In business, and particularly trading, it’s important you’re critical of your performance. Linking your trading account to tools like Myfxbook becomes imperative for your progress.

Myfxbook platform is a third-party verification website, automating and synchronising trading performance. Complete with charts, graphs, tables and documents, it helps you, as a trader, identify strengths and weaknesses (trading habits). Additionally, it serves as a way for others to verify your trading history.

Setting up an Account with Myfxbook

The following presents a step-by-step guide, detailing how to configure your trading account with Myfxbook and the MetaTrader 4 (MT4) trading platform. This supports all account types.

• The first step toward setting up your brokerage account with Myfxbook is to sign up for an account. As illustrated in figure 1.A, sign up requires a username, email and password. You also have to solve a simple Captcha and agree to the Terms and Privacy Policy. By clicking the Sign Me Up button, assuming everything submitted is in order, you’ll receive an email providing an activation link.

FIGURE 1.A

• After activating the Myfxbook account, it is time to add your Forex accounts. Once logged into the site, hover over Portfolio, sited on the menu bar, and select Add Account in the lower right-hand corner of the box.
• By clicking on My platform is, you’ll note Myfxbook supports multiple trading platforms. There are several options for MetaTrader, including Publisher, Auto update, and EA. Newer traders tend to start with the Auto update
• Publisher uses FTP (file transfer protocol) for data transfer. Data updates every five minutes – the most limited option.
• Auto update attempts to keep data updated. This option offers the best mix of easy setup and good-user experience.
• EA requires Expert Advisors to be configured within MetaTrader 4.
• After selecting the trading platform, input your Account Name, Broker, Server, Account Number and Investor Password, as seen in figure 1.B.

FIGURE 1.B

• Account Name is a label to help identify the account.
• Select your broker. If your broker is not listed in the dropdown, Myfxbook encourages you to contact them so they can work towards adding it.
• Choose your server. You can view this information from the login screen of MetaTrader 4.
• Enter your MetaTrader 4 account number.
• Enter your investor password. This is a read-only password in MetaTrader 4. Some brokers provide this information; others may leave it up to you to define it. If you don’t know what the password is, you can change it by visiting the Navigator panel and right-clicking on your account and choosing Change Password. Select the Change investor (read only) password radio button and specify the password in New password and Confirm You also need to enter the master password (the password that corresponds to your trading account login) to confirm you’re authorised to make the change. Then click OK. Investor password allows only the viewing of the account, preventing anyone from conducting transactions.

Once the above information is complete, click the Create Account button in the lower right-hand corner and you’ll receive a notification on the Myfxbook website you’ve added a new Forex account. If you run into problems, the Myfxbook website FAQs will help.

Start Trading with Myfxbook

Once your Forex trading account connects to Myfxbook, you can trade as normal from MetaTrader 4. Myfxbook will utilise the investor password to capture trading data in real-time.

Myfxbook Autotrade

AutoTrade is a copy-trading platform owned by Myfxbook Ltd.

Unlike Myfxbook, use of the AutoTrade is not always free.

For trading system registration on AutoTrade, it must meet several strict requirements:

• Connected to Myfxbook for at least three months
• Executed at least 100 trades.
• A minimum account balance of $1,000.
• Other factors such as historical drawdown, average trade time and historical return are also considered.

Auto trading effectively allows clients to leverage the trading skills of consistent traders, essentially an account mirroring service. The past performance of signal providers, expert advisors and money managers can be viewed within Myfxbook, providing some peace of mind.

For more information, consider visiting FXautotrade.com.

Myfxbook Key Concepts:

• Myfxbook offers a foundation to track your Forex trading systems, with a convenient option of also connecting a back test to the platform.
• Myfxbook dashboard boasts authoritative widgets, helping traders stay abreast with the current status of the Forex market and other financial markets, as well as a dedicated economic calendar with alert functions.
• The ability to view recent discussions in the Myfxbook community helps keep tab of trading systems you’re watching.
• Search for money managers or professional traders, based on their track record. You can also follow other traders and track their systems and trading results, learning from more experienced traders through discussion.
• Past performance can be audited by Myfxbook; you will know whether a trading signal provider or a trading strategy is legitimate.
• Setting up Myfxbook on a demo account is an option.

Myfxbook supports brokers globally, including the United States.

Trading foreign exchange and other similar investments, such as CFDs, continues to gain in popularity.

In striving to become a successful trader, the significance of accurate statistics cannot be overstated. Myfxbook allows traders to stamp a mark of credibility on their work, respected across the financial markets.

DISCLAIMER:
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 risky; 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.