Introducing The AutoTrade Ranking Formula

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.

AutoTrade With AxiTrader!

October 28th, 2013

We’re happy to announce the addition of another broker to our AutoTrade offering – AxiTrader! AxiTrader is an STP broker with tight spreads.

AutoTrade With AxiTrader!

To open a live AutoTrade account with AxiTrader, please click the above logo or click here.

Goran Drapac, AxiTrader’s CEO said:

‘AxiTrader is pleased to partner with Myfxbook, the acknowledged leader in trading system comparisons and we believe their auto trade system will become the benchmark of the copy trading industry. As partners, we will offer you greater access to verified trading systems while allowing you to trade with AxiTrader’s spreads, service and execution that you know and love.’

About AxiTrader

We founded AxiTrader on a simple principle: to create a Forex broker that we’d love to trade with ourselves.
As we’re founded by traders, we understand you want a great 24-hour service, tight spreads and fast STP execution with minimal slippage. So that’s what we deliver. Whatever your experience, we’ve got you covered. We assist traders using Forex as an asset class to fulfill part of their trading portfolio. At AxiTrader, our focus is always on integrity, service and execution. We strive harder to be the best – it’s what separates us from our competition and makes us one of Australia’s largest Forex Brokers.

With more than 80 staff in four countries speaking ten languages and offering 24 hour trade support, we are focused on our vision to be the world’s leading provider of online foreign exchange trading services. AxiTrader is the business name registered and owned by AxiCorp Financial Services Pty Ltd (ABN 85 127 606 348).


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Wishing you a happy Monday,

The Myfxbook Team.

AutoTrade With ThinkForex!

October 21st, 2013

We’re pleased to announce the integration of ThinkForex with AutoTrade. ThinkForex is a NDD broker with Top-Tier Liquidity and is another great addition to our AutoTrade offering.

AutoTrade With ThinkForex!

To open a live account with ThinkForex click the above or click here.

“We are excited about partnering with AutoTrade, and offering our traders a robust a social trading platform they can scale into.“, said Nauman Anees, managing director for ThinkForex. “AutoTrade, coupled with our industry leading trading environment, is just another example of how ThinkForex is dedicated to offering traders the best trading products on the market!”

About ThinkForex

ThinkForex combines high-speed trade execution and award winning customer support, with a professional World Class trading infrastructure and customized trading solutions. Through a unique combination of industry leading trading software and technology, ThinkForex has created the ideal trading environment for all types of traders.

Regards,

The Myfxbook Team.

Forex Contest Winners Announced!

October 20th, 2013

Congratulations to the winners of our recent contest sponsored by Excel Markets. After 30 days of competition, here are the winners:

1st place, winning $5,000 after gaining 21,955% – Contest – hamdann

2nd place, winning $2,000 after gaining 6,073% – Contest – alexsukno

3rd place, winning $1,000 after gaining 4,838% – Contest – dudud

4th place, winning $500 after gaining 1,226% – Contest – Davyzheia

5th place, winning $500 after gaining 1,218% – Contest – amzhc

6th place, winning $200 after gaining 933% – Contest – bjc9

7th place, winning $200 after gaining 828% – Contest – seb32

8th place, winning $200 after gaining 822%  – Contest – polossat

9th place, winning $200 after gaining 640%- Contest – poovanart

10th place, winning $200 after gaining 593% – Contest – Powers

Winners, you’ll be contacted by Excel Markets to claim your prizes.

Moving on to the contest’s analysis:

Excel Markets Contest Analysis

If you click on the above info-graphic, you’ll find the following data:

- 26% of accounts didn’t open a single trade. Out of the remaining 74%, only 9% of accounts were profitable while 65% lost money.

- Almost 40% of accounts got margin called

- The 1st place ended way ahead of the competitors.

