Performance – Is it real?

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.

Stay tuned!

3 Responses to “Performance – Is it real?”

  1. ubernova says:

    i like this update, i think if you can secure deals with brokers so that ownership and true performance can be verified that will be a turning point for your company.

    as some users have demonstrated, faking performance is too easy, hiding whether or not its a real or demo account to should be impliemented asap.

    i am a demo trader an doing very well in demo, but financially poor, so i cant afford to fund a real account. so a way to verify my true performance is important to me in order to secure investors. i would be more than happy to fullfil any request to verify authenticity of my trades.

    myfxbook provides an excellent service, but i think its time to reveal those that are out to scam honest investors, leaving a true honest trading community on myfxbook.com, making myfxbook.com a truely trusted, authenticated,fake proof investor platform. after all its securing mine and others financial future!

  2. Matt says:

    Could you please look to add FXCM Trading Station support at some point? This would be huge as its my primary interface for trading (although I do *try* to run my trades via MetaTrader also, but when scalping, this can be tricky.

    Thanks

  3. myfxbook says:

    Yes, we do plan to support it.