My Fx Book Que Es – MyFxBook is a platform used as an online automated analysis tool for your Forex trading account. There are many shortcomings, but MyFxBook has so far been the only complete online service where a trader can perform a complete mathematical and statistical analysis, and an investor should familiarize himself with the trading performance of traders to deal with. Operator MyFxBook has other interesting features that turn the service into a complete analytical tool. From this review, you will learn about the capabilities of the platform, learn how to connect the account and analyze the trading performance on it; I will also describe the disadvantages of My Fx book.
The purpose of this article is to help readers get a general idea about the service MyFxBook com. If this overview becomes a user guide for the platform, add it to the shortcuts and write down what else should be included. I will extend it according to the wishes of my readers!
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What programs do you use besides the platform? I’m sure many traders use calculators to calculate lot size or closing, economic calendar. As you develop your trading skills and become an advanced trader, you start keeping trading journals, using various programs to create or test expert advisors and indicators for the platform. Sometimes, a single tool is needed to combine many basic functions that are often used by traders, so it can replace dozens of other specialized programs. This tool is called a monitoring service.
Online Forex Trading Tools
Account Monitoring Service is a platform that allows you to manage multiple Forex accounts and analyze your trading performance. It also provides access to analytical materials that allow you to publish your account management. There are not many fully functional services of this class. One of the most popular is FX Blue, which tester for MT4 I described in previous reviews. It has all the necessary features, but in terms of functions, capabilities and visual design, it is not as convenient as the less popular monitor, MyFxBook.
The idea of creating MyFxBook appeared in 2007. It took about 2 years to launch its first version. Users got access to the service in 2009, but it was not very popular at that time. The problem was the lack of complete functionality and the original idea of the platform. Originally, MyFxBook was designed as an analysis tool suitable only for MT4 and MT5. Only in 2014, developers got the right idea of what such a service should be. Having received a license (support) from the Cypriot regulator CySEC, MyFxBook is recognized by traders. In the same year, copy transaction functions were added, the analysis section was improved.
MyFxBook is a platform that combines the functions of a trading platform, a trader’s journal, complemented by advanced analytical tools, forex analysis and a forum. All this is for comfortable trading, analyzing your trading systems and accounts, sharing ideas with other traders. Advanced traders choose their Forex trading systems and track their trading performance, investors and managers find each other, and MyFxBook provides interoperability, security and transparency. It supports such trading platforms as MetaTrader 4 and 5, cTrader and others, the full list is on the official website.
There are also additional tools like calculators, simulators and many more. I will explain the tabs in detail. You do not need to register to view business statistics.
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Myfxbook is a service that does all the analysis of your trading performance automatically. You only need to provide the service with information from the reports from the terminal. The analysis section looks like a forex trader profile, but there are many other indicators.
In the main menu, there is a system tab. It provides a list of all trading systems registered on the platform. This menu will be of great interest to investors who can set various filters to search for the perfect forex strategy.
Other parts of MyFxBook are a forum (communication is mainly in English), a community of traders, which also contains general statistics about transactions carried out on the platform, competitions.
In general, the procedure looks like this. You, as a trader, have a real account opened with a broker. The broker must be a partner of MyFxBook (otherwise you will not be able to synchronize your account with the platform). You register and log in to MyFxBook, access your profile and add your account. You will trade with your broker and your trade statistics will automatically appear in MyFxBook when you sync your account. Investors can view your portfolio. Both traders and investors can analyze anything they want with MyFxBook’s statistical analysis.
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If you have problems registering an account and connecting to the platform, write in the comments. Now you can use your profile to enter your personal details, subscribe/organize, share your monitoring details with people, block users, etc. I will not go into details about the profile functions, everything is clear based on the menu sections. I will cover the monitoring section in more detail.
Let’s study account analysis from the perspective of a potential investor. I will take a random account as an example and analyze all the presented statistics. To do this, click on Community → Strategies and select a strategy. You do not need to register.
And here, there is an obvious flaw. For example, I cannot find the modification history of this data. A trader will hardly change the trading platform, but the amount of profit is definitely not a fixed value. And if it is maximum profit, what does this information suggest to the trader?
Next comes information about verifying merchant information. The following section will explain in detail how to distinguish a genuine observer report from a fake one. The Copy button allows you to automatically copy trades from a given trading strategy. You just need to open an investment account with any broker supported by MyFxBook.
Netting: Definition, How It Works, Types, Benefits, And Example
Not everyone can understand numbers easily. Letters are very easy to understand, because they provide statistics about historical periods. There are four types of charts in MyFxBook:
In my opinion, the first and last blocks are the most informative of all four. The first provides information about how long the trader keeps positions open, if he uses martingale, how often he exceeds deposits or withdraws money. The drop should not be more than 50% (ideally, it should be less than 15%), it should take a long time. Based on the shortfall in the figure above, the strategy has very high risks but remains within the normal range.
Note that the drop is more than 50% in the last screenshot, but in the left block, the maximum drop is 18.62%. Such contradictions should be investigated by the investor, because they should make you doubt whether the trader is doing so well. In the given example, the explanation is that these are different types of downsizing.
This is an obvious shortcoming of the developers of MyFxBook. With account reconnection, it shows the maximum reduction followed at the time of account reconnection. For example, a trader got a 40% drop, but then he was able to go back to the 18.62 level (as in the screenshot above). The trader disconnects the account from MyFxBook and later reconnects it; And the service shows a maximum decline of 18.62%, while the chart shows a decline of 40% for the closing day.
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According to MyFxBook guidelines, drawdown is calculated based on the profit/loss ratio for closed positions. So, an investor can only see the balance decrease, while the floating loss (including open positions) is not calculated by MyFxBook. This is another example of data display failure. Traders only recently found out about MyFxBook. After connection, the service will only show a drop from the moment of account combination. In other words, the investor cannot see the actual value of the maximum draw in MyFxBook.
In the period block, there are trading statistics for a certain period compared to the results for the previous period. For example, in the line “This year / profit”, the annual return is 122.88%, the difference between the current result and the result of the past tense is shown in parentheses. That is, the yield for 2018 was 122.88 + 1422.74 = 1545.62%. Important: Earnings are compared to a “year/year” period, not 12-month performance. 122.88% profit in the first months of 2019.
This information helps the investor to get an overview of the performance of the forex strategy and compare the profits of a week/month/year.
2.4.2. The Goals tab is an automated, real-time way to track your goal progress over different time frames
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You can enter a number of target types over a period of time. For example, you can set a requirement that the annual return is 30%. However, I don’t see any point in it. Strategy
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