Myfxbook is definitely one of the most important sites in the world of Forex Trading and in essence is an automatic system of analysis of the trading account that allows interaction between all operators in the world, being one of the pioneers in this field of “social trading”.
Today myfxbook service supports more than 100 brokers, so that traders who have accounts in these brokers can register to participate in the program.
To make the most of MyFXBook you can sign up for a broker that allows you to download for free and use MetaTrader 4. If you sign up for 24option for free you will have access to MT4 and you can connect it to MyFXBook with the instructions that we go here to describe.
How to Connect Myfxbook to MetaTrader 4
Once you have logged in to myfxbook after registering, there are two ways to connect a MetaTrader 4 account provided by the broker you are trading to myfxbook:
- EA (Expert Advisor).
The publisher system simply asks you to enter the data of the myfxbook FTP server into your platform account and the data will start to be recorded in a few minutes. However, it should be noted that recently the publisher, after a few weeks of correct operation, stops transmitting data and freezes.
For this myfxbook suggests using the second method, namely myfxbook Expert Advisor. In this case, as explained in the previous myfxbook link, you will need to download this specific EA.
The official instructions for connecting your MT4 to MyFXBook can be found on the official page (more precisely on the page /help/connect-metatrader-ea).
What is MyFXBook Precisely?
MyfxBook is a tool halfway between a social network, a system for copying traders, such as eToro, and a way to analyze and monitor trading accounts.
In the vastness of the network you can find everything, traders selling systems, traders offering their services to trade on behalf of others (the famous PAMM or LAMM accounts.), but all this makes little sense if it cannot be proven.
With this tool you can verify a trading account, show what was its curve, its profits, winning trades, losers, maximum loss or profit.
In this way a trader can prove that his strategy and way of operating are valid, being able to sell his system or services.
Unfortunately, there is no myfxbook page in Italian because the policy is to let the community contribute by translating part of the site depending on their availability.
Each user can participate in the translation phase in their own language.
How does myfxbook work? Let’s say that the correct answer is “depends” because each user can have different goals. Let’s start by explaining how the AutoTrade component works.
How myfxbook AutoTrade Works
Myfxbook has MT4 platforms installed on its servers with the ability to exchange signals through expert consultants.
Whenever a signal provider executes a market transaction or sets a limited transaction, the platform sends a signal to the accounts of its followers so that they open exactly the same position.
Myfxbook AutoTrade is designed to run replicas without errors or interruptions.
Here are some reasons to evaluate myfxbook AutoTrade:
- System Scanner: myfxbook offers you the possibility to choose between strategies with the best results.
- It is verified: only traders with experience and live accounts and profitable performance for 3 months or more and whose deposit exceeds 1000 USD are accepted.
- It is reliable and accurate: the detailed graphics provide an overview of the provider’s previous performance to better evaluate its potential.
- Everything is under control: total freedom to suspend or discard a losing strategy at any time. You can also limit the number of lots, trades or currency pairs of any strategy through your personal profile and establish a level at which a strategy will automatically suspend the copy of signals received.
It is the opinion of most traders that myfxbook is an excellent and essential tool to keep track of the different EAs in a forex trading portfolio and make a careful analysis of monthly profitability, DrawDown, Profit Factor and other key data related to a strategy.
By assigning each EA or each configuration of parameters of an EA (called set) a unique Magic Number, you can have a specific statistic for each configuration.
The part of Custom Analysis that allows, precisely, an even more in-depth analysis depending on the configuration, is of absolute importance and usefulness:
- Magic Number;
- Search Profile.
One of its strengths is the management of Forward Test, whether it is automatic, manual or mixed strategies.
Experienced system vendors use it to offer a Track Record of their strategies, not only on the basis of past results but also on present results.
In practice myfxbook allows a ‘careful observation of what happens on your trading account and everything is recorded and transformed into statistics easily accessible.
You do not need to register or log in to use the risk calculator.
Choose the currency pair and enter the size of your account, the desired risk ratio (such as 0.5%, 1.0%, 1.5%) for the trade and the stop-loss amount (pips).
You will then calculate the exact lot size for the specified risk. It is fast and easy and helps you to ensure that your online trading takes place within the desired risk parameters.
In conclusion, we can say that myfxbook helps us to improve our trading as, if well used, it becomes a useful tool to keep our operative under control.
Statistics play a key role in the way we operate as they allow us to make a concrete assessment of what we are doing.
In addition, we can always decide to add some strategies of others to our portfolio, thus diversifying its composition.