MT4 Copy Trading Example
Now you have all the theoretical basics necessary for using MT4 copy trading signals. But how do you utilize them in practice?
For starters, you will need three things:
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An active MetaTrader 4 trading account
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An active MQL5.com account
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Funds deposited to your MQL5 account via e-wallet or bank card
If you’re not familiar with MQL5, it’s an object-oriented, high-level programming language that’s based on C++. And don’t worry, you won’t need to learn to code — you just need an account because all MT4 trading applications are written in MQL5.
It differs from other programming languages because it was created specifically for trading applications — a lot of its built-in functions handle trade management and technical analyses, allowing traders who want to create signals to do so without a lot of technical knowledge they’d otherwise need. Furthermore, you need active funds on your MQL5.com account because you’ll need them to pay subscription fees for those traders whose signals you’ll be copying.
Once you create an account and deposit funds, you’ll be able to add more trading signals or view your currently copied ones in the “My Subscriptions” section. There, you will see all of the strategies of the providers you subscribe to. All of the statistics you need to track regarding their trades are there.
For experienced traders that want to earn a passive income by providing their own trading signals to others, the “My Signals” section provides that option as well. Also, there’s a “Favorites” option for traders that you want to track, but you haven’t subscribed to yet. It’s always useful to see how well someone’s doing over a certain period of time before actually subscribing, so this is a neat option.
When it comes to subscription payments, you can pay from your MQL5.com balance, or you can directly pay using credit or debit cards, ePayments, Neteller, WebMoney, and PayPal. Once you’ve downloaded all the required files and completed your subscription process, you’ll be able to start copy trading.
However, while this is a passive process where you don’t have to make a lot of trading decisions — you still need to control your investment and monitor your performance. Configure the level at which copy signal trades will affect your account — like Take Profit and Stop Loss values, and similar parameters.
Also, when you begin trading, monitor the statistics on your current subscriptions to see the efficiency of individual trading signals — it’s important to know when to stop relying on a trader and search for a new one with more effective strategies.