How to Use MyFXBook in Forex Trading | R Blog RU


Not every trader analyzes his trade, thereby losing the opportunity to improve the results of his work. Experienced market participants recommend examining each individual transaction under a microscope, but it is difficult to do this without special programs.

Unfortunately, even in MetaTrader 4, the complete history of transactions is not saved, and it would be very interesting to assess your profitability by months at different stages of the market. Many people are great at making money in a growing market, but in a falling market, it is not always so successful.

MyFxBook is an online platform where a trader can carry out mathematical and statistical analysis of his account, as well as quickly share his results.

In this article, we will consider what opportunities MyFxBook gives a trader when working on Forex, as well as how to connect the service to the trading platform and analyze transactions.

Why is MyFxBook useful for a trader?

First of all, due to the analysis of the entire history of the trader’s account and powerful functionality, the user of MyFxBook gets:

  • Evaluation of profitability as a percentage for the entire time of work. You can also choose daily or daily profitability depending on your needs and build a graph of profitability for the selected period.
  • Estimation of the account drawdown as a percentage with the construction of a graph that will reflect the periods of maximum losses.
  • Additional indicators for assessing the effectiveness of trading, which include: the average profit and average loss for the period, the best and worst deal for the trading period.
  • Other mathematical indicators of trading activity.

After registering on the site of the site and linking a trading account, the analysis of transactions becomes available. In his profile, a trader will find data on daily and weekly profitability, the number of transactions per day, week, month and year with the total volume, the percentage of profitable and unprofitable positions, profit in points and some other parameters.

Additionally, MyFxBook offers other tools:

  • Search for patterns on charts with explanations and signals for entry.
  • Economic calendar.
  • Currency correlation table.
  • Historical data.
  • Liquidity data.
  • Indicators indicators on different timeframes by instrument.
  • Analysis of COT reports.

The platform provides a lot of tools, but its main task is to give the trader the opportunity to connect his account to evaluate the trade and publish its results.

How to connect an account to MyFxBook?

First of all, a trader needs to make sure that his trading account is opened with a broker-partner MyFxBook. If this is not the case, then you will not be able to connect to the service.

Next, we register on the MyFXBook website and link an account. After that, all data on trading on the account will be displayed on the site’s website, and the trader will have access to the evaluation of the work. Conventionally, let’s break these steps into the following components:

  1. Registration for MyFxBook.
  2. Adding a trading account to a profile.
  3. Account information access settings.

Now let’s look at the registration process in detail:

1. Registration on the MyFxBook website

The registration process is as simple as possible – to open an account you only need an email address, as well as an invented username and password. Registration must be confirmed by clicking on the link in the letter that came to the mail.

2. Adding a trading account to a profile

After registering and logging into your account, go to the “Profile” tab and select “Add account”. After that, there will be a choice of options for synchronizing the trader’s platform with the MyFxBook platform.

  • MetaTrader (Auto Update) – synchronization occurs by entering the investor’s account number and password. It is considered the most convenient and affordable option.
  • MetaTrader (Publisher) – synchronization occurs through the data transfer protocol, updates are carried out every five minutes. It is considered a less convenient way.
  • MetaTrader (EA) – synchronization with a trading account is performed using a special advisor. It is required to download the advisor and add it to the trading terminal, and specify the login and password from MyFxBook in the parameters.

3. Settings for access to account history

By default, only the trader himself can see the entire history of a trading account. If the task is to make statistics public, for example, to attract investors, you need to do the following:

  • Go to the “Accounts” section and select “Edit” opposite the desired account. Then, in the “Permissions” section, mark “Public” and specify the desired parameters for viewing.
  • In order to confirm the account, you need to change the investor’s password to the one offered by the MyFxBook platform itself. After this action, the inscription “Account must be verified” will disappear.

How to use MyFxBook in Forex trading?

Now we come to the most important thing: let’s figure out how to use data from MyFxBook in your trading.

Deals tab

Average profit and loss

First of all, you should pay attention to the indicators of the average profit and average loss on transactions in points. Let me remind you that according to the rules of money management, the average profit should be greater than the average loss. It is desirable that this ratio be equal to 1 to 2, even better – 1 to 3. In this case, one winning trade will overlap several losing ones in a row. If a trader loses more in one trade than he earns, it makes sense to reconsider the approach to trading.

MyFxBook – Average Profit and Loss

Number of profitable long and short positions

In the same section, you can pay attention to the number of profitable long and short positions. With approximately the same indicators, we can conclude that a trader is equally effective in trading both on falls and on price rises.

MyFxBook – number of profitable long and short positions

If there is a strong bias in one direction, for example, there are only 20% of profitable long positions, and more than 80% of won short positions, then the trader simply should not make buy deals. At the same time, the quality of trade will improve significantly.

Ability to generate a series of winning or losing trades

The Z-score calculates the probability of making a profit and loss on trades in a series, allowing you to understand whether these are random events or patterns.

MyFxBook – Z-account

An indicator of 99.99% means that a profitable trade is likely to be followed by another profitable trade, and another unprofitable trade will follow a losing one. This may give rise to the idea of ​​increasing the volume of positions during a series of profitable trades or its decrease during a losing series. Thus, the trader can squeeze the maximum out of the market.

Loss Risks Tab

Here you can find information on the magnitude of the risk of losing a part of the deposit in a series of losing trades.

For example, if the field “Loss size” is 10%, in the “Probability of losses” field – 90%, and “Consecutive losing trades” are 5, this means that based on the trading style of the trader, he can theoretically get a loss equal to 10% from the deposit subject to 5 losing trades in a row. The probability of such an event occurring is estimated at 90%.

MyFxBook – “Risks of Loss” tab

Further, we can conclude: in order to reduce risks, a trader can reduce the position volume by half, then the “Loss size” parameter will decrease to 5%, which is quite comfortable.

Duration Tab

One of the conditions for successful work in the financial markets is the presence of a high-quality trading system. The trader is solely responsible for how accurately he adheres to all its rules.

You can evaluate the effectiveness of following trading rules by analyzing the data on the Duration tab. In the example below, you can see many green and red points grouped together on the graph. Most likely, this means that the trader prefers short-term positions and makes a profit only on them.

All trades that go beyond the range of this “cluster of points” are long-term and unprofitable. On the face of it, a clear departure from their own trading system and an attempt to sit out losses.

MyFxBook – Duration Tab

A small disadvantage of this chart is that it only shows the last 200 trades and the rest of the history is not displayed.

Conclusion

The MyFxBook platform is a quality tool for analyzing a trader’s trade. First of all, it makes it clear to the trader himself how well his system works and allows you to improve it by studying statistics.

For example, in the course of analyzing trades for currency pairs, a trader can see many unprofitable trades on the NZD / CAD pair, while this is not the case on other instruments. In this case, it is worth removing the pair from work or reconsidering the options for entering the market using it.

Perhaps not everyone will study their trading account statistics in depth, but rather use MyFxBook to share their trading results with the community or potential investors. The confirmed profitability on this service with a huge statistical base looks much more effective than any statement from the trading platform.


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