When reading several articles about forex, you may repeatedly find the word of Myfxbook. That said, the credibility of trading robots or pro traders can be seen from whether you have a Myfxbook account or not.
What is Myfxbook?
Myfxbook is a web platform that presents automated analysis tools for your forex account. Besides, it also provides a social community for traders to share insights and expertise. After linking a forex account with it, the trader will get a thorough statistical and mathematical analysis of the account’s performance. It ranges from profitability, drawdown, the average length of floating positions to trading frequency, profit/loss per pip, and much more. You can store the results of this analysis for personal consumption or publicly displayed.
With these capabilities, Myfxbook allows traders to do at least seven of the following:
Analyzing trading system performance
Traders will obtain sophisticated statistical analysis and comprehensively understand the performance of the trading system. You don’t need to keep a trading journal or calculate profitability manually again.
Monitoring the performance of many accounts and systems in one location
Traders can link many accounts in various forex brokers to Myfxbook. If you use a different trading system for each account, you will be able to track and compare the performance of all systems in the portfolio through just one Myfxbook account.
Getting update market conditions and new trading ideas
The Myfxbook Market dashboard also summarizes market info such as key asset prices, important news, and economic calendars. Additionally, you can set the Market tab to display technical trading ideas on 4 major currency pairs based on more than 30 reliable patterns.
Following Myfxbook Autotrade
Don’t you have time to trade forex by yourself? There are many pro traders and reliable robots on Myfxbook Autotrade. They offer services to manage your money with certain commissions. These pro traders are also known as money managers or fund managers. You can see their performance through a public portfolio, then choose the most suitable and profitable.
Communicating with other traders
Do you want to trade forex by yourself? Are you confused about how to make a good system? Follow pro traders on it, then discuss with them to increase your trading insight.
Sharing your portfolio with potential clients
For pro traders, Myfxbook is a very practical tool because it can display all your portfolio and account performance in just a few clicks. You only need to link your forex account with your account, verify it, then set it up for public viewing. You can package your Myfxbook portfolio in the form of widgets and install it on your blog.
Verification of robot trading results
Are you interested in buying signals or trading robots? Make sure the signal seller or robot can show their performance through a verified Myfxbook account. You can display the robotic performance in the form of images (jpg, png, or others). In addition, you can easily engineer it, but a verified Myfxbook account offers higher credibility.
Very interesting, right?
Laymen might think that they can only robots that can use Myfxbook, but in fact, many pro traders use it as a tool to measure and improve the performance of their accounts.
Read more: How to Start Trading on ZuluTrade