The importance of maintaining a trading journal cannot be overstated.
A historical account of your trading activity not only monitors progress, it identifies strengths and weaknesses. In essence, it’s a critical part of a trader’s development. Regrettably, this is often overlooked as time consuming or unnecessary.
This is where Myfxbook, a third-party verification website launched on August 1st, 2009, lends a hand and simplifies the process. According to Myfxbook.com, its mission is to provide a transparent professional community for traders, offering access to a unique platform designed for collaboration and sharing ideas.
Given the numerous benefits of logging your account history, linking your MT4 platform to Myfxbook may be worth considering. The process is straightforward, and to help, the research team here at FP Markets has created a guide detailing the procedure.
Adding and Configuring an Account
The next phase involves adding and configuring an account.
Click on Portfolio, housed on the upper panel (see figure 1.B) and select Add Account, then, once again, click Add Account at the bottom of the page, as in figure 1.C. This will bring you to Platform selection (figure 1.D) – the Auto-update version is recommended.
As shown in figure 1.E, the user is required to create an Account Name, select their Broker, Server, and fill in their Account Number and Investor’s Password.
- The account name will be shown in your Myfxbook portfolio – it can, however, be changed at any time.
- If your Forex broker is not listed, contact Myfxbook here.
- You can find the server by going to the login screen in MetaTrader – in this case, we’re using a demo account (a trading account that uses simulated funds), though many do use a live account.
- The account number is your MetaTrader 4 account number.
- The investor password is a read-only access password to your account. If you’re not sure what your investor password is, you can reset it from your MetaTrader by going to Tools > Options > Change (Server tab). If an investor password isn’t available for your account, then you’ll be required to use either the Publisher or the EA versions in the platform selection (figure 1.D).
Once all details are filled in, select Create Account.
Once the accounts are linked, you’ll be notified the account was created successfully (figure 1.F). From here, select Take me to my account (red arrow).
Here you’ll be taken to your Myfxbook account (figure 1.G). The multiple accounts you may add in the future will also be visible under the same portfolio tab you clicked on earlier.
To the left of your account, you’ll see Gain under the Statistics tab. This is the Time-Weighted Return (TWR) measuring the performance of a dollar invested in the system since inception. Below this, you’ll see Absolute Gain; this is the return of the investment as a percentage of the total deposits – New deposits will affect the absolute gain. You will also note Daily and Monthly gain, along with Drawdown metrics.
From here on, executing trades on your MetaTrader platform will simultaneously show in your Myfxbook account, albeit with a minor delay. Figure 1.H displays two current trades on EUR/USD and GBP/USD recently executed.
Myfxbook community (figure 1.I).
This is a place Forex traders and analysts come together and discuss a diverse range of topics, including threads for New Traders, Experienced Traders, Trading Systems and Community Outlook.
Myfxbook also boasts a number of authoritative widgets, including Market Opening times, Top News (and market analysis), and an Economic Calendar. This helps traders stay abreast of the current status of the Forex market and also other financial markets. In addition, traders also have access to account widgets (figure 1.J).
A final, yet important, point to bear in mind is trade record verification.
According to Myfxbook: Since performance is easily manipulated with MetaTrader accounts, the company has an automatic verification system in place. The verification system automatically checks and eliminates any discrepancies, restores missing data, and recalculates your account. This is accomplished through supplying your MetaTrader investor password and server name. Myfxbook systems will connect directly to your broker several times a day to verify your results.
Foreign exchange trading (Forex trading) and other similar investments, such as CFDs and Futures, continue to gain in popularity. As a result, the importance of maintaining a strict track record with easy-to-read trading results cannot be overstated.
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 with 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.