Key Features of Myfxbook AutoTrade System Explained

Powered by Myfxbook, AutoTrade offers a complete solution for both signal providers and investors (or subscribers).

AutoTrade is a fully automated account mirroring service, boasting an enormous user base of more than 90,000 members.

Loaded with a feature-rich interface, AutoTrade’s platform offers unparalleled trade analytics and allows investors to subscribe to as many trading systems as needed.

AutoTrade also handpicks high-performance traders registered on the network, taking out much of the leg work for investors.

In a nutshell, AutoTrade groups signal providers and investors together on MetaTrader 4 (MT4) or MetaTrader 5 (MT5), giving investors the freedom to configure a diversified portfolio, void of hefty fees.  As a note, FP Markets currently only offer MT4 for AutoTrade.

State-Of-The-Art Dashboard

Accessible from any device, desktop or mobile, AutoTrade provides a simple, yet highly functional, dashboard (see figure 1.A).

A key feature of AutoTrade is the ability to test the trading platform’s functionalities via a fully operational demo account, free for 30 days before committing. Users can select a deposit amount between $1,000 to $1,000,000, with the option of determining leverage.

Investor accounts are located on the upper panel of the dashboard, detailing names of accounts, account numbers, current balances and equity, and account types.

Investors can also view New Additions and Top Gainers for the month. These accounts are the signal providers.

(FIGURE 1.A)

Account Analysis

Before subscribing to a signal provider, investors may not only wish to test drive a strategy on the demo, but also review the system’s analytics via AutoTrade’s analytical tools.

By way of an example, Forex Cyborg’s trading system particulars (figure 1.B) can be accessed by clicking the account name. This helps potential investors understand what trading strategies are employed (scalping for example), the number of currency pairs traded, and trade times (figure 1.C). Other key metrics display past performance via an easy-to-use charting function, highlighting total gain, drawdown, and profit.

Scrolling lower provides access to more advanced statistics, including metrics such as account balance, equity, floating profit/loss, deposits, withdrawals, average trade time, daily and monthly percentage gain, and average trades per month. Another feature here is a pie chart displaying symbols (currency pairs) traded by the signal provider in the current month.

(FIGURE 1.B)

(FIGURE 1.C)

Similar analytical functions are available to help track your own portfolio, as shown in figure 1.D.

(FIGURE 1.D)

Subscribing to Signal Providers

AutoTrade makes it easy to subscribe to trading systems.

Simply click AutoTrade on the desired signal provider and you’ll be prompted to select risk settings by means of a multiplier (see figure 1.E). A multiplier of 1 means trades will be executed at the same risk profile as the provider. Altering this value will display the hypothetical return and risk based on the data gathered so far.

A handy risk indicator is also visible, showing how risky current AutoTrade settings are based on the maximum drawdown of selected systems. Once satisfied, check terms and conditions and authorise the trade copy by clicking ‘OK’. To unsubscribe to a provider – click the ‘x’ icon next to the trading system.

(FIGURE 1.E)

Software

Another key feature is AutoTrade is controlled and managed via a web portal.

No additional software is required as AutoTrade operates through a dedicated server.

As such, there’s no need to rent a virtual private server (VPS) or keep your PC running.

Verification

AutoTrade signal providers are screened by Myfxbook, demanding a real MT4 or MT5 account with at least 3 months of trading history. This provides some peace of mind for investors.

Myfxbook, also over at least a 3-month trading period, requires a drawdown of no more than 50%, returns of at least 10% higher than drawdown, an average trade time of more than 5 minutes, a system that does not employ Martingale techniques and an account balance of at least $1,000.

Additional Features

• Start trading within minutes – straightforward account setup.

• AutoTrade does not allow demo traders to operate as signal providers, only live accounts (real accounts) are permitted.

• With some Forex brokers, AutoTrade is free to use; others charge a small mark-up spread.

• Investors can close trades manually that was opened by AutoTrade signal providers.

• Investors can trade their trading account as normal despite being subscribed to AutoTrade systems.

• Investors are in control. You have the ultimate say over risk parameters, lot size, and currency pairs traded, for example. You’re also free to suspend or opt-out of a strategy at any time.

• Real-time accurate data. Accurate statistics help reduce risk, increase returns, and meet investment objectives.