What is your most important criteria to choose a signal? - page 2

New comment
 

Peoples with less experience or newbie always want trades everyday or every hr this is a Forex Trap and that's why have results that 90% peoples always loose. When a trader understands that trades have a specific time according to strategy first they starts to learn how to hold capital and then a slow growth is a key point. What mostly peoples thinks  how to turn 100 into 1000 and they tries it  and brokers loves this idea from trader.

if you start monitoring any signal and you will see everybody goes down  ... question is  why  because  mostly signal providers  want  to catch subscriber money instead to  focus on trade.  

Signal price is adjustable only  if  someone have a understand balance and lot size  but  with short capital very hard to to cover monthly fee and if a provider have high speed then be ready for any big turn.  If a signal provider have strong strategy then high price is ok because  if  you sure  their strategy will protect you always then paying a high price can defend your capital.

 

Solution for signals

MQL5 should need to set basic rules   like

  • Subscription is allow only  if  provider have  Standard account  not cent account.
  • Subscription is possible  if  provider have 4 months history
  • Every high level of DD will be fixed lifetime  ,  if provider funding his account so their DD level changes and every subscriber is not able to refund their account. 
  • Subscription is possible  if  Signal provider have SL with all trades (SL should have range if someone set 1000 pips SL its unacceptable situation) 

 

Like these ideas can make better system for all , if your are agree with my opinion then please keep continue this discuss. 

 

  • Well, here i dont agree with you. Subscription should be allowed on an Cent account, but people should clearly see, that this is an cent account. In some cases you can see this at the broker name, like "RoboForex-ProCent", or in traded currency pair like "eurusd.micro", but there are for sure broker, where you cant see that, here i agree with you, something like that should not be allowed.
  • 4 Months seems a bit high to me, maybe there could be 2 options: Either X Months of history, or X number of trades.
  • Thats a really big problem that ive already discovered by myself. Its such bad behaviour of alot of signal prroviders. I think, people should not be able to depostit to an signal account with subscribers.
  • Your last point is a bad thing i think. Some broker manipulate courses to trigger SL of their customers. Thats why i lot of people use hidden SL. Also there are strategies around, that work without an SL - my signals are an example here. Subscriber can easy protect their money with proper settings. This includes the knowledge how copied volume is calculated.
Also i would like to mention, that not all signal providers are bad and just interested in the money of their customers. I plan to start an real money signal by the end of september. I will use an Cent account, just because i simply dont have alot of money that i can afford to lose. But if i would get some money from subscribers fee, i could make a standard account - and thats the plan i have in mind right now. But also, i will clearly show people that i have a cent account. Because i know what it means to lose money, and i simply dont want to make anybody feel bad.

 
I just gave opinions , but hidden SL is actually nothing your EA close trades after caculating pips or amount, In case of net connection failure it can give big trouble. So hard SL is a better idea. 

Market Maker or with house price Brokers using SL hunter so you need to choose True ECN Broker

 
Waseem Raza:
 So hard SL is a better idea. 

Market Maker or with house price Brokers using SL hunter so you need to choose True ECN Broker

Good luck with that.

I think hard SL is a very bad idea. 

12
New comment
Reason: