Forex Trading Guide & Reviews
SignalTrader is a signal provider with a difference. The site offers automated trading solutions for a range of financial instruments by allowing users to mirror the trades of a range of traders in their brokerage accounts.
The trades supported by Signal Trader include forex, indicies, and commodities. Trades are automatically mirrored onto a wide selection of brokers, allowing users to put their online currency trading on autopilot.
What makes Signal Trader different from other sites is the quality of the signals that are offered, and the transparency of the offerings. The traders list their strategies on their personal trading pages, making it easy to see what they are doing, and letting you track their success rates for a while before you make the leap yourself. The quality of the signals, in general, is pretty good. Naturally even good traders will make losses occasionally, and past performance is no guarantee of future performance, but it’s still a good sign that the trades have been doing well so farm.
Trading options
When you’re looking for a trader to user, you can list all of the traders by their Profit and Loss, and also compare performance based on the trader’s net percentage, actual profit, or max drawdown. You can then pick out the traders that tend to act in ways you are comfortable with. These options are useful because different people have different levels of risk tolerance, so those who prefer high risk can pick their preferred traders, while others can pick traders that are more risk averse and may have lower returns, but also lower losses.
SignalTrader does not prevent you from trading manually. You can use SignalTrader in conjunction with manual trades, and you could even, if you wanted, close a position opened via SignalTrader, although this is not something that most people would want to do.
The traders that offer signals on SignalTrader are all experts that have been trading for many years. The fact that the traders are vetted is something that makes the site stand out from several other signals sites, where anyone can set themselves up as a signal provider.
Live Trading Rooms
The live trading rooms on the site are a nice addition, they allow you to take a look at the trades that the signal providers are doing. You can see the initial balance, the markets the traders use, how frequently they trade, the type of trades they do and their trading style. Some of the traders trade only forex, while others trade in other instruments as well as forex.
If you would like to take a look at the live trading rooms, then you can sign up for a free trial account which will let you get updates and watch the rooms for free for 21 days. If you would like to take advantage of the link with trading platforms, then you will need to become a member. Creating an account is free, but you will need to make an initial deposit of $3,000 for the Live Account. To get signal alerts via email you will need to subscribe to the Signal Service Plan, which costs $99 / month.
The only issue with the trading links is that you will need to open a new trading account with one of the brokerage partners in order to link the account. You cannot use existing accounts. Hopefully that will change in the near future, as it is an inconvenience for many experienced traders.
Support
SignalTrader offers support via live chat, and via telephone. There is also a detailed FAQ that will answer the majority of questions that most people are likely to have. There’s also a tour feature, which provides a good overview of the functionality of the site.
In conclusion, SignalTrader is a good option for people who want to automate their trading. There’s always an element of risk with any form of trading, and you cannot guarantee that a signal provider (any signal provider) will generate a profit, but in general the signals provided by SignalTrader are high quality. The ability to track traders using the live trading rooms, and the ability to continue to trade manually while using the auto trading options is a good thing, and a huge point in SignalTrader’s favour.
A wider range of signal providers would be a nice addition to the site, and the option for some form of trading with lower deposit levels would also be nice, however I can understand their choice to limit the signal providers to only ones that have been well vetted and have a good track record. This reduces the level of risk for inexperienced traders.
If you have any interest in automating your trading, then it is a good idea to check out as many different signal providers as possible, and SignalTrader is a good one to add to your list.
Areas of Activity
With corresponding addresses in Blake, Houston and Belize, Signal Trader plays an authoritative regulatory card. It takes help of several law-abiding and comprehensive brokers and connects speculators to them through mirror trading. You can avail this service from anywhere, as long as your country allows its propriety without a fuss.
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With Signal Trader, you just need to put in some initial labor and then recline on your rocking chair. Once you pick your broker (provider) whose trades you will mirror, you can place in the parameters (your profit requirement, loss affordability and amount to be invested), and savor automatic trading. Thanks to live trading rooms, choosing the provider is facilitated.
It is essential to pick your sort, as the mirroring trader with different outlook on margin trading and drawdown can be hurtful.
Being a novice in the field, nothing else could have helped me better than the services provided by signal traders. The option to automate the trades based on a professional’s signals is the feature which attracted me and helped me the most. It made it a piece of cake for me to follow and watch the screen while everything was happening in front of my eyes.
I took help from the Live Chat option on their homepage to make it easier for me.
For me it has been a success story all the way!
The system only deducts the “success fee” on trades which yield profits and there is absolutely no fee required for trades which result in a loss when you follow the prop. So far I have been able to make a lot more than I have lost over the years using other options. I am happy paying only for the successful trades with over 80% success ratio!
What impressed me the most is the feature to look at the live screens of traders who trade with discipline and to take decisions based on their trade. By looking at the screen regularly, I have learnt a lot about disciplined trade and have been able to read the moves which will make it useful for me to trade independently if I have to.
The learning is of the highest level and I am making money along with it as well J
I joined Signal Trader since early last year and so far I have doubled the size of my initial investment. I have learnt that money management is a very important key to make profits here in the long term. As long as you mirror the Live Traderoom correctly, then you should not have much to worry about.
