https://www.mql5.com/en/signals
The MQL5 signals service offers the chance for traders who lack confidence, knowledge and skills to presumably follow someone who does and profit when they do. It sounds great. It's a win-win for both the service provider and the client. Why then, isn't everyone making a fortune with signals?
For many of the same reasons everyone isn't making a living trading. For one thing, being a consistently profitable trader is hardly easy.
For another thing, offering a signals service and making it look good is comparatively easy. There are probably hundreds of ways to dress up a dangerous system and make it look good. I won't go into all of those now, but it's a good topic for later.
Let's just look at the top rated systems on the signals service. MQL5 has something called 'reliability' and I don't know how it is calculated, but let's just see what is reliable about these signals.
I'll start with 'Kauser Ahmed' which has produced 205% growth this year. Not bad at all, but such a 'low' percentage compared to the most profitable systems probably doesn't draw in the crowds. Still, being at the front page of the signals service can't hurt.
The first thing to notice is that this has been running for 17 weeks - just over 4 months. Not such a long track record, but recall what Taleb said about track records anyway.
The signal started with $100 and then Ahmed added $317 (likely pissing off his existing customers, as doing this scales all trade volumes up) and he has been able to double that. What's not to love?
The MQL5 signals service offers the chance for traders who lack confidence, knowledge and skills to presumably follow someone who does and profit when they do. It sounds great. It's a win-win for both the service provider and the client. Why then, isn't everyone making a fortune with signals?
For many of the same reasons everyone isn't making a living trading. For one thing, being a consistently profitable trader is hardly easy.
For another thing, offering a signals service and making it look good is comparatively easy. There are probably hundreds of ways to dress up a dangerous system and make it look good. I won't go into all of those now, but it's a good topic for later.
Let's just look at the top rated systems on the signals service. MQL5 has something called 'reliability' and I don't know how it is calculated, but let's just see what is reliable about these signals.
I'll start with 'Kauser Ahmed' which has produced 205% growth this year. Not bad at all, but such a 'low' percentage compared to the most profitable systems probably doesn't draw in the crowds. Still, being at the front page of the signals service can't hurt.
The first thing to notice is that this has been running for 17 weeks - just over 4 months. Not such a long track record, but recall what Taleb said about track records anyway.
The signal started with $100 and then Ahmed added $317 (likely pissing off his existing customers, as doing this scales all trade volumes up) and he has been able to double that. What's not to love?