MyFxBook monitoring is not promoted on the Internet, although its attendance — tens of thousands of people around the world. It is popular primarily because of the idea that was unique and could be implemented with absolute precision. Surprisingly, there is no similar in popularity monitoring on the Internet, and the rumors about monitoring transmitted by word of mouth. I will start a series of articles about monitoring with a general description of what it is and why, in principle, it is needed. I am planning to describe the following:
- principles of monitoring: what functionality it has, what can be useful to the trader etc.;
- how in practice to add information to monitoring, how to keep accounts etc.;
- the advantages and disadvantages of MyFxBook monitoring;
- how to fake a MyFxBook report (and how to avoid scams).
I believe that every self-respecting trader, who expects a long-term trading in the future and involves developing (and selling) of own strategies, advisers would have to add the trading account to MyFxBook monitoring.
MyFxBook monitoring: objectives and general information
Suppose you decided to invest in PAMM accounts and are facing the question of how to analyze the strategy of the manager. In appearance, the yield curve is of course tells something general, but we are talking about the detailed monitoring, backtest analysis. Or another example: how to evaluate the success of a trading strategy or robot when buying it? You can ask for a detailed report on trade, which can be formed in the terminal. That’s just counterfeited very easily. Solution — a centralized service that includes analytics tools and resource, which allows in case of binding of a trading account to the monitoring to guarantee the truthfulness (reality) of the sales report.
MyFxBook monitoring — is a service that will overtake any platform by functionality and fulfillment of tools. How to read the results and how to work with it, read the following articles. And while, a small review.
MyFxBook Monitoring is still the best tool used to confirm the reliability of trading systems in the field of trust management and OTC trade. That is, we are talking about Forex, the service is not relevant to stock markets, because the OTC market is actually unregulated (about the fact that the regulators are only an appearance, was told repeatedly on our website).
brokers offering strategies or bektests of robots on their pages can “draw” their values. And it is logical that on MyFxBook you will not find a confirmation of the success of the strategy. But if this confirmation will be, then strategies can be trusted, although there of course will not be a 100% guarantee of success. But now you know that, seeing historical data for the strategy you have full right to request from the owner a confirmation of the strategy in the MyFxBook monitoring.
Fully MyFxBook started only in 2009. Initially it was assumed that the functionality of the monitoring will be developed for Metatrader, but then the functionality has been expanded. In October 2014, the service received an official CySEC license.
MyFxBook monitoring allows to:
- analyze your own or third-party trading system;
- to combine the trading system and trading tactics;
- locate the most effective and profitable trading system;
- to optimize the work of technical analysis tools;
- copy trading systems.
For statistical analysis of any trading account registration is not necessary (in other cases it is better to register). Traders who expect the connection of the trading account registration is required.
Quick instructions on how to approach the work with MyFxBook:
- any self-respecting professional manager will have a check in MyFxBook. If any broker offers you a list of the managers (very important for ZuluTrade), traders who have a monitoring of the trading system on MyFxBook is a large (if not main) plus. So please link the manager to the monitor immediately when you first met;
- MyFxBook allows you to filter the trading system on different parameters (even by popularity). I advise you to pay attention to the date of creation of the trading system (i.e. its lifetime), maximum drawdown, number of consecutive winning and losing trades;
- carefully read the entire section on the principles of evaluation of trading systems on our website.
That is all I wanted to say for now about the monitoring of MyFxBook. I hope that I could elaborate on the specifics of working with this service.