MQL5 Signals service is a popular technology in social trading and trade mirroring. More than 600 brokers and banks around the world are using MetaTrader 4 and MetaTrader 5 platforms. Every trader can use MetaTrader and become a subscriber or a provider of trade signals.
You can choose a signal provider between many successful traders and connect to his signal to see all his live trades on your screen.
If trader’s results aren’t good in the last month , he won’t be able to subscription. And this protects you from connecting to a signal provider who won’t give you satisfactory results.
The MQL5 Signals service is very useful for the users and the signal providers. Traders can subscribe easily to the signals provider as they like , and the signals provider gets a fee from all his clients every month.
MQL5 Signals service has many advantages , it’s very simple to use and you can subscribe any signal provider with some clicks in a few seconds. All signals providers are already worked in a test mode for a month , the test mode is very secure for all the participants , they can be signal providers after passing the test mode.
Signals providers can access to all MetaTrader 5 users. All traders using the trading platform in their activity can choose and quickly subscribe to any signal available in their terminals.
If you are interested in any signal provider , you can ask for a paid subscription. Select any payment method you want ( WebMoney, PayPal, bank card )
You won’t have to sign paper contracts or arrange complex interactions between your broker and the Signals Providers. Signals Provider’s trading history is very clear for everyone. Remember that Signals Providers don’t know anything about their Subscribers, they just know their amount.
To use MT5 signal service , you will need to open an account on MQL5.com and no need to write your name , you can use any nickname. after that you can specify your broker and your account number on the broker’s server. And your account number is enough to receive the trading signals into your terminal. Inverstor and Master password are not requested. There isn’t any confidential information required.
Signals Providers need to provide more personal data and pass the test mode. and they must specify some personal details like first and last names, address, contact phones and scanned copy of a passport or a similar document. This information will not be disclosed to any third parties.
When publishing a new signal, Providers should specify:
-Trading terminal type – MetaTrader 4 or MetaTrader 5.
-Broker’s trading server name.
-Number of the account that will transfer the signals.
-Investor password. Which allows to connect to a trader’s account in ” read only ” mode and view the current trading operations, as well as their history.
Remember that Signals Providers and Subscribers operate without the knowledge of the broker negotiating directly between each other. Both participants can be served by completely different brokers without any problem.
Initial Synchronization of Trading Signals :
The client terminal protects traders against obvious errors to the maximum possible extent. The trading account which subscribed to a signal will be synchronized with the Provider’s one during authorization. The Subscriber’s trading account should not have open positions and placed orders during synchronization. If there are any, synchronization is not performed and a trader is asked to make a decision.
Two examples for initial synchronization:
1- A Signals Provider opened a long position looking for 100 points of profit. However, the price has gone down by 20 points at the moment.
The Provider believes that the price will change its direction soon and the it will get the target. And in this case, the appropriate position will be opened in Subscriber’s terminal and the Subscriber will receive 120 points of profit and not only 100 points. If the price actually changes its direction. If the Provider closes the position fixing the loss, the Subscriber’s one will also be closed with a smaller loss.
2- A different course of events , the signal provider already has some profits. The price has moved 40 points to the target..
In this case, the appropriate position will not be opened at the Subscriber’s terminal automatically, as he or she may receive a smaller profit or even a loss. The Subscriber may receive 60 points of profit, while the Provider will receive 100.
The Subscribers will suffer from lossing if the Provider closes the position having 30 points of profit, while the Subscriber will have 10 points of loss.
Unfortunately, some people do not consider trader’s psychology and do not pay attention to the evaluation of results that may take the following forms: “I have gained smaller profit – the signals execution is poor” or “I have suffered losses, while the Provider has still gained some profit – the execution is completely bad”. Rational arguments and mathematical proof cannot beat psychology. Therefore, we try to protect traders against errors at the initial stage.
In case of connection loss, order placing error, terminal shutdown etc., the account will be re-synchronized with the Signal Source. In this case, the entire Subscriber’s and Provider’s sets of orders will be checked. Deals closed by the Provider are also closed at the Subscriber’s side, while new Provider’s deals will be also opened at the Subscriber’s side at the price, “which is not worse than the Provider’s one”