I am absolutely sure that I will get my pips every week, thanks to this provider I have affixed with. Big thanks to Signal Trader.
Availability of other trades than Forex is a plus for hedging and occasional fundamental trading. Its technical analysis is spot-on and charts rather graphic. You can synchronize your preferences with a seasoned trader and then let him do the talking.
I think this is a worthless way of trading, have lost over $1000 following the so called experts who have been able to lose more money than gained. If an expert can lose money when the entire world is making money, it can’t be termed good. With such handful of writers what else can be expected. Either they should look at hiring new professionals or fire the ones who don’t perform. This is going nowhere.
I love trading manually, and don’t actually need to spend on commissions.
Signaltrader – The best feature for me has been the independence to choose if I want to use the automated system or the manual trading option. Most of the times this helps me to avoid losses due to automated system where I don’t have any control. But here at Signal Traders I have complete control on how my money is being invested and at what point I want to square off my position and book my profits.
21-days free option to inhabit trading room is quite vital in nurturing an eye for speculation. I learnt a lot from it and then opened the live account.
Flexibility to choose between the automated system and the manual system also helped me to manage my portfolio and manage the risk associated with the automated systems. It’s a one stop trading tool which enables me to link my accounts and manage them at one go. I may not have this flexibility elsewhere as of now and would continue to use this tool to my maximum advantage. I feel I am in complete control when I have the options with me.
Thrilling is the experience when I see the live screens of traders who are trading on the portal and learn from them. When I see the live statistics on my screen for them and their profit and loss statements while they trade, it motivates me to concentrate more. The actual profits and the max drawdown are right in front of my eyes and I virtually feel that I am standing right behind an expert and following the same footsteps!
Initial amount of $3000 as deposit is not something an average trader like me can afford.
I would be more interested if the initial deposit can be lowered.
I have tried using the 21 day free trial but I guess to use the options mentioned on the website,
I would need to get a membership which is too costly for me as of now. However,
the 21 days of free trial were enriching and I could use it to follow the experts in the live trading rooms.
The tour feature is rather comprehensive, and what’s more, the site actually operates the way it preaches.
The fact that the professionals are limited and they aren’t consistent most of the time is really sad as I see most of them making losses than profits over a period of time. Thus if I want to invest further, I would be thinking 10 times and exploring other options that I have rather than trust them and make an unsafe bet. Trust me, if they can’t make money in a positive market, they sure can’t in a negative one.
The other traders’ activities are well-documented on their strategic sheets. When you get a grip on how to make profits even with bloated trades, you will automatically increase your longevity. In case of grievances, the customer support is quite quick. Signal Trader is a serious candidate.
What hurts me is the big disclaimer that there is no guarantee of profits. Then why should we need you!
There is a limit on signal providers, and only the vetted ones are chosen. Thus you know that you are connecting with a team that knows speculation, not any Tom, Dick or Harry!
All risks apart, you go through the grind and compare the trading tactics of different providers. Thus, you have an idea on how risky or safe a particular provider is. It’s better to pick those with higher trades at good returns. Also, check how he behaved during bearish times.
The fact that the professionals are limited and they aren’t consistent most of the time is really sad as I see most of them making losses than profits over a period of time. Thus if I want to invest further, I would be thinking 10 times and exploring other options that I have rather than trust them and make an unsafe bet. Trust me, if they can’t make money in a positive market, they sure can’t in a negative one.
The email option I got along with the account set it all up for me. Now, I don’t have to stay put in front of the screen and wait for something to happen. Rather, I can be on the move and check the email on my Blackberry and then chose to login and make the changes that I need to my portfolio. The e-mail signal alerts keep me updated of any changes that happen around and need my attention.
I still can’t learn how to use the automated system. I have tried several times and have also tried to consult the guide on the website. I often end up making some basic mistakes which doesn’t help. Can someone please make the instructions a bit easier for me to understand? I think a video tutorial should help the cause. Whatever it may be, I need help and I need it fast. I want to use my account.
The price, my friends, the price of the membership plan is way too high for someone like me to go for. I am not a investment banker, I am just a barber who wants to make some money through forex. With my limited knowledge and means I feel that the concept is great where I can take help from experts however, the price to be paid for it is too high for someone like me. Please make the membership cheaper!
Oh! The inordinate mess of money and its indulgence! Stay away!
You feel like losing in Forex; give a cursory glance to stocks or commodities. A keen observer will connect the dots, if he gets into manual trading sometimes.
The site offers some capable providers you can bet your life on.
The live account charge is steep at $3000. However, with that investment, you open yourself to direct link with the trades of a brilliant speculator. This is quite handy while making manual calls or while setting stop-profits/stop-losses.
You will also be able to relate with how they trim the moving averages.
It’s all show and no substance.
Risk aversion ratio is different for different providers. Also, some will go on a trading spree while some will bide their time. It is essential to understand that patience is a virtue and you shouldn’t get into reckless trades. Beware of providers with such principles.