Archive for March, 2013

New Charts – MAE/MFE

Sunday, March 17th, 2013

We’re happy to announce the addition of another useful tool to your toolbox: MAE/MFE Charts (available in your advanced statistics):

Maximum Adverse Excursion and Maximum Favorable Excursion

MAE stands for Maximum Adverse Excursion which is the maximal loss the trade had experienced before it was closed.

MFE stands for Maximum Favorable Excursion which is the maximum profit that the trade had experienced before it was closed.

This data is already available in each of your trades (for verified accounts) and now you can easily see it in a chart to easily identify better targets (take profit) and stops (stop losses).

MAE/MFE Options

Using the ‘more’ button at the top will reveal the combination of 6 6 different charts:

  • MAE Vs. Trade Outcome in pips
  • MAE Vs. Trade Outcome in gain
  • MAE Vs. Trade Outcome in profit
  • MAE Vs. MFE – Winners Vs. Losers in pips
  • MAE Vs. MFE – Winners Vs. Losers in gain
  • MAE Vs. MFE – Winners Vs. Losers in profit

To start analyzing your MAE/MFE data, login and go to your portfolio.

Wish you a great week ahead!

The Myfxbook Team.

Commitments Of Traders

Monday, March 11th, 2013

We’ve added a new section called COT Data. The data is reported by the CFTC (Commodity Futures Trading Commission) every week. COT stands for commitments of traders data and contains an aggregated report of the different holdings of market participants in the US futures market (where you can trade currencies, commodities and metals such as gold and silver). The report is plotted against a currency chart for easy viewing (This is similar to our Community Outlook section):

Commitments of Traders

We’ve also added a new feature – ability to link your verified trading account to a chart, showing your exact trade entries, just as in the trade browser:

You can attach the account by going to the settings of the chart:

Another update we’ve made to the portfolio and user page charts – they’re now interactive and you can zoom in/out to easily compare performances:

Have a great week,

The Myfxbook Team.

New Forex Contest!

Tuesday, March 5th, 2013

We’re happy to announce the next contest, sponsored by Oanda, where trading will occur with fxTrade practice:

Forex Contest Oanda

$5,000 in prize money are up for grabs and it will be distributed among the winners in the following breakdown:
1st place – $3,000 funded fxTrade account.
2nd place – $1,500 funded fxTrade account.
3rd Place $500 funded fxTrade account.

To sign up, please go here: http://www.myfxbook.com/contests/forex-contest-oanda/14/rules

Good Luck,

The Myfxbook Team.

FIBO Forex Contest Winners Announced

Monday, March 4th, 2013

The recent FIBO contest has ended on Friday and we’re happy to announce the top 3 winners:

1st place, testerz with 7973.14%, winning a $3000 funded account, http://www.myfxbook.com/members/testerz/contest-testerz/464396

2nd place, BKJEPARA with 5218.92%, winning a $1500 funded account, http://www.myfxbook.com/members/BKJEPARA/contest-bkjepara/462456

3rd place, hos22003 with 4386.69%, winning a $500 funded account, http://www.myfxbook.com/members/hos22003/contest-hos22003/469629

This contest was the largest ever in terms of amount of competitors and here is the data analysis:

We’ve also interviewed a few of the top traders briefly:

2nd Place Winner, BKJEPARA
I am very glad to get your information, and for winning 2nd place in the last contest.

How long have you been trading? Can you tell us a bit about your trading experience/history?
I have learn for trading forex is more than 5 years, and i learn
correlation currency for trading EURUSD / GDPUSD / USDCAD / USDCHF. and i
use simple indicator : parabolic sar, momentum, volume confirmation,
news market, and then execution trading by confirm in time frame 5
minute, by time frame 15 minute and 30 minute.

Did you use your real life trading system for the contest?
The trading system on our forex contest is new our explore trading strategy, and we not yet to do the trading system on real life account.
But we will do this the new trading system soon.

Can you tell us a bit about your trading system (without revealing its inner workings of course)
I learn forex trading by my shelf experience on trading and i not join any course before.
Trading forex contest have usefully for beginner forex player like me.

Some of strategy i get from forex forum, fxstreet, dailyfx, and more information on internet.

How long have you been using Myfxbook? Have you found it to improve your trading skills?
May be for 1 or 2 years, i have join on myfxbook.

Yes, myfxbook is improve my trading skiils and very good forum forex player.

I get more information experience forex trading from other player.

Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
Yes, i wish to say thank you for all of the sponsor, because of they forex contest is useful for new player forex trading like me. I wish any new forex contest soon.
On the other hand, I wonder if any sponsor forex contest is welcome to introduce the winning contest to be manager account or pamm account. I welcome to establish this cooperation.
one more, i wish any new forex contest for next month, and especially with amazing huge prize of forex contest.
Bravo…..myfxbook.

Best regards

BKJEPARA

3rd Place Winner, hos22003

Hello everybody,

First of all, I want to thank Myfxbook for continuing to give traders the chance to compete in their exciting contests. Also, I would like to thank God for winning the 3rd place J .

How long have you been trading? Can you tell us a bit about your trading experience/history?

I am happy to talk about my experience. I have been trading since 2011. At first, my experience was very low; moreover, I tested more than 50 templates and 1000 indicators until I reached the easiest way.

Did you use your real life trading system for the contest?

Yes, I did. And I am still using it on my real account.

Can you tell us a bit about your trading system (without revealing its inner workings of course)?

I use 3 indicators:

-moving average

-stochastic

-Mega trend

and the time frame is H4

How long have you been using Myfxbook? Have you found it to improve your trading skills?

I have been using it about since 2011. And Yes, It really improved my skills. Through competitions, my skills increased and my trader psychology became better.

Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?

I am really happy to be a member in this website. Additionally, I believe that this contest was so exciting. I wish to have a similar contest every month, for I like to increase my experience and to find more competitors.

4th Place, Boon Chai

How long have you been trading? Can you tell us a bit about your trading experience/history?

I been trading in stock market, options, futures and forex for 5years+.

In the beginning first 2 years of my forex trading, I been burnt my small account more than 100 times, but later I found that this is very valuable experience to me, it make me sometimes able to sense that market is not doing right and stop my trades in correct timing.

3rd and 4th year is the turning point of my forex trading where I start to make profits more than losses.

Did you use your real life trading system for the contest?

Yes and no. I use real life trading signals for the contest but with different money management style. In contest, I used up all margin to accelerate account grow.

Can you tell us a bit about your trading system (without revealing its inner workings of course)?

I trade on 4hours chart, but i use 5mins, 15mins and daily chart to assist for better entry and exit.

Using bollinger band and stochastic oscillator, but main reference will be price action and trend.

How long have you been using Myfxbook? Have you found it to improve your trading skills?

I been using MyFxbook for 3years+. It is the best analytical tool I have seen. It did helped me improve my trading skill, for example, I will search for system that have better Profit factor and use the trading browser to watch how they trade.

Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?

No, but thank you sponsor, Myfxbook and all competitors, I seen some interesting playing style and learn a lot from the game. Good game.

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We would like to thank the sponsoring broker FIBO and the competitors!

Have a great rest of the week!
The Myfxbook Team.
Boon Chai