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MQL Signals

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jmkvet
16
jmkvet  

Hello, I would like to subscribe to a few of the signals available on MQL via the Metatrader 4 platform, however none of the brokers I have looked at in the UK support this feature on their platforms. The 'signals' tab does not appear at the bottom of the screen and when I contact the broker I am advised that this feature is not available. So far I have tried IG, FXCM, Alpari and FXPro. Does any one know of any brokers available from the UK that I can use for this service?

 Many thanks, James 

Sachith Dewathage
123
Sachith Dewathage  
jmkvet:

Hello, I would like to subscribe to a few of the signals available on MQL via the Metatrader 4 platform, however none of the brokers I have looked at in the UK support this feature on their platforms. The 'signals' tab does not appear at the bottom of the screen and when I contact the broker I am advised that this feature is not available. So far I have tried IG, FXCM, Alpari and FXPro. Does any one know of any brokers available from the UK that I can use for this service?

 Many thanks, James 

Inbox :)
rasmusberg
149
rasmusberg  
zenturer:
Inbox :)
Same qusetion.. Use IG and dons't allow signals.. Some way to fix? or change broker..
Sachith Dewathage
123
Sachith Dewathage  
rasmusberg:
Same qusetion.. Use IG and dons't allow signals.. Some way to fix? or change broker..
You have to change the broker :/
jmkvet
16
jmkvet  

Cheers folks, what are peoples experience of these signals, like all things that sound too good to be true i am very suspicious however. However there seems to be enough of a win win situation for the providers for there to be some potential. 

I simply do not have the time to commit to trading myself at present and am looking for others ways to use my capital. I have enough invested in much lower risk investments to allow some experimentation around the edges.

perversely i view the reluctance of the big brokers to accept signals as a good sign, they would probably prefer mugs like myself to trade my own daft strategies and lose money that way.

 Any thoughts? 

Stuart Browne
6778
Stuart Browne  
jmkvet:

Cheers folks, what are peoples experience of these signals, like all things that sound too good to be true i am very suspicious however. However there seems to be enough of a win win situation for the providers for there to be some potential. 

I simply do not have the time to commit to trading myself at present and am looking for others ways to use my capital. I have enough invested in much lower risk investments to allow some experimentation around the edges.

perversely i view the reluctance of the big brokers to accept signals as a good sign, they would probably prefer mugs like myself to trade my own daft strategies and lose money that way.

 Any thoughts? 

G'day James

It's a very personal thing but the best advice I can give you is to look for a signal that:

  • Has been running for a decent amount of weeks (my personal limit is > 6 months, preferably 12)
  • Shows CONSISTENT growth & drawdown (not up 100% one month, down 50% the next)
  • A reasonable rate of return but not too much (a signal generating 100%+ per month on month WILL eventually wipe you out, I guarantee it)
  • No "progressive betting strategies" like martingale (again, guaranteed to wipe you out)
  • Diversification in it's pairs and lot sizes - shows the provider is using risk strategies. If he/she was just selling EURUSD for the last 6 months they could have just got a lucky break on the trend
  • Has a clear, detailed description outlining the basic logic of what they are doing
  • Has been around MQL5.com more than a couple of months
  • Has a small enough deposit size to allow you to trade "in sync" (see below)
  • Absolutely no "cent" accounts - they must put their money where their mouth is.
  • Suits your risk/reward appetite

I'll spend weeks monitoring a signal before I subscribe. I'll also thoroughly go through the history, looking at many many trades they have taken and try to get a feel for the strategy and risk. 

I also have multiple subscriptions going at once, all different strategies and different pairs for diversification.

Never commit more than x% of my capital to one signal (x is up to you) 

I'll also have to be able to meet at least minimum deposit requirements to get my lots in sync with the signal. You can read more about that here  (I can't overstate the importance of this step)

And finally, while trying to make it as much "set and forget" as possible, you will have to keep an eye on it to see it's performing as planned and possibly to add/remove funds. And don't be afraid to pull the plug the second you start to see it diverging from your expectations.

Hope that helps mate.

Cheers
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