In this post I will be reviewing the Broker Profit forex signal service. Broker Profit uses a trade copier to mirror the signal services trades to your MT4 trading account using the software provided by the developer.
Broker Profit trades multiple currency pairs including the major EURUSD pair which I find can have some of the lowest spreads and a good amount of liquidity most of the time which can mean rapid trade execution speeds. For the best possible trading conditions I would personally use a regulated ECN forex broker with low trading costs, deep liquidity pools and direct to market access.
Broker Profit uses the Internet Trade Mirror which is a free service for sending trading signals over the internet to other computers (currently for MT4 only). It is used by traders as a broker-independent alternative to MAM systems etc.
The sender runs an EA which broadcasts trading activity. Subscribers run a copier EA which receives the signals and automatically mirrors the sender’s trades. Each subscriber has full control over risk settings and all other trading activity, via the parameters in the receiver EA.
Whilst Broker profit can be useful, please make sure that you are aware of the signficant risks involved with trading online and remember that you are relying on another trader for taking the trades. I would certainly make sure that I set a sensible lot size whilst trying out the Broker Profit signal service but I would much prefer to filter the trading signals with my own analysis before entering any position.