is it impossible to use signals with a spread betting account due to margin calculation type? (UK)
I do not know about margin but this "... no symbol found" issue is related to the mapping (and the mapping is standard feature in Signal service).
read post #12 for more information.
- 2020.06.10
- www.mql5.com
I do not know about margin but this "... no symbol found" issue is related to the mapping (and the mapping is standard feature in Signal service).
read post #12 for more information.
If you read the information in the first link I posted it explains how automatic symbol matching works and what criteria is used to match symbols. Point 3 explains that one of the criteria is margin calculation type, which is the reason why automatic matching isn't working in my case, hence why I want to know if anyone else in the UK manages to use signals with a spread betting account.
https://www.mql5.com/en/forum/10773#q13I believe this will be the same for every broker because it is not broker related, but account type related parameters.
You can also imagine why, because it would be hard to copy trades between different account types.
Imagine you have a fast scalper running on a very low spread let's say 2 points and you want to signal this to a standard account with a raw spread of 20+ that is only going to result in a losing streak on the latter and the subscriber would not have a clue as to why his provider is winning these trades and he as subscriber is constantly losing and he might grow suspicious towards broker/provider/mql.
These parameters should be available for verification before subscribing to a signal but providers usually only communicate that it is best to use the same broker and account type for the best results.
So to answer your question, even if it was possible, it would not be a good idea, because these trades are incompatible they require different signalling because when your signal account closes, your subscriber could potentially still be in a large negative position, which will be closed in a loss.
You can always use custom EA that sends out signals but it has to be coded in a way that it will look and recognize the account type and make up for the differences.
I believe this will be the same for every broker because it is not broker related, but account type related parameters.
You can also imagine why, because it would be hard to copy trades between different account types.
Imagine you have a fast scalper running on a very low spread let's say 2 points and you want to signal this to a standard account with a raw spread of 20+ that is only going to result in a losing streak on the latter and the subscriber would not have a clue as to why his provider is winning these trades and he as subscriber is constantly losing and he might grow suspicious towards broker/provider/mql.
These parameters should be available for verification before subscribing to a signal but providers usually only communicate that it is best to use the same broker and account type for the best results.
So to answer your question, even if it was possible, it would not be a good idea, because these trades are incompatible they require different signalling because when your signal account closes, your subscriber could potentially still be in a large negative position, which will be closed in a loss.
You can always use custom EA that sends out signals but it has to be coded in a way that it will look and recognize the account type and make up for the differences.
Thanks I was afraid of that but yes I can see the rationale. I just wish the information was a lot clearer from brokers/MT5 and signal providers so I can make informed decisions and understand how I can use the signal service correctly using my account type. That's why I was hoping to find someone else who could say yes they have managed to get it to work using X broker and Y signal etc. Unfortunately I think switching platform is going to be the easiest option for me although I was looking forward to using MT5.
Well it's usually very easy to open up another trading account of a different type, and to transfer the funds from one account to the other so that you will be able to get it done.
This can be done with relative ease in most broker portals.
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A signal provider has not been working for me, with the message in the journal saying that its because no matching symbol was found. After reviewing the info in the following FAQ section I have figured out the reason it's not using the symbol which it should be automatically matching is because the "margin calculation type" for the symbol is CFD, whereas according to the FAQ signal providers will only work where the margin calculation type is "Forex".
https://www.mql5.com/en/forum/10773#q13
More info on margin calculation type:
https://www.metatrader5.com/en/terminal/help/trading_advanced/margin_forex
Since it looks like the calculation type is determined by the broker then I guess its impossible for me to use signals in MT5 right now. I'm wondering if it's possible to determine what the margin calculation type is going to be for each broker? Is it based on a specific account type? My account is a spread betting account so I would like to know whether there's any possibility of opening another spread betting account with a different broker or am I just going to have the same problem with every broker? My understanding was that in the UK at least almost all Forex trading was done using either CFD's or spread betting, but I'm assuming there are some UK users who are successfully using signals in MT5 so would be very interested to know if anyone else uses a spread betting account and also manages to use signals.