In this post I will be reviewing the MyMT4Book analyser tool that allows you to instantly analyse MT4 accounts directly from your charts. Users can analyse multiple trading strategies and choose the best ones on MetaTrader 4. This is a time saving tool that runs as an MT4 plugin and can give some useful insights into the users trading activity to help identify areas in which they can improve. MyMT4Book allows you to analyze trading results by currency pair, trade comment or magic number in just a few seconds. You can evaluate your MT4 account with MyMT4Book instantaneously on the chart window without uploading your trading record online
What is MyMT4Book?
This forex trading tool is an MT4 dashboard for analysing many expert advisors (EA’s) on one chart. It helps you to discover how to analyse multiple trading strategies and choose the best ones on MetaTrader 4. MyMT4Book provides instant MT4 account analysis by Magic Number, Trade Comment or Symbol.
In a nutshell, MyMT4Book is a simple MT4 add-on that allows you to analyse trading results according to currency pair, trade comment or magic number in just a few seconds. This makes a tedious manual task quick, easy and fully automated, thus saving you time. You can analyse your account performance instantly from directly within the chart window without needing to upload your trading statement online.
MyMT4Book will group and examine all trading positions according to your preferences and will show you trading performance for each strategy so you can spot those that are working well and those that aren’t. You can run multiple instances of MyMT4Book on the same account with different parameters. On one chart you could have trade statistics grouped by magic number whilst the other charts might display statistics for each currency symbol.
It can be used on any trading instrument available on your MT4 trading platform including forex, commodities, stocks, cryptocurrencies, precious metals, energies, indices, etc.
How to use MyMT4Book?
In order to use the TradeMiner software, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some inspiration, please feel free to browse my best forex brokers for some inspiration along the way.
MyMT4Book setup takes barely just a few minutes and can be attach on any MT4 chart. You can even run multiple instances of this add-on with different settings for more detailed analysis.
Choose how you want your MT4 trades to be grouped and sorted. You can group them by instruments, trade comments or magic numbers. Sorting allows you to display best strategies at the top of the list.
MyMT4Book can analyze thousands of trades on your trading account, group them by your chosen criteria and then give you most important metrics like trade count, net profit, return/drawdown ratio, profit factor, etc.
The MyMT4Book indicator should be attached to a separate chart of any timeframe and any symbol (currency pair). When you attach the indicator to the chart, it will hide everything it finds and will only show an analysis of the account history.
The main idea of the indicator is to track the winning strategies when using a number of strategies on the exact same MetaTrader 4 accounts. You can test more than 100 strategies on the same MetaTrader 4 account to save computer/VPS resources, but it becomes almost impossible to follow each strategy in particular. MyMT4Book allows you to notice winning strategies with ease by using a unique “magic number” or “trade comment”in each strategy.
Some of the key features of MyMT4Book include the following:
Fast alternative to MyFxBook right on your MT4 chart
MyMT4Book add-on for MT4 is a basic alternative to MyFxBook, but with MyMT4Book you get trade statistics fast and right on your MT4 chart window.
Find top performing strategies on your MT4 account
MyMT4Book allows you to spot top trading strategies on your MT4 account by grouping trading positions by currency pair (symbols), trade comments or magic numbers.
Deeper analysis on multiple charts instantly
You can run multiple instances of MyMT4Book on the same account with different parameters. For example on one chart you can have trade statistics grouped by Magic Number while other chart might display statistics for each Symbol.
Sorting Control (Grouping)
You can group trades by instrument type, trade comments or magic numbers. Sorting allows you to display best strategies at the top of the list.
Overall, I think this can be a useful tool for analysing trading strategies although it does not have as much functionality as the likes of Myfxbook. MyMT4Book was built to analyse MetaTrader 4 accounts and do it in seconds. It is a basic alternative to Myfxbook, but with MyMT4Book you can get trade statistics fast and right on your MT4 chart window.
This is a very easy to use and useful trading tool to help analyse your trading performance. You simply attach MyMT4Book to your chart, choose how you want to analyse trades and then enjoy instant comprehensive analysis according to important metrics such as trade count, net profit, return/drawdown ratio, profit factor, etc.
MyMT4Book add-on for MT4 is a basic alternative to MyFxBook where you get the trade statistics delivered fast and directly on your MT4 chart window. There is no free trial but support is offered along with a 30-day guarantee.
I really like how you can track multiple instances of MyMT4Book on the same account with various parameters. For example, on one chart you can have trade statistics grouped by Magic Number while other charts might display statistics for each Symbol.
Using this indicator to get an instant analysis of MetaTrader history is something that helps you every day. You don’t have to waste time installing Expert Advisor and necessary .NET libararies on your computers or VPS servers. You don’t have to upload trading history statements to other websites just to analyze them.
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.