The talk around this site says," trade like professionals or bankers or institutions" .
Yet traders and signal providers seem to have little to no idea how to trade.
The past week I have seen several providers taken off the list or either not allowed new subscribers by MQL4. Many accounts have been drained dry of not only the traders funds but also the subscribers funds too.
Probably millions have been lost this past week.
Thus far, I have only found a couple of Signal Providers that DO trade as professionals.
This coming week should be slow with May Day and banking holidays. It is ok to sit out a few trades this next week because it is going to be difficult to find good trades.
Slippage is not what needs to be watched when selecting a broker.
Every place in the world that you will trade will have slippage. The price is always moving and it will be impossible NOT to have slippage. What is more important is the spread. The spread can kill a trade.
I do not understand why traders do not know this and still open accounts with huge spreads. They say but I dont have to pay a fee. But the money lost on the spread is several times more than if you just paid a commission or a fee.
Let me explain, it is better to have a zero to .03 spread and pay a commission than to pay NO commission and have a wide spread. If a signal provider is closing a position after a small profit and you have a large spread, then your position could be a loss due to the wide spread.
It is better to know exactly when you can get out with a fixed commission than to not know based on a spread that will change at anytime.
No spread means the broker is not manipulating the prices to make money for himself from the spread.
I have searched the world over and only have found a few brokers that are GREAT brokers.
I have been roaming around this site and looking at the different signals and making a few evaluations.
I found signal that seems to be ran like a Institutional Trader. I am really impressed with him. But he will not disclosing his methods which leads me to believe that he is utilizing the same methods as a Institution or a Bank.
The only obvious thing that I see that he does, is not to set a hard stop loss but monitors the trade live. If a stop loss needs to be used then he is ready to do so based on current trading. Guess who else trades like this .... yep.