If you think that you do not want to trade forex on your own, there is another easy way to trade forex without having to trade on your own. Forex signals are generated from an active trading account. For example: We have several forex trading accounts and each account generates its own signals. People like you can subscribe to these signals for a small monthly fee. Once you sign up, your account mimics the trades of the signal providers account. So when the forex signal provider (we) makes trades, your account makes the same trades. This is an easy way to trade forex without any forex trading experience.
Keep in mind that if you use Forex Expert Advisors for trading, you can also sell your own trading signals. This is a nice bonus that can create passive income.
Our signals are currently included in MQL5 and available for subscription. We have future plans to allow subscriptions through our site but at the moment it is easier to subscribe through MQL5. If you take a look at MQL5, you can also check out our products and reviews.
When you look at a service provider signal, there are a few key points to look at to determine if a signal is right for you. In our opinion, the most important stats to watch are account drawdown (DD), trading accuracy, profit factor, and trading activity.
The account drawdown is the amount of equity at risk. You can also see how often and by how much stocks are going down. A good forex trading system usually stays below 25% DD.
The accuracy of the trade is largely self-explanatory. It is the percentage of trades won / lost. Ideally, you want a profit rate of 65% and above.
profit factor = (Probability of winning x average profit from a profitable trade) / (Probability of losing x average loss from a losing trade). Profit factor less than 1.0 means that the trading system is losing. Profit factor within 1.0-1.5 means that the trading system is relatively profitable. The higher the profit factor, the better.
The last one is trading activity. Some traders may not consider this to be critical but we do not agree. Trading activity is the amount of time you open trades. If you have 99% trading activity, that means 99% of the time you open trades. When you have trades open all the time, there is a higher chance of losing trades. The reason why there is a higher chance of losing trades is due to economic news or world events that may occur during the trades. During world events or economic news, trading can be very volatile. We try to keep our trading activity below 60% but keep in mind that our Expert Advisors also have a news filter to help offset this risk.