Social trading is a service that allows investors to follow the trading strategy and copy trades of professionals, which are also known as signal providers. The list of signal providers can be found in a special rating. Traders choose them based on various criteria: trading period, maximum drawdowns, best trades, profit factor. Top-ranked signals are displayed first in the list.
Usually, the actions of experienced Forex traders are used as a guide for beginners. It reduces the time for market research and analytics before trading on Forex. Social trading is useful for traders who have no time for training or making independent investment decisions.
Social trading works on the principle of a social network. On a trading network, traders share their ideas, post strategies, chat, while novice traders watch the trading results of professionals and discuss market situations online. Experienced traders also can benefit from social trading, as it allows them to become trade leaders and get additional profits, attracting more subscribers.
Conditions of copying transactions may vary. Usually, to connect the service, one should pay some fee. In some cases, it represents a commission for profitable transactions. In other cases, a trader pays a subscription for a specific period.
MQL5 signals is a product from the developers of MetaTrader 4, which allows you to follow the signals of successful traders and copy their transactions directly from the MetaTrader terminal. Social trading in the MetaTrader platforms works simply: you choose and subscribe to the signals, and transactions are automatically displayed on your account.
To start subscribing, you need to register in the MQL5.community. Then, go to the Tools tab and click Options → Community and enter your login and password to MQL5 account.
Note: To copy signals, your terminal should be constantly on! For this purpose, you can use a VPS server.