Reading time: 7 minutes
Being successful at trading the Forex market isn’t easy, especially if you do not have time to analyse the markets or possess the right trading knowledge. That’s why many traders turn to Forex trading signals as a way to profit from the expertise and experience of more seasoned traders and hopefully gain insights into successful trading strategies. To offer trading signals to its clients around the world, FP Markets has partnered with Signal Start - a reliable Forex signal service provider powered by Myfxbook since 2015.
Signal Start offers a technological solution where real-time trading signals can be provided and/or followed. Its sophisticated technology allows any professional trader or beginner to follow and copy other, more profitable traders through a user-friendly interface to potentially boost trading performance. The multi-broker Signal Start platform is available on desktop and mobile - it hasn’t been developed for iOS yet, but is currently available on Google Play.
Advantages of using Signal Start with FP Markets:
Beyond just providing trading signals, Signal Start allows its users to copy these signals directly to their trading platform through what’s called ‘copy trading’.
Thanks to this trading feature, you do not have to think about your trading plan and develop your trading strategy, as you will use automated trading to automatically mirror professional traders’ actions with proven track records. You can therefore gain access to advanced trading strategies without having an in-depth understanding of their intricacies, all with a relatively small trading account to start with.
Because everything is automated, you do not need to make any decisions or actively monitor the markets and your trading account. This removes the common pitfall of emotions in trading such as fear, greed, euphoria, or overconfidence, among others, which can trigger behaviour that’s toxic to your overall financial performance such as impulsive trading or revenge trading, for instance.
On its website, Signal Start provides a complete and detailed page about the available Forex signals. But more importantly, the signal service provider allows you to filter the results thanks to ‘Search Settings’. This makes it easier for you to only see which signals follow your trading style, time horizon, and accepted level of risk.
Screenshot of the Forex Signals Page - Source: Signal Start
So, the first step in choosing the right trader to copy is to think about your trading goals and your risk tolerance to find the best strategies that match your preferences. Even though Signal Start uses a proprietary formula based on brokers’ data to rank signal providers, the company explains that its algorithms prioritise signals with the highest return-to-risk ratio and consistent performance.
Screenshot of the Results after the Search Settings - Source: Signal Start
The second step to choosing the right trader to copy is checking out the performance metrics of the available traders (profitable trades, max drawdown, profit factor, leverage used, average trade time, and expectancy, among others). It is also important to evaluate their trading styles, the type of signal they send, the technical analysis tools they use to profit from trading opportunities, and on which currency pair or financial asset they focus on.
For more info, each trader has a dedicated page. You just need to click on the name of the signal provider in the second column to get access to all the data.
Screenshot of the description of one trading signal - Source: Signal Start
Signal Start also offers a simulator page that allows you to simulate the results of different setups on your preferred signal providers, so then you can configure your parameters and trading settings.
Screenshot of the simulator page - Source: Signal Start
It is not possible to use a demo account with Signal Start. If you already have a live FP Markets’ trading account, you simply need to connect it to Signal Start to be able to copy traders. Otherwise, you’ll have to open an account with the Forex broker and fund it before requesting Signal Start.
Source - cache | Page ID - 37465