Be careful of of the profit percentages. After some study of history this is what most signal does:
Deposit small amount like 10 or 10 dollar. Open a trade and when that trade is in profit, deposit more or open more trades. Wait while they are in profit. Withdraw the last deposit before closing trades. The profit % will be calculated from the remaining balance instead of the balance it was when it was opened. That's why some signals have 100000% profit. It's deceiving. Check historical trades and don't let them fool you.
I notice Elite which was ranked no 1 for weeks and weeks (on signal start) with 0% drawdown and people defending him on myfxbook, as now hidden account on myfxbook. and it's at 82% drawdown on signal start with massive negative trades open down 20-30%of the account on 1 trade etc. https://www.signalstart.com/analysis/elite/13563 The scam could only last so long. Be warned Market Slayer is the same provider and will no doubt end the same way.
I have reported the following signal providers for their manipulated results making deposits and withdrawals on the same day hours apart to have the performance figures incorrectly calculated of the net deposit usually $1 or very small amount to make performance per trade hundreds or thousands of percentage. The development team is working on a solution, in the meantime, here are some of the worst offenders, Elite, Market Slayer, Gatex, Bizon, Hunter for Profit. If you look at transaction history look out for the first lot of transactions.
Also there are many $50 accounts being displayed incorrect as $5,000 deposit, mostly new forex cent accounts. They don't always display the accounts are cent accounts from new forex / accent forex etc. I have asked development team to fix this issue, but I suspect will be harded to rectify. So be warned in the meantime don't trust signals running on these dodgy brokers, only consider ones on IC MArkets, Tickmill, etc other well regulated non cent brokers. cheers
Castle, is there some other signal provider you can suggest. I have tried most of them and signalstart is the only service that has my account still in good profit after 1 year. The rest have failed me.
Most signals are junk...don't have enough history or track record or have a really quick huge gain, get rated high and then fade. Like the idea of social trading, but really question the rating system.
lintra8205 posted: top 10 signal providers none can be trusted any signal provider able to double capital within a month also can't be trusted
definitely, but I suspect a lot of the scam signal providers are posting in this thread, as previously it was a rather quiet thread but lately it's all good good posts. haha. oh well hopefully the scammers are driven of the platform soon. The development team is certainly looking at it...
rpvienneau posted: Great service from the website designer but a lot of the signals are of poor quality. Too many low balance accounts with no sustainability. Take away those subscription hunters and this service would be great.
agreed it's plagued by many many $50 cent accounts being displayed as $5,000 account and then lots of accounts that started with $7-$10, like seriously haha. at least simpletrader.net now has a minimum $3,000 real account requirement weeding out these, although you can still have your cent account as a signal on their platform but no public display of it. so you have to share with people. I know at least one provider doing so on myfxbook. There's a reason it's not in their public listing. They are now the tightest platform to get on. which is great
Great service from the website designer but a lot of the signals are of poor quality. Too many low balance accounts with no sustainability. Take away those subscription hunters and this service would be great.