Launched in 2013, AutoTrade is an account-mirroring service operated by Myfxbook, an online automated analytical platform that boasts one of the largest social trading communities in the industry.
In a nutshell, AutoTrade provides a stage in which you can copy profitable trading systems into MetaTrader 4 (MT4) or MetaTrader 5 (MT5). This provides the opportunity to establish a portfolio, void of hefty performance or management fees.
AutoTrade providers – systems available to copy – are also screened by Myfxbook, demanding a minimum of 3 months trading history displaying a proven track record, a drawdown of no more than 50% and at least 100 trades.
This provides peace of mind knowing you’re dealing with accurate statistics.
Getting Started – Myfxbook Account Setup
Before you can access AutoTrade’s services, you need to open a live trading account.
With FP Markets, new clients can open an account via the secure online application form.
Existing clients can ‘Request AutoTrade’ here to apply for an additional account.
The next step involves connecting your trading account with Myfxbook AutoTrade – select ‘Connect to Myfxbook’.
AutoTrade Sign Up
Fortunately, a fully operational MyFXbook AutoTrade demo account is also available (30 days), activated by selecting the ‘Open Demo’ tab (figure 1.C). The demo account functions in USD, offering a virtual deposit up to $1,000.000. This allows traders to test the performance of AutoTrade providers, though do bear in mind the AutoTrade simulator does not include fees, commissions, spreads and slippage.
After registering for a demo (or live) account, you’re are free to subscribe to as many systems as you wish. AutoTrade, however, recommends having at least $1000 per system subscription.
To subscribe to either a manual or auto trading type strategy, select the ‘Manage’ tab (figure 1.C); this will bring you to the management screen (figure 1.D).
‘Available systems’ can be viewed at the bottom of the management panel (figure 1.E).
Before making a selection, reviewing the ‘Advanced Statistics’ (figure 1.F) is an option many rely on before making a decision. This can be done by clicking the ‘Name’ of the trading system.
To subscribe to a system, click ‘AutoTrade’.
When you subscribe to an AutoTrade provider, in this case ‘London Close’ (a trader with a prime focus on Forex trading [scalping]), a risk settings box will appear (figure 1.G).
Here subscribers are prompted to adjust a multiplier – a ratio of the trade size between your account and the providers. A multiplier of 1 means trades will be executed with the same risk profile as the provider. Altering this value shows the hypothetical return and risk based on the data gathered so far. A handy risk indicator is also visible, showing how risky the current AutoTrade settings are. It is based on the maximum drawdown of selected systems.
Although AutoTrade recommends an initial investment of $1000, you will note each system is optimised differently and may not function with an account value of $1000. You are urged to ensure the minimal balance meets your trading account balance – this can be adjusted through the multiplier function.
Once satisfied, check the ‘Terms’ and authorise the trade copy by clicking ‘OK’. To unsubscribe to a provider – click the ‘x’ icon next to the trading system.
In addition to the above, there are also ‘General Trading’ settings to consider (accessed by selecting the cog symbol – figure 1.G), as in figure 1.H. This allows subscribers to define settings to suit personal preferences, including things such as a drawdown stop %, symbols to ignore and allowed trading hours.
What Makes AutoTrade the Premium Copy-Trading Choice?
- Only profitable trading strategies – AutoTrade providers are screened by Myfxbook.com.
- Total control – subscribe and unsubscribe to AutoTrade systems at any time.
- The ability to adjust risk parameters to suit your trading profile.
- No additional software is required as the AutoTrade service operates on a dedicated server. No need to rent a VPS or keep your PC running.
- Trade mirroring is completely automated.
- Demo testing facility.
- Straightforward setup.
The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be high risk; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.
The AutoTrade system is owned and operated by Myfxbook Ltd (“Myfxbook”) and its use is subject to the Terms and Conditions specified on their website at http://www.myfxbook.com/terms. First Prudential Markets Pty Ltd (“FP Markets”) is not responsible and has no control over the signals generated through the use of the AutoTrade and the resulting trades on FP Markets accounts.
Signals generated by AutoTrade on FP Markets accounts does not constitute factual, general or personal advice by FP Markets. Important notice: The signal provider company generated the information and analysis given here. The data was reproduced without modification or review by FP Markets and does not reflect that this material is reliable, current or complete and should not be used as such. The material is of a general nature and was only prepared for information purposes without regard to any individual investment objectives, financial situation, or needs. Before considering investing in any signals products and services, FP Markets advises clients to seek independent financial advice. FP Markets reiterates that past returns are not an indicator of future performance. Readers should also be aware that there are inherent vulnerabilities as with all software integrations and that the operating system relies on third parties connection to the FP Markets servers. Trading over the internet using any social/copy trading application may be disrupted resulting in unanticipated losses that may be in excess of client account balances. FP Markets accepts no responsibility for the performance of the application whatsoever.