The idea behind this feature is that you are now able to apply a huge list of parameters to see which brokers correspond to your preferences. In addition, parameters such as Min. At the system profile you can see the “Discuss” option which will lead you to the forum thread where subscribers are able to share their system experience. Example of system stats in AutoTrade (click to enlarge).
MyFXbook right now connects 40 different brokerages. These settings include: Different MyFXbook AutoTrade reviews would agree that an apparent downside of risk/money management tools here is the impossibility to allocate a particular amount of your capital to the system you wish to trade. A bit strange since Myfxbook does manage to show the live real-time spreads, quotes, swaps, volumes and offers of 100’s of brokers, all of which would be more difficult to maintain than a simple table with the AutoTrade commission fees charged by their partner brokers. How does it work? We’ll keep this AutoTrade review updated when new features are introduced by Myfxbook or if our view changes.
So yes, this isn’t a platform for anyone wanting to try or start with $100. Allowed open trades and orders copied by the strategy, Balance Stop Level to stop copying the system, Floating Drawdown % level at which you will cease copying, Fixed Lot Level to copy all trading signals in the identical size, Define Symbols that you do not prefer to trade, Allowed to trade only with real money on a verified MT4 account, Trading history of at least 3 months and 100 trades, Average pip win per trade has to be at least 10 pips (meaning that scalping systems are forbidden), Historical return on the account has to be higher than 10% and of course be greater than the maximum drawdown.
Considering that FXCM is the best broker to trade at MyFXbook, we managed to discover what is the commission size for its services – 1 pip. this is the difference in price between what you got charged at your broker and what the system provider got. I.e.
Unfortunately, the letter provided by Myfxbook seemed to be the wrong one for our broker (FXCM) and we had to sign another one which awards MyfxBook 1 pip per trade commission. In addition, MyFXBook AutoTrade copy trading does not permit high-risk systems like grid or martingale. Demo account works in USD and you can choose virtual deposit amount from $5000 to $1,000,000. This is because Myfxbook wants to receive the broker commission for introducing you. This includes indicators like profit factor, standard deviation, Sharpe ratio, Z-Score, expectancy, AHPR, GHPR and several other. When you start copying a system, Myfxbook will by default copy all open trades when they can be opened at a price better than the system. Usually the response time is up to 4 days, which is rather slow.
However, we should outline that after the strategy is employed by the platform, you have to maintain good stats on performance, otherwise MyFXbook will simply remove your system from the list.
To start supplying your trading signals at MyFXbook, it is obligatory to meet some requirements.
AutoTrade is a trading system provided through Myfxbook.com. On the other hand, the Myfxbook website hosts a very active trading community forum for novice and experienced traders.
Therefore, you are not entirely secure from strategies that experience serious drawdowns. Take into account that even FXCM is in the game, which is the best broker for AutoTrade MyFXbook.
eToro is a multi-asset platform which offers CFD and non CFD products. Put simply it is a mirroring service by the trading community portal Myfxbook that allows you to mimic the trades of other, more established traders. Deposit, Leverage, Lot Size and Commissions have to be specified manually, meaning that there are no suggested values to pick. A good start would be to power Facebook or Twitter integration with the website. Hence it really depends on the system whether the stats provided are useful or not.
You will find a breakdown of performance and drawdown over various time intervals, best/worst trade, average trade duration, etc., but also a range of more advanced one. Specific thing is that you are not able to connect your existing account at one of the brokers to the platform. As no integrated broker solution is offered, MyFXbook receives commissions from brokers when new client signs up.
There’s a choice of about 40 to 50 systems for you to review, analyse and subscribe too.
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