If you like to learn from the mistakes of others or benefit from the success of those more inspired, MetaTrader 4 offers you such a solution. The Forex trading platform offers you an automated trading tool that lets you copy other traders’ deals in real time. Basically, you decide to follow a particular trader or traders and place the same orders, as they do, within the boundaries you set.
Social trading by MQL for MT4
Then, the program will work for you. Look at this type of trading as the MetaTrader 4 social trading platform. So, let’s see how it works and how appropriate it is for your needs. The pattern is simple: the community will help you trade and win. Basically, any trader can become a signal provider (the one that trades and lets others follow him and trade the same way), if it has a successful track record. Some of the signal providers offer their knowledge for free, while others take a fee from their subscribers.
Over 3,200 signals
At this point MetaTrader 4 social terminal has over 3,200 free and paid signals. You may access them within the platform, under the Signals tab. They are placed in order of their results and you may copy them and let the program trade on your behalf, depending on the parameters you choose. But just like all the other tools in Forex, don’t expect miracles if you don’t apply yourself.
MQL for MetaTrder 4 Signal choosing
If you decide to choose randomly from the signal providers, you will achieve nothing much. You may even have the “opportunity” to lose some money. Research is key here, as well, and you need to check for several data before deciding to select a signal or another. Once you go to the Signals section in your MT4 social trading, you will find several data of use: the number of trades performed by each trader included in this program, the growth rate or the profitability percentage.
Therefore, you need to assess the efficiency of the respective trader if you want to be able to decide correctly whether to use its signal or not. Just a weekly increase is not enough to make a decision on following that respective trader of not. The MetaTrader 4 social feature provides you with quite a large amount of data: most consecutive wins/losses, best trade, worst trade, trading activity, monthly growth or annual growth.
For example, don’t jump to use a signal from a trader just because you see a big profit rate. It may be achieved from low trading activity or from trading only on specific markets at specific points in time. This may not guarantee that in the future its trading will be as successful.
MetaTrader 4 Social Interaction
And since we are talking about a social section of the platform, MT4 Social feature offers you interaction with the traders you select. They will give you advice on how or where to trade, how to use the platform altogether (for example, one trader underlined the importance of trading with brokers that don’t freeze their servers at midnight broker time).
MQL Signals for MT4 Conclusion
So, don’t jump at the chance to use signals without making a little research. See what the full track record of the trader is, how and when he won or how many times he lost. Make a comprehensive assessment and only then decide.
We advise you to compare this platform with other social trading platforms using our reviews: