Forex is the largest global financial market with around $6.6 trillion daily volume. Obviously, investors who seek to employ their money and achieve the most significant returns are lured to get invoiced in currencies and take a slice of that ever-growing $6+ trillion pie. Yet it is the challenge that many have taken and failed.
According to official data, around 70%-90% of Forex traders lose money. It is not that easy to climb to the top. However, there are a few ways to do that; one is an active approach, the other is more passive.
Trading Forex using an active or a passive approach
Taking the active approach, you can study successful traders to learn how they trade, what strategies they use, how they manage risk, etc. It is an excellent way to learn, and most likely, you will become a successful trader. However, it will probably take you years, maybe a decade, to achieve great results.
The passive approach is to copy the Forex signals of successful traders and earn passive income. You will generate the same profits they do because a simulated signal will be replicated on your account, and the profit that the trader you follow gets, you will get too, by simply copying his trades. How can you do that? One of the best ways is to download an MT4 platform and start copying the most successful traders there. The rest of the article deals with how you can copy Forex signals on MT4 (Metatrader) platform.
Signals section on the MT4 platform
You can easily download MT4 on your pc or a device of your choice by going straight to metatrader4.com or from your forex broker’s website if he offers the option of MT4.
At the bottom of the terminal, you will find the menu bar with the number of functions you can perform on the platform; trade, check your account history or mail, etc. We are interested in the part ‘Signals’. That’s where you will find all Forex signal providers, both paid and free. Click on this part of the menu, and the list of all signal providers will appear.
How to filter signal providers?
You can choose how you want to go through the list by using a variety of metrics that can be found on the top of this window, in the mid-right part: Growth/Weeks, Subscribers/Funds, Trades/Win (Win ratio), Max DO/PF (Drawdown/Profit), and how much copying the signals cost, or it is free of charge.
You can drag the square-shaped box on the right side of the window down to find more signal providers and check them according to the metrics mentioned above. There are 3,500+ traders who offer signals for subscriptions for you to choose from. You will definitely find the one that is good for you.
Click on the ‘Growth/Weeks section, and you will find out the signal providers that have the highest returns since the time they started trading and the number of weeks they have been trading. The best returns will be on the top, and you will see those who have great yet smaller returns on the way down. If you click ‘Growth/Week’ one more time, you will get the signal providers that have been trading for the most extended period and who have the most outstanding returns. The providers under these 2 metrics will differ. Some providers can have greater returns in a shorter period of time, and others excellent returns over a more extended period of time (meaning they have greater stability in their trades).
Analyzing the performance of signal providers
To analyze the performance of an individual signal provider and to subscribe to their services, click on their name, and the full stats on their performance will open up. Study it to find out whether the trader meets your risk/reward expectations, has consistent returns, check the requirements that they have for subscribing, whether they are free of charge or you have to pay a fee.
How to subscribe?
If you like what you see, you can subscribe to the trader’s signals right away by clicking the green subscribe button, which usually indicates the fee you have to pay per subscription a month, or blue if the service is free.
