mql5 Signals Inquiries

[aBBEYNISM]

Dear FPA HEROES/HEROINES,

I am planning to invest some bucks in FX with signals service of a provider on MQL5.com

This is my first time of do such and I will like to understand some basic things.
1. Will I be the one to determine the LOT size to be traded or the trader?
2. Can it be profitable?
3. What are the mishap I should prepare for?
4. Is there any one of the signals you can recommend

 

[workitout]

Dear FPA HEROES/HEROINES,

I am planning to invest some bucks in FX with signals service of a provider on MQL5.com

This is my first time of do such and I will like to understand some basic things.
1. Will I be the one to determine the LOT size to be traded or the trader?
2. Can it be profitable?
3. What are the mishap I should prepare for?
4. Is there any one of the signals you can recommend

seems there's no one willing to give a proper answer, let me try to put one.
1. you'll be the one who decide the lot size.
2. with a decent signal provider you will.
3. - perhaps the drawdown, some signal offer a very high return but most new traders never put fully attention with the risk ( drawdown).
- most profitable signal are comes from martingle trading type (lot increasement trading sequence), which means those account most likely a ticking bomb. perhaps there's someone out there who finally tamed the martingle system and keep gaining pips, but so far i never found one yet, and i personally been use martingle before, i;m done with it. so becareful.
4. match your signal provider as you needs. there's many type of investors, for one who willing to risk more and an explosive result would be their chosen provider, while an investor who seek more stable profit result, 3-10% monthly result would already meet their expectation.
well, mql5 are not the first to offer such feature, once i use similar feature with myfxbook, in my opinion they had more competitive rules for any signal provider before got approved, unlike mql5 anyone are automatically approve as provider. but their lack at brokers support while mql5 support any brokers as long it run at mt4 platform, i've done this subscribe routine and take 3 top provider run within armada ( now tickmill) account for months. my aim are not limited to subscribe but how to collect more trading knowledge directly from expert traders. it would be more convient to talk with them while we subscibe their signal service . just keep in mind, stay away from martingle type trading system, unless you're truly aware the risk you may dont want to mess with it.

 

[WilsonW]

I had very bad experience with MQL5 signal providers as they are mostly individuals that come and go without any accountability! Any of them could be highflyer and tanks overnight! Case in point - Alexey Mashkovtsev.

Alexey first signal "Stable Forex Profit" posted remarkable results (file: 177477.history.csv.txt remove the .txt extension to view with a spreadsheet software). I joined him in this signal for 3 short months and indeed the profit was acceptable but he chose to stop the signal to prompt (in the sense of using a "new" to his original signal "Stable Forex Profit") us into "New Stable Forex Profit" but unknowing to us, he also started a dissimilarly named "MQL5 Trader" soon after. Check "New Stable Forex Profit" profile and you'll see a dip at 3/4 of the progress and you are right! slumped right to 0 ground. That means if you had not set any stop loss your account would be wiped out!! Somehow he managed to recover from 0 (I dunno how he could manage) but your empty account surely wouldn't be able to follow unless you top it up with same amount of money! (check file: 15nov2016New Stable Forex Profit.pdf). It happened at brexit.

My account was stop loss-ed at a certain level and I then found out he has another signal "MQL5 Trader" (file: 15nov2016MQL5 Trader.pdf). Then I didn't pay for this signal but had, before the brexit even occurred, invested into his PAMM at AMarkets.com called J.P. Morgan which at that time was doing file until 3-4 months later in a single night hit 70% stop loss (be mindful that AMarkets only has settings for stop loss at 70% or more!!). And this Alexey bugger would not reply email, disable his message function at MQL5 and so on to dodge his accountability!! Here was where "The Financial Commission" - the supposed regulator of AMarkets did not help at all. At the TFC complaint page, it states complaints are to be lodged after 14 days in order to give time for broker to resolve the issue. But TFC did not stipulate clearly if at all, a time frame in which your complaint needs to be lodged (which is 45 days, I only knew when the bugger at TFC replied throwing my case out! The 14 days on its complaint page gave a false sense of non urgency to the matter and irresponsible still is the failure to state clear the time frame in which we are to act! So I sternly warn all dealings with "The Financial Commission" to be restrained or proceed at your own risk because they do not act according to your interest at all!

Another supposed top performing signal "Penan Profit" tends to let loss positions float until who knows when or till your account burst. (file: 137108.history.csv.txt)

There are just many signals that would last!
Greenline (file: 06jun2016flopped_twice_and_bad_eventually.pdf)
Oserg (file: 06jun2016ran_aground.pdf)
Magic Profit (file: 06jun2016failed_even_after3years_of_great_profitability.pdf)
Googol (file: 27dec2016another_good_but_failed_Googol.pdf)

You may track them yourself over half a year to learn that none performed long-term!

So my advice after my own hard-knock experience is to skip this MQL5 signal following entirely!