Forex Contest Winners Announced!

April 23rd, 2014

We’re happy to announce the winners of the latest contest which ended last week http://www.myfxbook.com/contests/forex-contest-tenkofx/19

Top 5 traders are:

1st place – Contest – chamchou , winning $5000.

2nd place – Contest – sachinkumar, winning $3000.

3rd place – Contest – osamaALN, winning $1000.

4th place – Contest – USDCAD , winning $501.

5th place – Contest – mmile, winning $500.

To see the contest analysis, please click the following image:

Forex Contest TenkoFX Analysis

If you’re looking to participate in one of our contests, you can register here:

For US/Japan traders: http://www.myfxbook.com/contests/forex-contest-forex-broker-inc/20/rules

For non US/Japan traders: http://www.myfxbook.com/contests/forex-contest-24fx/21/rules

Wishing you a great week!

The Myfxbook Team.

Yet Another Trading Contest!

April 18th, 2014

We’re happy to announce another trading contest which will be held simultaneously with the previously announced contest, available this time for all traders except US and Japanese traders (if you’re from US/Japan, please click here), sponsored by 24FX; a total of $5000 in prizes will be given out to the top traders!

Registration starts today (April 15th) and will be open until May 1st. The competition will be held for a month and will start with a starting balance of $10,000 (demo account) and a leverage of 1:400.

In total, 3 prizes will be given out to top 5 traders:

1st place – $3,750

2nd place – $1,000

3rd place – $500

To register, please click the image above or go here: http://www.myfxbook.com/contests/forex-contest-24fx/21/rules

Have a great weekend,

The Myfxbook team!

New Trading Contest

April 16th, 2014

We’re happy to announce a new trading contest, available this time for US and Japanese traders only (if you’re not from US/Japan, please click here), sponsored by Forex Broker Inc; a total of $5000 in prizes will be given out to the top traders!

Registration starts today (April 15th) and will be open until May 1st. The competition will be held for a month and will start with a starting balance of $20,000 (demo account) and a leverage of 1:500.

In total, 5 prizes will be given out to top 5 traders:

1st place – $1,750

2nd place – $1,250

3rd place – $900

4th place – $600

5th place – $500

To register, please click the image above or go here: http://www.myfxbook.com/contests/forex-contest-forex-broker-inc/20/rules

Have a great week,

The Myfxbook team!

New Forex Contest! $10,001 In Prizes!

March 1st, 2014

We’re very excited to announce a new trading contest sponsored by TenkoFX; The contest’s prize fund is the largest ever, with $10,001 in prizes!

TenkoFX Contest

Registration starts today (March 1st) and will be open until March 16th. The competition will be held for a month and will start with a starting balance of $10,000 (demo account) and a leverage of 1:200.

In total, 5 prizes will be given out to top 5 traders:

1st place – $5,000

2nd place – $3,000

3rd place – $1,000

4th place – $501

5th place – $500

To register, please click the image above or go here: http://www.myfxbook.com/contests/forex-contest-tenkofx/19/rules

Have a great weekend,

The Myfxbook team!

Starting 2014 With New Features!

January 6th, 2014

A new year has started and we haven’t stopped development! 3 new features were added this week based on your feedback:

Community outlook notifications – you can now set unlimited, pre-determined levels for the community outlook, per symbol, to be notified in real time once those levels are breached. You can set either a long or a short notification based on percentage, volume, or positions.

Community Outlook Notifications

Open positions Exposure – when trading multiple currency pairs in different directions or scaling in and out of a position, it is difficult to understand your current total exposure, but no more – you now have an exposure tab which will reveal you in one quick look the exact exposure of your account to the market – you will see total lots, total profits and average entry price based on a currency pair which can also be broken down based on trade direction. For example with the image below, you can see that 15 open trades show in the Exposure tab as only 4, which is simpler and easier to understand:

(Keep in mind the exposure tab inherits the same privacy settings of your open trades, ie for example if you hide open trades, the exposure data will be also hidden).

Trade Management when AutoTrade provider is disqualified – up until now, when a system was disqualified from AutoTrade, any of its open positions were automatically closed in follower accounts. Now you can control this setting in case you wish to leave such trades open (these settings can be accessed from the main AutoTrade page, by clicking the settings icon ):

AutoTrade Settings

We’re working on some new sections for Myfxbook so stay tuned :) .

Wish you a great and successful year ahead!

The Myfxbook Team.

New Forex Contest! $6,000 In Prizes!

November 15th, 2013

We’re happy to announce a new forex trading contest sponsored by Price Markets and the last one for 2013! :)

The prizes are in total of $6,000 and will be distributed as follows:

1st place – $2,500

2nd place – $1,500

3rd place – $1,000

4th place – $500

5th place – $500

6th place – $500

Traders will start with a balance of $10,000 and a leverage of 1:100.

To register for the contest, please go here: http://www.myfxbook.com/contests/forex-contest-price-markets/18/rules

Wishing you an exciting weekend! :)

The Myfxbook Team.

Introducing The AutoTrade Ranking Formula

November 11th, 2013

As the leading social forex community and forex account analysis service, we’re always looking to develop new and unique features to be used by our members. Some of our features even create new industry standards, after seeing many of our competitors copy it to the letter (for example, account verification process and system tags).

