to calculate past drawdown, at least approximatively. (to do it accurately bid ans ask history prices would be needed while most of the time only OHLC bid prices are available).
That's very true Alain, but I gather it requires a quite complex algorithm that no monitoring system/website has ever bothered put together.
@Eleni Anna Branou and @Alain Verleyen thank you both for your kind answers :)
So my understanding is if data regarding the growth and equity match with the date of when the signal started it means it was uploaded on MQL5 on the same day they began trading? What would a blue growth line look like if it didn't match with the starting date on mql5? Would there be a gap?
Thank you again
@Eleni Anna Branou and @Alain Verleyen thank you both for your kind answers :)
So my understanding is if data regarding the growth and equity match with the date of when the signal started it means it was uploaded on MQL5 on the same day they began trading? What would a blue growth line look like if it didn't match with the starting date on mql5? Would there be a gap?
Thank you again
When these dates differ, the growth line start light blue (before the signal was published) and turns sold blue (after the signal was published).
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Good evening everyone!
I am new on here and I spotted couple signals/EAs that look good, their stats make sense and everything does seem in order. I wanted to call in everyone with experience to ask you guys what do you look for when considering putting your hard earned cash into someone's pockets and if you have any tips for all of use to spot the fakes.
I read a lot of negative reviews of people getting scammed and makes me sad, I wish there was more openess. I believe this thread can help everyone so please contribute if you have any experience or tips for us! :)
I would like to add that developers are more than welcome to share their experience too, after all any honest developer would hate lack of business due to customers getting burnt from hoaxes.
Happy trading!