Conservative traders prefer several options for passive strategies: investing in PAMM accounts, trust management (transferring money to a specific management company), and copying signals. In the last article, we have already considered the pros and cons of each of these options, in this article we will look at the rules for working with one of the signal platforms – MQL5.
Signals from MQL5: how to subscribe and start earning
There are many signaling services and platforms, but almost all of them have a similar subscription principle. The MQL5 platform is selected for review only as an example, but its peculiarity is transparency and reliability. The site belongs to the developers of the MT4 and MT5 trading platforms, which already speaks about its reputation.
To subscribe to MQL5 signals, you need to register on the website and link the signal to your trading account for automatic copying, having previously registered a subscription. In the left part of the menu, select the type of platform (MT4 or MT5). You need to make the following changes in the platform itself: enter “Settings”, “Community” and specify the login and password that was specified during registration in MQL5.community. Then you return to the site, replenish your account through an e-wallet in the amount of at least a monthly subscription and in a few clicks make a subscription.
- Important! To copy signals you need to be online all the time. Therefore, you need to subscribe to a VPS server.
How to choose an MQL5 signal provider:
- Group the signals using filters, but be careful. Not the most profitable signals, but the signals of MQL5 with the largest number of subscribers enjoy the greatest confidence. Having logged in to the supplier’s account, be sure to read the reviews;
- Analyze your equity. By its drawdowns, you can assess which strategy the supplier is using;
- pay attention to the warnings of the MQL service itself. For example, about a recently opened account or insufficient number of trading operations for analysis;
- novice traders are advised to choose an account with a minimum drawdown (up to 10%). The optimal is the maximum drawdown to 25% at a yield of 25-30%;
- analyze all indicators of the trading history: how often the position is opened, the signal’s lifetime, the number of closed deals (minimum 100);
- Leverage and provider broker should ideally be the same as the trader’s data.
It’s easy to become a signal provider. It is enough to go through a simple registration and verification of the data (all copies must be sent in color), then in your profile on the site fill in the data in the “Seller” section. Free registration confirmation via SMS. After the application is approved by the moderator, in the “Signals” section, you must click “Create your own signal” and fill in all the data.
The nuances of creating your own signal:
- only one trading account can correspond to one generated signal;
- probation period – 30 days. If during the month the MQL5 signal provider shows more than 60% loss, the signal remains unavailable to subscribers;
- Investor password is required.
Conclusion. Working with MQL5 signals is intuitively simple and straightforward. Copying signals is possible only in automatic mode. Also on this site you can order the writing of advisors, scripts or technical tools, as we have already described in this article. Join the discussion of trading signals in the comments!