MQL Signals - The things to look for

***Please if your here to bash signals, save your typing and go somewhere else.

This thread is to identify the things to look for, to ensure the signal(s) that a trader, wishes to subscribe too, doesn't blow up in his face, waking up the next morning and his account is drained.

Please add to this discussion to the help amateur traders, the community and anyone that is looking to ensure they are making the right decision.


https://www.mql5.com/en/signals/mt4

When we consider, what to look for with signals we must realize, that this is a multi-leveled approach. Growth over drawdown, Growth or MFE, or MAE ? Profit Factor vs win rate ?

All these aspects combined can make for a very difficult time, finding the right setup. Especially when players on the Mql market our able to manipulate the statisitcs to give the appearance of solid signal, when in fact that are horrible. So lets pick one and begin.


***Their are other websites, that offer signals but they dont offer an in-depth statistical break-down compared to mql, so we won't be looking at those.

We will begin with Growth:

Growth will give us as traders a gauge on what to expect after 'x' trades, 'x' weeks. The growth factor by itself can be very hard to determine if the signal is any good. One example traders having large drawdowns in deposit capital or high win rate small profits big loses. So we should turn towards. Weeks the signal has been active, total trades, the win rate, recovery factor, expect payoff per trade,

Each should be broken down:

Growth Factor + Weeks = 324% Growth after 58 weeks for example = 5.58% per week average.

Growth factor + Total Traders = 324% - 2912 trades = 8.98 trades for 1% gain. So after 9 trades, we will gain a 1% growth in our account.

Win rate 83% = 2912 trades* .83 = 2416 Winning Trades.

Recovery Factor = 8.51. What does this number mean ? This a gauge on how well the signal is able to recover after a lose, avoiding further poor trades without putting more risk onto the account. A value above 3 or 4 is seen as a value which allows the account to grow even after a poor showing.

That's not the best signal....
This is https://www.mql5.com/en/signals/308188
No martingale, no grid, always stop loss, low drawdown, multicurrency trading = low risk.