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.
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.
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.