When it comes down to finding a money manager or even a system for sale, the bottom line is performance. But how can you know if the performance is real or not? Maybe someone faked it?
If you meet someone in the real world and they offer you to manage your account; You ask them to prove their performance so then they give you the investor password to their MetaTrader 4 account. How can you know it’s theirs account in the first place? Unfortunately, you can’t.
We’ve received similar suggestions/questions regarding performance authenticity over the past several weeks – how can one know if the performance is real or not? Is it a real or a demo account? And if you can’t know that then what’s the point of Myfxbook?
That is an excellent point. As you all know, we support currently Oanda’s platform and MetaTrader 4. Oanda’s accounts are verified as the data comes directly from Oanda’s servers; MetaTrader 4’s data comes as a simple htm file from the client, so forging the data is not that difficult.
So what’s the good news? We’re currently working on a solution, which will not only verify the trading performance, but also the true owner of an account.
This will be a big step in us becoming a trusted and verified source of information when looking for systems or account managers.