In this post I will be reviewing the Myfxbook automated analytical tool for your forex trading accounts and a social forex community that supports hundreds of forex brokers and enables users to track, compare, analyse and share their trading activity. Myfxbook is one of the most popular social trading platforms with thousands of traders making use of their wide range of features every single day. Over the years the platform has grown and added useful features to support forex traders in their daily trading activities.
What is Myfxbook?
The aim of Myfxbook is to create a professional community for traders, where performance is transparent and audited, and the learning process of trading is relatively easier, with the intention to help both the novice traders and the seasoned alike. Myfxbook is the first social community for forex traders with the ability to connect with your forex trading account. By doing so, you can achieve the following capabilities:
Analyze your trading system
Analyze your account with our advanced trade analysis and understand your trading habits, inside out.
Forget about spreadsheets, or any manual calculations yout’re used to. They do all of the math – not only your account will be analyzed automatically without your intervention, but you will have more time to trade.
Organize and track all of your trading systems in one place
Building several systems at once can be a complicated task. Track all of them in your private portfolio, and know exactly what’s going on with each system at any time.
Use their innovative dashboard to stay up to date with the markets
Myfxbook have combined what they think is the most important information each trader should learn before starting his trading session, in one single dashboard – Markets status, top news, and economic events calendar. Additionally, you can see what are the recent discussions in the community, and how are other systems yout’re watching performing.
Find a money manager
Searching for a money manager? Use the ‘Search Systems’ feature and find a suitable money manager. Browse through their public portfolios, and see if they are capable of making the returns that you are looking for. Remember, the results you see on Myfxbook can be real and verified, but that does not guarantee future performance.
Follow other traders to improve your trading skills
Yout’re just starting to learn how to trade forex? Start learning from successful traders. Track their public systems, discuss with them, and expand your trading knowledge.
Share your system’s page with potential clients
So you’ve got a succesful trading system? Showing your audited trading results is the best way to start. And the best part is you don’t need to waste time on crunching numbers, calculating drawdowns, yields or anything else – it’s all automated!
Verify trading results
Before paying to a signal provider, buying a trading system, or letting a trader trade your hard earned money, ask them to audit his trading results through Myfxbook. Once audited, you can be sure what yout’re paying for.
Myfxbook Features
Myfxbook is full of useful features and services that can help you get a better understanding of your trading and to also gain inspiration from other traders. You can use it to stay informed with the latest market news, movements and analysis. Myfxbook is available online and as a mobile app. Here are just a few examples of the many different ways in which Myfxbook can support forex traders:
- Analyze your forex trading account with advanced statistical analysis to help you understand your trading habits in great detail.
- Use the innovative trader’s dashboard to stay up to date with the latest market news and happenings.
- As a money manager looking for new clients, you can use your public system page as a resume of your trading skills to help attract potential investors.
- Learn, compare and improve your trading skills with the help of the Myfxbook community.
- Publish your forex trading account statement to share with other Myfxbook users.
- Find other trading systems both automated and manual for inspiration.
- Load back tests of forex robots or historical trading statements to analyse historical performance.
Myfxbook can quickly and easily be connected to your trading accounts with read only access required so you do not need to share any sensitive information that you don’t want to. What’s great is that the wide range of useful trading services they offer are completely free due to the fact that they are primarily compensated through relationships that they have established over the years with various forex brokers. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
One of the most widely used features of Myfxbook is connecting the platform to your MT4 broker account so that you can keep track of your trading account activity and analyse it in great detail. In addition to the core features that they provide, there are also many more such as forex broker reviews, spread comparison, market sentiment, heat maps, chart patterns and much more.
Myfxbook Summary
Myfxbook is an excellent and free trading analysis service that can be super beneficial to both novice and experience forex traders alike. It has so many features to choose from that let you analyse your own trading performance, the portfolios of others and thousands of trading systems both manual and fully automated.
You can share trading signals and copy forex signals should you wish. It must be stated that past trading results are by no means any guarantee of how these trading signals will perform in future. However, it can still be a good way to get an idea of how a trading strategy works and have all of the most important statistics displayed conveniently in one place. You will find many forex robots use Myfxbook to publish and verify results for potential users to see before buying.
With such an abundance of features to choose from, Myfxbook remains one of the most widely used social trading platforms today and is certainly worth exploring in more detail whatever your level of trading experience.
Myfxbook
FREE
Pros
- Free to use
- Mobile app
- Many features
- Detailed analysis
- Autotrading
- Trading tools
- Large community
- Trading widgets
- Copy trading
- Forex reviews
Cons
- Can be used to publish misleading results
- Not always accurate
- Hard to find a reliable strategy
- Not all features are free
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
