Myfxbook is a service that is created to help traders in several ways and that is well-known in the industry. It is a fairly useful website that must be in the pocket of every trader that is related to Forex and CFD trading and is using MetaTrader 4, MetaTrader 5, or cTrader terminals.
As mentioned on the website, the main goal was to create a professional community for traders. Making performance transparent and audited was the key point as well as to make the learning process relatively easier. It has lead to the creation of a unique platform, where users now can collaborate and share ideas. Myfxbook became one of the first social communities for traders where they can connect their forex trading account and this feature will be specially mentioned below.
Main Features of Myfxbook
Being started many years ago, Myfxbook has increased its number of available helpful services and features that have to be mentioned to maximize the experience that could be gained. The project keeps growing and improving which leads to various updates and partnerships with brokers and other companies from time to time.
In comparison to traders’ portals like ForexFactory where all the main functions are available even without registration, on Myfxbook it is worth to sing up and get a profile. It will open up the beneficial components that are unavailable for users that do not have an account there.
The first tab of Myfxbook that is available in the logged-in profile is the dashboard. Mainly, it is a webpage where users can get access to various widgets:
Accounts. The table with the connected trading accounts to the Myfxbook service. It is possible to see the overall gain, average daily and monthly profits, drawdown, latest known balance and equity, profit in USD and in pips, and also the sum of the deposits. Moreover, it is possible to have a total amount of all the mentioned values to have an overall portfolio picture.
Markets. This is a small widget created with a small world map with displayed economic capitals on it like New York, London, Tokyo, and Sydney. Basically, it displays the current time and active trading sessions so each user may know which session is currently active. It is an obvious fact, that the European session that opens in London is more liquid and volatile one in comparison to Tokyo and Sydney. But the American session that starts when the largest exchanges like NYSE and NASDAQ open is the most liquid one and impacts the trading activity all over the world.
Streaming Forex News. It is a popular obstacle, that important news lead to large movements on certain assets therefore it is obligatory to monitor them. In this widget of the Myfxbook dashboard, it is easy to follow the major news that occurs from time to time and to act accordingly in a trading routine. It is especially important if some day trading or even scalping strategy is used because the news may have a strong momentum impact on it.
Economic Calendar. For intraday and swing traders it is important to monitor the planned macroeconomic events and statistics like Groos Domestic Product, Non-farm payrolls, ECB conferences, and others. They are also treated as news with high market impact. To simplify this routine a calendar should be used. Forex factory calendar has similar features as the one from Myfxbook so it up to a customer which one to use.
There are also presented Recent Topics from the Myfxbook forum, Charts Activity with recently added charts analysis by users, and Community Outlook that will be described further.
This tab is related to the connected accounts of the profile owner. Customers can see the Growth Comparison Chart with all of them to get an overall picture of the accounts. Therefore, there is no need to open each terminal, make reports, and analyze performance separately.
One of the main benefits of Myfxbook is the ability to get very detailed stats about the trading activity on particular accounts. From the Portfolio tab, it is possible to go into the profile of each account and see the overview with daily, monthly gains, drawdown, balance, equity, and other important values.
Every single trader should keep track of it to see if something may start going wrong and it will allow seeing what particularly needs to be improved or fixed. Professionals of forex trading put that into a daily routine and therefore get consistent results and do not allow trading disasters like account loss to occur.
But what is more significant, there exists a widget with more statistical indications, and its analysis will allow understanding if the trading strategy on this account is reliable or not. It is vital to monitor it to eliminate the potential weaknesses of the used trading approach and to highlight the positive aspects also. Among the most often used parameters, there are Average win & loss, win ratio, worst and best trades. Profit factor, Sharpe ratio, Z-score, Expectancy, AHPR and GHPR are also highly important.
It is also possible to get an overview of all the traded pairs on the account so it will be easier to define which of them grant the best profitable opportunities or on the contrary generated losses and therefore should be excluded from trading.
The current Myfxbook section will be interesting for those who prefer the visual interpretation of trading signals. Users there post their overviews of various patterns and entries that might be beneficial for others.
There are plenty of instruments and trading strategies used by customers like Harmonic patterns, channels, Fibonacci, or various trading indicators, so everyone may find some benefit by looking through the posts. The handy feature is that there are displayed some stats that allow to understand if the signal is useful or not. There are Agree, Views, Following, and Comments values that help to get a brief understanding.
