i have been trading for about a month and i am in the profit zone, and while i was surfing for guides and strategies, i came across the MQL forum.
they have a “signal” sektion, where you can sign up for automated trading if you subscribe to a signal (as loong as you are online with your metatrader.
some of the free signals show a steady profit over 120+ weeks, so i went to look for more and i found signaltrader.com that had a few with 120+ weeks of profit too.
so my question is.
can you trust that numbers?
can someone explain why you can´t trust it, or if there is any of this automated signals you can follow that gives a profit, that you can use on the side with your manual trading?
Signal services are like indicators, price action, fundamental analysis, tech analysis just about everything associated with the forex. Sometimes they work, sometimes they don’t, nothing works every time, all the time, that’s why along with your method, you need to have a sound money management plan, paitience and discipline.
Here’s the best way to use those signals in my opinion. The first thing you have to keep in mind is that most of the traders giving you signals from MQL4 and baby pips are not only free of charge, these are the same signals they are using to trade.
You get on their mailing list and that’s it. Some will tell you how they came to those signals some don’t. Some end up being good some don’t. A great way to use them, is to learn and do your own analysis and compare yours with theirs. I did this when I first started. I traded one pair at first, The pair I traded was usdcad and when I was ready I added gbpusd. I signed up for every free signal provider I could find that offered signals for usdcad and gbpusd and then compared their analysis to mine. Each day as I’m getting ready to trade, one of the things I do is check my overnight emails for signals that I can compare with my analysis. If 5 traders are telling you to go long on gbpusd and your analysis tells you go short, doesn’t mean their right or you’re right, means to make sure and re-check your analysis. That’s one of the things I did when I was learning tech analysis. I’m in the process of learning more about fundamental analysis and doing it the same way. Like I said nothing works all the time, we’re all looking for whatever will give us more positives than negatives. Good Luck
Gp
In the end you wont know until you try them with real money for a longer time period. I do my own trading so I would never consider this, but having said that it does not mean that they are all bad. Just test the ones you feel comfortable with and do your due diligence before trusting them. As far as numbers are concerned, they can always be doctored.
I agree with the above, but if you want to really trade and be successful you should learn how to trade yourself. I understand why so many would like to pay for a signal provider but in the end there is no substitute for your own trading.
Hi Blobi
Im on mql and mt4 for a while now , i tried many “promising” ea’s and other automating solutions
i tried zulu , currency ,fabT, and signaltrader.com
With most i lost usually the solutions allow you to explode your accounts easily
signaltrader limit the follow ratio so you have reasonable free funds for your follower choices- it kind of limits the “pig” in us all - returns are great - ive been on the leading system signalPro which did already 115% since i started following it last October
i dont know if what they present is true but it looks just like my own follower account- i am with them for almost a year and my own automated results are almost like the displayed 120+ week traders (there is minimal slippage but its not a big affect)
you can set a few systems and let it trade - their team say its a long run game - so far so good