One of the most common things we find is that there is a great demand for people with available funds that want to trade but do not proceed as they know trading is difficult and they simply do not have the time or determination to learn how to trade properly. Consequently they often search for individuals who can trade on their account for a share of the profit. As you can imagine this is quite a risky proposition and it is prudent for clients to assess the money manager’s track record before trusting them with quite often thousands of dollars. Some money managers are great and do deliver but just as many do not. In addition in many jurisdictions around the world money managers need to hold portfolio management licenses and due to high cost and reporting barriers most do not have such as license.
With the above in mind MetaQuotes came up with a really great solution, which is the MQL5 Signals service that is built directly into MT4 and MT5 platforms. The signals service allows traders to subscribe to follow other registered traders accounts (known as signal providers). Each trade the signal account makes is then duplicated on the traders MT4 platform. The beauty of the Signals service is that the complete track record of all signals traders is available to browse through and traders are able to do proper due diligence on which signals to choose from. In addition, the signals service can only be provided from a real account so signal providers have a strong incentive not to b careless as they do not want to lose their own money. There are also some security measures in place which means trades are copied using the same lot-to-equity ratio as the signal account. That means you do not need to have the same equity as the signal account but in percentage terms the risk a trader takes will be the same (although there are some exceptions). The bottom line is that if you want to trade but don’t have the time or experience to do so properly you still can do so using the MQL5 signals service. Just browse through the available signals and select the one you think is best. Try it out for some time and see how it goes. You can always switch between providers but generally you should stick with the same provider for some time as quite often certain strategies can be long term and take time to develop.
To see the available signals there are two ways, which are:
1. Click on the Signals tab in the MT4 Terminal window and browse through the signals
Signals tab in MT4
2. Go to the MQL5.com website here: https://www.mql5.com/en/signals
Signals profile page on mql5.com
Elite Capital Option fully supports the MQL5 signals service and encourages traders to experiment with the service if they feel they would rather have someone else do their trading for them.