The recent innovation we’ve been working on is a ranking formula for our AutoTrade systems. Up until now, systems were ordered by daily return, however a higher daily return doesn’t necessarily mean a better trading system (it may be high simply due to an excessive risk). We’ve been researching the different parameters of a trading system for the past few weeks to answer the following question:

Which system has the highest return with the lowest risk, while having the most consistent growth curve?

We’re glad to say we’ve developed such a formula! Unlike other similar services having black-box “proprietary” ranking algorithms, transparency is one of our biggest concerns here at Myfxbook and therefore we are happy to show you the exact formula:

Gain / (Drawdown X Standard Deviation)

How to read the above formula?

- When a system’s gains increase, ranking increases and vice versa.

- When a system’s drawdown increases, ranking decreases and vice versa.

- When a system’s standard deviation increases , ranking decreases and vice versa.

If you have any suggestions or comments for improvements, do let us know.

You can open a free AutoTrade demo account here:  http://www.myfxbook.com/autotrade

On the same note of new features, we’re also excited to announce the addition of a new widget – the toolbar widget! You can now add the same toolbar as in Myfxbook, to your website, which shows calendar events, streaming news and rates!

To add the toolbar widget to your website, simply use the following code:

Myfxbook Toolbar

<!– myfxbook.com toolbar widget – Start –>
<script type=”text/javascript” src=”http://widgets.myfxbook.com/scripts/toolbar.js”></script>
<!– myfxbook.com toolbar widget – End –>

(If you’re having trouble setting it up, do let us know).

Have a great week,
The Myfxbook Team.

AutoTrade With AxiTrader!

October 28th, 2013

We’re happy to announce the addition of another broker to our AutoTrade offering – AxiTrader! AxiTrader is an STP broker with tight spreads.

AutoTrade With AxiTrader!

To open a live AutoTrade account with AxiTrader, please click the above logo or click here.

Goran Drapac, AxiTrader’s CEO said:

‘AxiTrader is pleased to partner with Myfxbook, the acknowledged leader in trading system comparisons and we believe their auto trade system will become the benchmark of the copy trading industry. As partners, we will offer you greater access to verified trading systems while allowing you to trade with AxiTrader’s spreads, service and execution that you know and love.’

About AxiTrader

We founded AxiTrader on a simple principle: to create a Forex broker that we’d love to trade with ourselves.
As we’re founded by traders, we understand you want a great 24-hour service, tight spreads and fast STP execution with minimal slippage. So that’s what we deliver. Whatever your experience, we’ve got you covered. We assist traders using Forex as an asset class to fulfill part of their trading portfolio. At AxiTrader, our focus is always on integrity, service and execution. We strive harder to be the best – it’s what separates us from our competition and makes us one of Australia’s largest Forex Brokers.

With more than 80 staff in four countries speaking ten languages and offering 24 hour trade support, we are focused on our vision to be the world’s leading provider of online foreign exchange trading services. AxiTrader is the business name registered and owned by AxiCorp Financial Services Pty Ltd (ABN 85 127 606 348).


________________________

Wishing you a happy Monday,

The Myfxbook Team.

AutoTrade With ThinkForex!

October 21st, 2013

We’re pleased to announce the integration of ThinkForex with AutoTrade. ThinkForex is a NDD broker with Top-Tier Liquidity and is another great addition to our AutoTrade offering.

AutoTrade With ThinkForex!

To open a live account with ThinkForex click the above or click here.

“We are excited about partnering with AutoTrade, and offering our traders a robust a social trading platform they can scale into.“, said Nauman Anees, managing director for ThinkForex. “AutoTrade, coupled with our industry leading trading environment, is just another example of how ThinkForex is dedicated to offering traders the best trading products on the market!”

About ThinkForex

ThinkForex combines high-speed trade execution and award winning customer support, with a professional World Class trading infrastructure and customized trading solutions. Through a unique combination of industry leading trading software and technology, ThinkForex has created the ideal trading environment for all types of traders.

Regards,

The Myfxbook Team.

Forex Contest Winners Announced!

October 20th, 2013

Congratulations to the winners of our recent contest sponsored by Excel Markets. After 30 days of competition, here are the winners:

1st place, winning $5,000 after gaining 21,955% – Contest – hamdann

2nd place, winning $2,000 after gaining 6,073% – Contest – alexsukno

3rd place, winning $1,000 after gaining 4,838% – Contest – dudud

4th place, winning $500 after gaining 1,226% – Contest – Davyzheia

5th place, winning $500 after gaining 1,218% – Contest – amzhc

6th place, winning $200 after gaining 933% – Contest – bjc9

7th place, winning $200 after gaining 828% – Contest – seb32

8th place, winning $200 after gaining 822%  – Contest – polossat

9th place, winning $200 after gaining 640%- Contest – poovanart

10th place, winning $200 after gaining 593% – Contest – Powers

Winners, you’ll be contacted by Excel Markets to claim your prizes.

Moving on to the contest’s analysis:

Excel Markets Contest Analysis

If you click on the above info-graphic, you’ll find the following data:

- 26% of accounts didn’t open a single trade. Out of the remaining 74%, only 9% of accounts were profitable while 65% lost money.

- Almost 40% of accounts got margin called

- The 1st place ended way ahead of the competitors.

- Winning and losing accounts had almost identical trade profitability (66% win, 34% losses)

- Winning accounts had 5 times a larger average win (16 pips) versus the losing accounts (3 pips) yet also a 7 times larger average loss (-21 pips) vs the losing accounts (only -3 pips).

Wishing you a profitable week ahead!

The Myfxbook Team.