Why Using This Recourse
At the moment, Myfxbook is one of the largest Forex trader communities. It is an indispensable assistant that performs a number of useful functions:
- Detailed analysis of your trading account and building an accurate graph of your profitability.
- Testing a new or existing trading strategy for subsequent adjustments.
- Qualitative analysis of your trading robot before purchasing and its subsequent monitoring to adjust the settings.
- Finding a reliable MAM/PAMM manager and tracking his/her trade prior and after investing. If a money manager is hiding his/her data in Myfxbook or has not connected the account at all, then you should think twice before investing into this manager.
- Copying of strategies and positions of successful traders.
- Sharing your success with other traders if you are a money manager.
- Volatility analysis, pattern search, currency correlation table, economic calendar, broker search, honest reviews, communication with traders around the world, etc.
I could go on but you got the basic idea.
Trading Account Analysis
The main task of this resource is mainly the analysis of your personal account. No other report will provide you with such detailed data. What information can you get:
- Tracking the situation on your account in real time without using a trading terminal.
- Automatic calculation of the percentage of your profit/loss for a selected period (day, week, month, year).
- Plotting the periods with the maximum drawdown which might help you adjust your trading strategy. For example, the plotted curve can show that the maximum losses on the account occur during a particular trading session or during important news releases. By choosing a more suitable trading session and avoiding trading during the news, you can improve the situation on your account.
- Statistics such as best and worst trade, average profit, all kinds of coefficients, indicators, etc.
How to Begin
You will have an access to all services in just three easy steps:
- Check in. This involves filling out a short form and confirming your email.
- Attaching your account. You need to enter your account details in the “Settings” section of your profile. The best option would be tracking using the investor password. If you trade with FXCL, the password was sent to your email along with your login data. To attach an account to Myfxbook, select the “MetaTrader (Auto Update)” option. The process is fast and intuitive.
- Privacy setting. It's up to you whether to make your account public or not. You can hide your data from everyone if you are a retail trader. If one day you decide to become a money manager, you can change your privacy settings and specify which data should be available to other traders.
That’s it. Your account is attached and ready for monitoring.
Myfxbook is a treasure trove of useful information and tools. Over time, you will find more and more useful features. So sign up, try, research and benefit. Good luck!