How do trading signals work in MetaTrader?

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How do trading signals work in MetaTrader?

Oct 19, 2023

The Metatrader platform comes complete with the Trading Signals service built in. Trading Signals allows traders to automatically copy orders made by other traders, known as signal providers.

Getting started with Trading Signals

These steps are the general stepsto use Trading Signals, with some additional steps required for mobile users.

Initial setup

In order touse Trading Signals, you may need to sign up for a MQL5. community account if you haven’t already; this is an account separate from your KCM Trade trading account. Another requirement is paying the fixed monthly subscription fee that a signal provider sets, which is done by topping up your MQL5. community account with money through available payment systems.

Log in with your MQL5 account

To log into MT4/5 with your MQL5. community account follow the steps below based on your chosen device.

For desktop

•Open MT4/5.

•Click Tools > Settings.

•Open the Community tab in the Terminal window.

•Enter a unique login name and email address, then click Register to create an account. If you already have an account, click the link below the Register button to enter your Login and Password.

•Verify that the login was successful in the Journal tab of the Terminal window.

For mobile

•Open MT4/5.

•Open the main menu and select Trading Signals.

•If you don’t have an account, tap Register below the login and then enter a unique login and email address; tap Get an account or Sign in with Google to register with your Google account. Alternatively, enter your login and password and tap Sign In or Sign in with Google if you have an existing MQL5 account.

•Open the Journal from the main menu to verify that the login was successful.

Topping up your MQL5 account

Though free signals exist that do not require this step, there are signals that require paying a subscription tothe signal provider that they set each month. You need to top up your MQL5 account with money if you want to use the paid subscriptions.

Please note:

•When you start to follow a signal, the subscription fee is frozen in your MQL5 account; should the signal provider cancel the signal, the money is returned to you. If you cancel the subscription, the money is immediately sent to the signal provider. In all other cases, the money is sent to the signal provider at the end of the month.

•If a free signal becomes a paid signal you will remain subscribed free of charge until the end of that signal period (month), and be prompted to resubscribe at a fee (which you can decline). No money will ever be paid without your confirmation.

How to subscribe to signals

Follow the steps below depending on your chosen device to subscribe to signals.

For desktop

•Open MT4/5 on your desktop device.

•Login to your trading account.

•Follow the steps shown above to log in with your MQL5 account, and have funds available if you wish to follow paid signals.

•Click the Signal tab in the Terminal window.

•Browse the signals available or select a signal from those shown. To find a specificsignal, we recommend the MQL5 website signals area for its search functionality.

•Click the subscribe button of the signal, and follow the on-screen instructions to confirm the selection.

•Complete the Options presented, agreeing to the terms of use for the signals service, then click OK.

For mobile

•Open MT4/5 on your mobile device.

•Login to your trading account.

•Open the main menu and tap Signals; you will be prompted to log in with your MQL5 account.

•You will be redirected to the MQL5 website signals area; select your desired signal here, or you can search for it.

•A summary of payment requirements, including the additional VPS charge of USD 15 will be displayed. You must agree to the Recurring Payment Agreement and select a payment option to continue.

•You will be redirected to the signal copy settings page, which you will customize to your preferences; you must also enter a trading password and MQL5 password. The trading password is not the same used when you sign into MT4/5 to trade; this trading password is created when you register for the MetaTrader VPS.

•Tap Copy Trades once done with the signal copy settings to complete setting up the signals.

How to unsubscribe from signals

Follow the steps below depending on your chosen device to unsubscribe from signals.

For desktop

•Open MT4/5.

•Open the Signals tab, then open My Statistics to see existing signals.

•Open the signal you wish to unsubscribe from, then click the Unsubscribe button. Ifit is a paid subscription, you may need additional confirmation of your action.

For mobile

•Log into the MQL5 website.

•Open the My Subscriptions tab from the left-hand main menu.

•Tap the cancel icon on the far-right of the signal entry from the list.

•Follow the additional instructions to confirm the cancellation.

Additional information for Trading Signals

•Inappropriate copying

If a subscriber has full access to a symbol with the same name as the one on the signal provider’s account, trading is fully allowed for that symbol and trades will be copied. However, if trading for that symbol is allowed partially or disabled, then the symbol is considered inappropriate for copying and will not be copied.

The first six letters of an instrument (USDGBP, EURUSD, USDJPY)are matched, but if your KCM Trade account type does not allow the use of that trading instrument then signals that use that instrument will be considered inappropriate copying and will not be copied. If more than one instrument with the first 6 letters are found, this will also be considered inappropriate copying and will not be copied.