Signals on mt4

[Gti182]

hi All,

New to trading and still playing around with a demo account while studying the basics, reading market updates and watching tutorials etc. I plan on studying for a good few months and testing strategies before going live.

I'm now starting to look at signal providers to see how they trade and if it might be a feasible option to use going forward.

Currently I have 2 demo trading accounts and interested in reviewing 2 signal providers. Is it possible to have 2 signals running live at any one time i.e. 1 per account? I seem to be struggling, any help would be appreciated

 

[gc1]

Before investing in any of those signals providers I would suggest going to the MQL5 site and reading the user reviews. Many reviews mention large draw downs (although this might mean followers trying to trade too high a size for their account). The problem, as always, is how to differentiate between traders with skill and those who have just been lucky so far.

 

[Gti182]

thanks for the feedback gc1.

There are a number of free signal providers on MQL5 with many subscribers so i'd probably want to start with them to get an idea what they are all about.

Can you elaborate on what drawdown means (haven't got to that part yet in my studies) and what i should be looking out for?

Is it possible to have 2 demo accounts with 2 live signal providers?

edit: found the solution. Restarted my platform and it's now connected to 2nd signal provider

 

[gc1]

Drawdown is the difference between an account equity high and the subsequent low after a period of greater trade losses than gains. - So if the follower started at the worst possible time (at that equity high) the drawdown is what his account would lose. After the drawdown it hopefully goes back up and exceeds the previous high, but the follower may have bailed out before then.