Table of contents:
- 1 What exactly is Myfxbook and why do many Forex traders use it?
What exactly is Myfxbook and why do many Forex traders use it?
Myfxbook is a website that provides probably the most popular tracking tool for Forex traders. By connecting your broker to the platform, you get direct access to an analytical evaluation of your trading account.
In addition, there is an economic calendar and a chart plug-in from Tradingview. The whole thing happens completely without annoying downloads on the website. The Myfxbook service is free of charge and is financed exclusively by advertising.
In addition to the tracking tool, Myfxbook also offers a platform for traders and their exchange with each other.
The own performance can be shared, but also other histories can be observed, analyzed and even copied. Because with the help of the large number of brokers, Myfxbook also enables so-called copy trading. This brings customers and signal providers together much more easily – more about this later.
Most Forex traders use the website to have their performance displayed accurately and to evaluate their trading results with the help of the many key figures. No more Excel spreadsheets and the documentation of every little thing.
You only need a few clicks and important key data is available in many charts (see next picture). This includes the average return, the holding period of a trade or the profit factor.
Furthermore, many professional traders or signal providers use the website to show their impressive performance and sell their services.
How do I create my own performance?
To show your own performance, it does not take much work. However, there are a few small things to pay attention to.
After you have registered, you can connect to your broker account under the tab “Portfolio”. There are several ways in which Myfxbook processes the data from your broker account.
The easiest way for me is the one via Metatrader 4 (Auto Update). This means that my history is updated automatically after a certain time on the website and I can continue trading as usual.
Usually the newest trades are already included in the history after one hour. After that you will be asked for your broker, your account number, the broker server and the investor password. These data should be available in the back office of your broker.
Then you can start – you can either share your personal performance “publicly” with the community or use it “privately”.
If you prefer to show off your trading skills publicly, it is recommended that you double-verify your account. A secure data evaluation is guaranteed and the observer is offered security by displaying the “Track Record Verified” with the investor password.
In theory, any investor in a broker account could have the account details plus the investor password and sell the account on Myfxbook as their own. Therefore, there is a second authentication “Trading Privilegs Verified” (see picture). This is confirmed in the trading account with a limit order and a comment selected by Myfxbook. After confirmation, this check mark will also appear in green. The account is then fully verified.
Which facts and figures are important for my performance?
Now it is of course important to clarify which figures are important at all. What figures does Myfxbook provide? And how do I get a deeper insight into my account and my trading behaviour?
The most important three figures, if you ask traders, are probably the total return, the drawdown and the average monthly return. These values are also displayed directly first in the account window on the left.
In addition, you can not only follow the overall performance as a graphic curve, but also the profit, the account balance and also the drawdown. Further down the window, account balance and payouts are taken into account.
Then come two important features: The first is the display of when the performance was last updated. This is a particularly important feature when it comes to booking a signal service or doing copy trading. Finally, one wants to know what the current account balance is and then make a decision among the different providers.
The second feature is called “tracking” and means how many clients are currently copying performance to their own trading account. This is another important feature when it comes to selecting a trader to copy.
So already in the first part of the window it becomes clear whether the trader or the performance is good for something.
But you can get into the nitty-gritty a bit further down the page under the tab “Advanced Statistics” (see picture). There you will find a detailed description of the patterns the trader follows to achieve his performance.
In addition to the total number of trades and the total number of pips, average values for the hit rate and the profit/loss trades are provided. The “Profit Factor”, which is listed in the upper right corner of the picture, is particularly interesting for potential customers. This divides the total profit of the won trades by the total loss of all loss trades. Here, the higher the value, the better.
The same applies to “Expectancy”. Here, the average expectation for each trade is determined.
If the system is profitable, this value is positive. If, for example, a value of 61.9/ 34.30 is displayed, as can be seen in the picture on the right side above, the system makes an average of 61.9 pips per trade or 34.30 euros profit per trade.
Finally, the performance is rounded off with a bar chart showing the individual months plus the return. Again, it is easy for an observer to see how the return was in the individual months. A selected month can be examined in detail with a mouse click.
Data will open which only refer to the selected month. This data includes the traded instruments or the risk/reward ratio.
Copytrading/Autotrading on Myfxbook
Once you have clicked through the individual performances of the community members, you will quickly notice that you can copy popular systems to your own account.
Under the “Autotrade” tab, partner brokers are even suggested directly. If you have an account there, you can start autotrading or open one.
A demo account is also offered for 30 days.
The Autotrading system runs fully automatically via the Myfxbook servers. The trades are then copied to your own trading account in real-time. Once you have chosen a successful system among dozens, you can start copying the trades directly within two business days. The interesting thing is that everything is done through the Myfxbook website.
You can follow an unlimited number of systems and set your own risk factor for each one individually.
Myfxbook supports you with a detailed “Help” guide for the exact setup of the account and the connection.
Another useful tool for the autotrader selection of Myfxbook is the provided “Simulator”.
As the name suggests, it simulates a selected system in real-time. The special feature is that an individual account balance and a desired time period are available. This makes it easy to see how the selected system would have performed with a desired deposit and a planned period.
