“If the signals provider isn’t profitable they’re not on our list” is the Simple Trader claim…
The following review is provided for the purpose of showing what a fairly typical forex signals provider offers. All signals providers have points of difference however, and Simple Trader is no exception.
One major difference between Simple Trader and a lot of others forex signals companies is the number of individual signal providers covered. Simple Trader content themselves with a relatively small, although growing list of signals providers with a proven track record.
The performance of each of these signals providers is given prominence on the website, and they are split into two camps: those whose performance has been approved and those whose performance is under evaluation, i.e. in the ‘sandbox’. It’s not just a simple matter of signing up to be a signals provider with Simple Trader, you have to prove your track record to them first.
The service consists of a simple web based trade copier that you can fully configure online. Trades are executed on behalf of the user according to the signals given out by each of the signals providers that the user has subscribed to. Each signals provider has a different subscription cost, generally correlated to the rate of gain that their accounts have achieved.
The default manner of operating your account with Simple Trader is to use an EA (Expert Advisor) attached to your Metatrader charts. If you don’t want to use an EA there is a facility to simply plug directly into your brokers servers and the trades are executed directly with your broker, bypassing the need for you to even run Metatrader at all.
I suspect most users will probably use the EA, though. It’s simple and flexible. You install it on one chart on your Metatrader instance and it picks up every trade signal from every signal provider service you subscribed to, automatically executing the entries, stop management and exits.
As a last inducement Simple Trader offer trial periods for most of their signals providers. This is another point of difference between this company and many of its competitors.
WHO IS IT SUITABLE FOR?
Anyone investigating the area of forex signals could consider this vendor.
WHO IS IT NOT SUITABLE FOR?
Those who prefer a more hands-on approach will likely not be interested in any forex signals provider, including Simple Trader.