Archive for November, 2013

New Forex Contest! $6,000 In Prizes!

Friday, 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

Monday, 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.