Archive for June, 2013

MetaTrader 4 Auto Update To Be Restored

Sunday, June 16th, 2013

Dear Myfxbook users,

We just wanted to let you know that we’ve been working hard on the auto update method which was removed a few weeks back. We’re glad to report of significant progress – the auto update option will be fully restored very soon so you’ll be able to have your accounts updated just like before.

We would like to thank you for your great feedback and apologize for the inconvenience caused.

Have a great week!

The Myfxbook Team.

Myfxbook Update

Monday, June 10th, 2013

Dear Traders,

Due to recent events of MetaQuotes blocking our servers (which we believe is because of the high load we created on their servers) you might have noticed we’ve stopped offering the auto update option.

We would like to make it clear that no other functions of Myfxbook are affected and everything is working as expected.

If you were using the auto update option, we kindly ask you to move to the EA method instead – your account will resume updating normally ( http://www.myfxbook.com/help/connect-metatrader-ea )

As a side note, we’re working on many new features and integration of new trading platforms so stay tuned!

If you have any comments/feedback or issues, as always our support team is here to help (support at myfxbook.com) :)

Thanks,
The Myfxbook Team.

FxPro Contest Winners Announced

Thursday, June 6th, 2013

We’re happy to announce the winners of the latest contest sponsored by FxPro. A quick analysis of the contest shows the following data:

FxPro Forex Contest Analsis

The winners are:

1st place – Ducuong with 29,471% http://www.myfxbook.com/members/Docuong/contest-docuong/552341 winning a $3000 prize.

2nd place – signaltrader with 2899% http://www.myfxbook.com/members/signaltrader/contest-signaltrader/554746 winning a $2000 prize.

3rd place – piaoxue with 1687% http://www.myfxbook.com/members/piaoxue/contest-piaoxue/556309 winning a $1000 prize.

We’ve also had the chance of interviwing 1st and 2nd place winners:

1st place winner Ducuong

How long have you been trading? Can you tell us a bit about your trading experience/history?
I have been trading for over 3 years. I learn to trade from my older brother who is professional trader cum programmer.

Did you use your real life trading system for the contest?
Yes. I use this strategies on my live account. But I trade at lower risk on forex, not silver.
Silver is very risky for live trade. But it’s very potential.

Can you tell us a bit about your trading system (without revealing its inner workings of course)?
This strategy has been developed by my brother for 4 years. It named PING (see at http://ea.maxpro.vn)
It is combination of Grid, Martingale and Basket (forex) and with other normal indicator as well

How long have you been using Myfxbook? Have you found it to improve your trading skills?
I use Myfxbook for over 2 years. Myfxbook is very good that support me a lot on analysis strategies as well as sharing my account to other.
It is also a good place to learn other trading. Thank Myfxbook.

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 hope that Myfxbook continues organizing other contest more frequently that traders have more chance to learn each other.

Thank you!
Docuong

2nd place winner signaltrader

How long have you been trading? Can you tell us a bit about your trading experience/history?
I’ve been trading for 6 years though only FX for the last 3 years. I started off buying companies that I liked and had a couple of good trades but then started to give the profits back. It was a case of beginners luck buying the bottom of the market(ish) in
2009.
When I started to over trade and give my money back, I figured it was something I wanted to do as a living and that I should get some education. I found a course and paid my money and the traders that were mentoring me were FX traders. They talked a lot about money management and keeping a log and obviously finding a strategy that suited me as a person and my lifestyle.
A lot of what they said in hindsight is on the internet and in books and I need not have paid the money, however I probably would not have found as much merit in reading it first hand as I did from being told and shown by a real person.

Did you use your real life trading system for the contest?
I have a real system and I started using it at the beginning of the comp, though it quickly became apparent that if I were to get anywhere in the competition I would have to maximise the risk free capital. I saw that a couple of traders were scaling up the amount of trades and position sizes and for a while I kept up with them. Then it just started to get silly, at one point I had open profit of a $million, and I got greedy, didn’t bank it and settled with $200k or similar. I figured that I was starting to gamble rather than trade and I backed off. So I don’t think that my strategy will turn $50k into 1 or 2 million in a month but its great to see what could happen if I were to maybe martingale the winning streaks.  It also showed how the big numbers quickly bankrupt you if you’re not careful.

Can you tell us a bit about your trading system (without revealing its inner workings of course)?
The system is based on support and resistance and Wyckoff has the best illustration of this that I have found. Showing supply,demand, accumulation and distribution. If you find those areas on a chart and then trade off them its amazing how well any strategy works. Mine combines Price Action with a moving average for swing and longer term trades or the Kijun-Sen for scalping. For chart analysis and trade ideas I will go through the Weekly,Daily,H4 and H1 charts and then for entry I look to the m15 or m5 depending on the type of trade I think i’ll be taking. Trade set up with H1 and entry with m5 are probably the most successful trades I took in this comp. As you had to get a really good entry when trading 50 lots of Gold.

How long have you been using Myfxbook? Have you found it to improve your trading skills?
I’ve used myfxbook off and on for 3 years, keeping track of the trades when using EA’s and tagging them to get the results is a great feature and its great to be able to see how well certain things are doing from month to month.

Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
Seeing what some of the EA’s can do was quite inspiring, it would be great to see the competitions split between HFT and discretionary only. Its hard to compete with something that potentially makes 10 winning trades for every 1 that I made but as an overall idea the competition was a good thing and I am obviously glad I entered. They are also getting more popular so competing against so many other traders was a good exercise in staying disciplined and my goal was to stay in the top 10 for as long as possible and hope that the ones above me blew up their accounts. Goes to show that a bit of education and hard work can get you to a point where its possible to trade well.

Best regards,
Neville

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Have a great weekend!

The Myfxbook Team.

New Forex Trading Contest! $7000 In Prizes!

Sunday, June 2nd, 2013

We’re excited to announce the registration of a new forex trading contest sponsored by Andromex. $7000 in total prizes will be given our with the following breakdown:

1st Prize: 3050 USD

2nd Prize: 1450 USD

3rd Prize: 950 USD

4th Prize: 500 USD

5th Prize: 250 USD

6th Prize: 200 USD

7th Prize: 200 USD

8th Prize: 200 USD

9th Prize: 100 USD

10th Prize: 100 USD

Registrations starts today and trading will begin on June 15th, so hurry up and register here: http://www.myfxbook.com/contests/forex-contest-andromex/16/rules

Please note since auto update mode isn’t available, you’ll have to use our EA to publish your account and view live ranking.

Have a great week,

The Myfxbook Team.