Field report with my own performance
I have been having my accounts tracked by Myfxbook and other providers for over a year now. Myfxbook, probably the most famous provider, was also my first tracking tool. Especially the simple setup of the account was very nice.
The performance became visible within a few minutes, and if individual steps were not quite clear, the solution was quickly found with the help of the clear instructions. I also installed the app for iOS devices at the same time. Since I’m often on the road, I can easily access my performance on my mobile phone.
Advertisements appear sometimes, but for a free service they are very convenient and can be closed with one click.
The months passed and I checked my account history daily. Unfortunately I noticed some discrepancies regarding my favorite pair of gold (XAUUSD). Here the pip count of Myfxbook is not read correctly and more pips are displayed in the account than they actually are.
Also, on some days my performance was not updated regularly. So it could be that the history was sometimes delayed two working days in contrast to the trading account.
Although this was only the case on some days, you naturally want to see your latest trades in performance as soon as possible. The problem could be due to the high server load of Myfxbook.
Nevertheless, my personal experience of tracking my own performance with Myfxbook is positive throughout. I could not find any other problems this year.
I think that for everyone at least a personal graphical representation of their performance is an advantage.
Especially when it comes to trading development and strategy adjustment, it is important to be informed about certain key data of your account.
Therefore I can only advise everyone, at least privately, to use a tracking tool. This is also about recognizing in the long run whether the strategy applied is profitable at all.
Field report about Copytrading/Autotrading
Autotrading/CopyTrading is a nice thing if, and I think we all agree on this, the system is profitable and consistent in the long run.
With the multitude of systems, it is easy to lose track. This makes it all the more important to choose a system that matches your own risk and expectations.
In order to be able to determine whether and how the system works, you need a track record.
On Myfxbook you can find various Expert Advisors (EAs) and Traders. Potential customers can therefore get a detailed insight into the system here. Myfxbook even provides a list of the best systems. Attention, greed eats brains here as well.
The first figures of the top performers under the tab ” Systems > Most Popular” are impressive (+486.35% gain), but be careful.
Myfxbook tracks the data and presents it in a nice optical way, but from my experience there are one or two small errors. These are used by fraudsters and manipulate their performance.
Let’s take a closer look at one of the mentioned, yield-strong systems.
At first glance everything looks very good, more than good, somehow too good. Very low drawdown. A constantly rising yield curve.
However, a closer look at the trade history reveals that there have been repeated payments and withdrawals. Myfxbook counts the deposits under “Absolute Gain”, so this figure is not meaningful.
Furthermore, it is possible to manipulate the history artificially, whereby I don’t even see the error on Myfxbook.
It is much more the different vendors who try to sell their system. In doing so I came across another system which is called one of the top 10 and is said to have made 690 % with a drawdown of 2.18 % in the last two years.
My point is quite clear: “Greed eats brains”. I don’t know myself how exactly the manipulation of the displayed performance works. But even in my circle of acquaintances I have often heard of a “pay-in/pay-out game”.
In addition, there are probably some things that can be changed on the side of the broker. Other possibilities are not known to me at present.
I personally haven’t copied any other accounts yet, which may be because I prefer to trade myself.
Nevertheless caution is advisable, because the individual top performers make you doubt very much about the credibility, where and how much money is to be invested. More about this in the next section, the conclusion.
Conclusion about Myfxbook
Myfxbook is definitely a useful tool for Forex traders. However, one has to distinguish basically between three different areas of application. I will summarize the crucial services again:
Do you use the tracking tool for private use and analyze your own history?
Do you want to publish your history and possibly win potential customers or partners?
Do you want to use the offered Auto/Copytrading?
If you let the tracking tool and your own performance be tracked, then I can report good experiences. I generally recommend everyone to document their trading account in some way. Especially in the beginning, important figures can clarify whether the system can work at all in the long run.
The key data on the holding period or how much commission I actually pay to my broker are also interesting. Whether this happens with Myfxbook, another provider such as Fxblue or the classic Excel spreadsheet is up to everyone. However, such providers are much easier and time-saving, so you have an advantage here.
Myfxbook offers a simple free tool for private use. If one uses Myfxbook in order to impress potential customers with its performance, there are also simple ways.
The own history is simply changed to “public” and you can send the link to interested people. They will then receive a complete overview and every number they need to make a purchase decision.
The only tip I can give them is to use every possible verification from Myfxbook to avoid abusing the customer’s trust. This brings us to Autotrading/Copytrading. Here, it is especially important to pay attention to the details of the history.
Especially important in this context is the verification, because after all it is your hard-earned money that is at stake. I would not trust any provider if not even all verifications are confirmed.
To do this, all other data must fit into a credible pattern. Apparently it is still too easy to trick the performance here. To be on the safe side, in such a case I would always request a second independent track record, for example from FxBlue.
All in all Myfxbook is a good tool when it comes to your own performance. But if you are using public providers or external performances, you should take a closer look and ask for further verifiable results.