What is MQL5 ? The popular social trading and copy trade – MQL5 is social trading which is popular among traders from all over the world. This platform is a platform from metaquotes ltd companies such as metatrader which is also from the same company.
MQL5 facilitates free and paid forex trading signal services. For the free version of traders investors only need to open an mql5 account, while for paid traders have to subscribe to a monthly minimum of $ 30 according to what the signal provider wants.
Just like other social trading platforms, the mql5 platform provides an opportunity for traders to benefit from following professional traders who have experience in the world of forex trading. By subscribing to the MQL5 signal service, novice traders who are still struggling to decide when to open and close positions can copy other traders’ successes. Meanwhile, professional traders can market their services as a forex signal subscription provider, to get extra income from their trading activities.
However, you should pay attention to the following points before joining to follow trading from providers signals.
- Maximum Drawdown ( DD ) / Profit Factors ( PF )
Drawdown is the percentage of loss (loss) to date compared to the initial deposit balance, the smaller the drawdown, meaning the smaller the value of the loss received on the trading signal provider account. This is one thing that needs to be considered before following a trading signal.
Equity is the amount of funds owned by the signal provider, you should adjust it to the funds you have that are ready to invest
- Subscriber/ Funds
In the Subscriber column, data will appear regarding how many traders follow the forex signal provider, as well as the amount of funds entrusted. The bigger the subscriber and the amount of funds you have, it can be said that the signal providers will be more trusted.
- Trades / Win
The percentage of profit is an indicator of the reliability of an MQL5 signal provider in trading. However, keep in mind that Win Rate is not the only indicator of success. Because there are still several other factors that must be considered, we have previously mentioned.
MQL5 is an alternative that can be used by a trader, trader investors and signal providers will both benefit from this facility. if fbs copy trade or social trading exnes is only for certain brokers, then MQL5 can be configured with different brokers between single providers or followers, this is one of the advantages of the MQL5 platform.