Easy to fake Signals data in MQL5 Market? How accurate is the data?
The summary takes into account the close trades only. The trading tab show the open trades.
Anyway, my advice is : never bought an EA that claims 100% (or near) winning trades, the only way to do that is by not setting a stoploss, which means that sooner or later you will blow out your account.
The summary takes into account the close trades only. The trading tab show the open trades.
Anyway, my advice is : never bought an EA that claims 100% (or near) winning trades, the only way to do that is by not setting a stoploss, which means that sooner or later you will blow out your account.
if you see something too good to be true, means it is too good to be true
look for signal with profit factor anything less than 4
I feel that is a more realistic statistic
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I am considering subscribing to an EA from the MQL5 market but the data seems very contradictory. How easy is it for Signals providers to alter their data, to make their EA look good? Is this a common occurrence.
For e.g., the front page data for a given EA might display:
Loss Trades: 0 ( 0.00%)
But then right below in the trading tab there might be 4 losing trades displayed, which contradicts the "0" Loss Trades right above. In fact, this is the most common type of discrepancy I have seen. Many EAs might show a very small amount of "Loss Trades" in the summary table on the main page but right below in the "Trading" tab are a higher number of losses, which is a clear discrepancy.
And for many EAs which show 'too good to be true' trading results, when I click on the 'Reviews' tab I often see user after user complaining that the EA does not in fact work as advertised for live trading. So what gives? Are many Signals providers just faking data, either in collusion with their broker or using some other simple hacks to inflate their EA performance? What safeguards, if any, are in place to maintain transparency and accuracy of EA trade data in the MQL5 market?
Any input on this matter much appreciated!