This division is created to display the real-time quotes of forex pairs. There are major, minor, and exotic ones available, but without any other asset classes, unfortunately. It’s possible to monitor Open, High, Low, Close prices of the currency pairs, as well as to see the change in pips and percentage, and also the daily range.
There are also some sub-sections in the Market available:
- Patterns. Various price action patterns like Doji, Hammer, Engulfing, and many others are automatically monitored on the selected pairs. It is handy for those traders who have chosen the price action strategy. Among the timeframes, there are all starting from 5 minutes to months.
- Volatility. The ones that have chosen the momentum strategy have an obligation to monitor the volatility of the pairs to select the most active ones. This feature on Myfxbook might help to do it and there are settings available to display it both in pips or percent.
- Heat Map. To see the most active downwards and upwards movers is also vital for the ones who use scalping, day trading, or swing techniques. It allows to see the top gainers and top losers for the selected period and a user may decide to join the continuation movement or to start looking for reversals if the deviation is already too high.
- Correlation. More experienced traders already know that having non-correlated assets in the portfolio lowers the risk. Famous investor Ray Dalio said that diversification is the life-saver of the trader. So if you stick to the investing type of strategies then it’s better to select assets that are non-correlated using this table.
- COT Data. As well known information by professional traders, that the hedge funds, banks, and other large financial entities registered in the USA have to provide their positions to the regulator. So these positions are displayed on the major currency pairs in the COT Data tab. It might be used in the favor of the retail trader to be on the same side with the ‘smart money’ and to open positions in the same direction.
- Forex liquidity. Being a fact, that the New York session is the most liquid one, while others like Asian and Australian are less liquid could be displayed in the form of the chart with the trading volumes representing current liquidity metrics. There are available day-to-day changes with percentage and the average with current liquidity values.
One of the main benefits of Myfxbook is that all connected accounts that are public (required switching from default private by the user) can be overviewed by other visitors and are available in the common Systems search. Moreover, systems that have passed some inner Myfxbook validation tests for non-martingale, non-grid, drawdown tests, etc can be copied.
In this search, users can select strategies by various attributes like minimum gain, maximum drawdown, probability, system age, and others. It might help to define the system by suitable parameters and not to fall into trap of something unknown about it. There are also options like platform, broker, and regulation that help to understand if the result has been achieved with a trustable broker or there is something suspicious.
All the systems selected by default are sorted by gain percentage and only for real accounts so users that are less experienced with strategies parameters might choose something from that list that might already be good enough for copying.
This section is mainly a forum with various threads where users share their opinions about strategies, programming, contests, trading patterns, and other common topics. In the trading systems, there are more than 887,000 topics that are definitely a huge amount for those who want to find something useful for their own trading.
What is more important, there exists the Community Outlook tab that might be highly beneficial for those who understand its core value. It accumulates the data from all the connected real accounts to Myfxbook and being divided into assets, there are displayed the Community trend (Shorts vs Longs), the symbol popularity, the average short and average long prices.
This might become a complete trading strategy for those who can interpret this information and go against the crowd (as the majority can not always win) on the desired assets.
Being very helpful, one of the features of any community is sharing the experience. There are plenty of services in the trading industry that might be suspicious are sometimes even total scam. Therefore this section has been created for Myfxbook users to share their knowledge about using certain services. Here are the categories of them:
- Expert Advisors
- Signal Providers
- VPS Services
- EA Programming Services
- PAMM Broker Services
- Rebate Program Services
- Trading Platforms
There are separate threads about each entity of these services where unbiased reviews are posted. We are glad to remind that on TradingKit there is also a big section of forex brokers reviews where complete and comprehensive analysis of companies are posted.
Created for the promotion of new brokers mainly, this section has, unfortunately, became unpopular among them. The last contest was held in 2018 and since then no sponsored events have been held.
Though it might be useful for visitors of Myfxbook to review some winners of the previous contests because the account that has been involved in it, is totally public. Some tips for implementation of own strategies might be gained from such a practice so it should not be underestimated.
Last but not least section of Myfxbook is the Brokers that is presented in a form of a table with the most popular and known companies. There are available facts about the brokerage as if it is a Dealing Desk or an ECN/STP, what is the country of registration and where are the international offices located. Highly important are the facts about the regulation, funding methods, and trading accounts.
This information is useful though for even more complete companies analysis please familiarize with our constantly supplemented forex brokers reviews.