Checking Signal Service Providers

josch

Newbie
9 0
Hi traders,

I was looking for some serious information about signal service providers outside their marketing platforms, their web-sites.

There is a thread started Forex signal providing services - Facts and myths by vergis92 with a lot of useful points.

Also I checked some other threads here on trade2win.com, but mostly there were some questions about “best signal provider” or similar and a bunch comments about scamming and other allegations.

I think, trading or investing in currency markets is the same as trading with stocks, commodities, coins, antiques or anything else. Always you are at risk to deal with a shark, if you’re nice, charming … meaning silly!

But in all named investments you may win money, if you know what you’re doing and you may lose it, if you’re simply jumping in. Same applies for currencies – the forex markets. If you have read a lot about forex trading, you found the “zero game”. There’s nothing out of the blue (let’s forget the central bank’s money printing), each amount credited on one trader’s account will have its counterpart as a debit on another trader’s account.

What I was missing, is a structured check of signal service providers, as you would do, if you have a large sum money and want to deposit it on a bank. You won’t take the first one either. I think, a check will lead to qualify this kind of trading, getting the "bad", possibly also some "good" ones.

Checking signal service provider here on trade2win.com, I got following hits:

105 zulutrade
166 myfxbook
28 currensee

11 mql4 signals
39 mql5 signals
1579 metatrader

Now there is a problem with the MetaTrader signal services, including MQL4 and MQL5. They seem to have no single name like the others. Their websites are MetaTrader 4 and MetaTrader 5 Trading Signals - Social Trading resp. Trading Signals for MetaTrader 4 Social Trading. Most should know them because of their trading platform MetaTrader.

Starting this thread, I’ll try to compare the most appropriate two providers zulutrade and metaquote’s metatrader, which includes the signal services since software releases some months back.

Should there be any other providers notable to include in this comparison, please let me know. All other comments and additions are welcome too.


Good luck trading
josch
 
 
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