- Winning and losing accounts had almost identical trade profitability (66% win, 34% losses)

- Winning accounts had 5 times a larger average win (16 pips) versus the losing accounts (3 pips) yet also a 7 times larger average loss (-21 pips) vs the losing accounts (only -3 pips).

Wishing you a profitable week ahead!

The Myfxbook Team.

AutoTrade With IamFX!

October 17th, 2013

We’re excited to announce the addition of a new broker to AutoTrade – IamFX. IamFX is another great addition to Myfxbook AutoTrade offering as it is a STP/DMA broker.

AutoTrade With IamFX!

IamFX offers a special bonus for AutoTrade clients – get paid to trade! That’s right, you’ll be paid up to $2 per each traded lot. Full bonus details can be found here: https://www.iamfx.com/bonus_myfxbook.php

To open a live account with IamFX, please click here or the above logo.

Peter Takac, IamFX CEO said: “We at IamFX are pleased to introduce Myfxbook AutoTrade to our existing offering. At IamFX, we understand that we are only successful when our customers are successful and I believe that the combination of AutoTrade as a great investment tool together with our true STP/DMA trading model and the highest quality execution makes this an ideal super-product for retail clientele. We value our partnership with Myfxbook on AutoTrade and that is why we are offering a special bonus campaign to all Myfxbook AutoTrade users who will use this great platform on IamFX.”

About IamFX

IamFX is the leader in true STP execution with Direct Market Access providing online trading and services to retail and institutional clientele. It’s advanced generation engine connects a global network of liquidity providers including worlds major banks to create one of the deepest sources of liquidity in the industry and to generate tight spreads. Hosting all technologies in Equinix data network further guarantees the lowest latency and the best execution. IamFX’s clientele benefits from strong products and quality services and IamFX’s renowned partner programs and the most advanced technological offering is making it the ideal choice not only for retails clients, but also for Introducing Brokers, Money Managers and White Labels.

Wishing you a great weekend!

The Myfxbook Team.

AutoTrade With Armada Markets!

October 11th, 2013

We’re excited to announce the addition of another broker to our AutoTrade offering (again, due to your requests :) ) – Armada Markets!

To open a live account with Armada Markets, please go here:

http://www.armadamarkets.com/myfxbook-autotrade/

Ingmar Mattus, Armada Markets CEO said:  “We are pleased to launch AutoTrade platform. I believe AutoTrade will be very attractive to our global client base, especially in Asian countries where trade-copying and social trading in general is rapidly gaining popularity.”

About Armada Markets

Armada Markets provides currency trading services to retail and corporate clients in more than 100 countries around the world and is the top choice among professional traders who demand institutional grade FX liquidity and low-latency execution together with the lowest spreads and commissions. Armada Markets is also one of the leading liquidity providers to small and medium-sized brokers and institutional clients through FIX API and binary protocol.

Have a great weekend!

The Myfxbook Team.

AutoTrade Slippage Metrics And An Auto-Complete Search!

October 7th, 2013

We’re happy to announce this great analysis addition to AutoTrade – slippage! In an effort to keep AutoTrade fully transparent, we’ve added slippage metrics which will tell you everything about your mirrored positions (unlike other similar services):

Open Slippage – The slippage between your entry price and the provider’s.

Close Slippage – The slippage between your exit price and the provider’s.

Total Slippage – The total slippage of the open and close.

The slippage data can be found in the AutoTrade tab, by clicking the ‘+’ icon:

AutoTrade Slippage

Positive slippage (in your favor) is marked in green while negative slippage (not in your favor) is marked in red. These metrics are available only with live AutoTrade accounts since demo accounts do not experience any slippage.

On the same note, we wanted to check the average slippage an AutoTrade user gets in an account and the numbers surprises us quite a bit:

AutoTrade Slippage Data

As you can see in the info-graphic, on average, a copied trade with AutoTrade profits an extra 14.4 of positive slippage! Still haven’t used AutoTrade? Go here to start:

http://www.myfxbook.com/autotrade

Another great feature we’ve introduced is the search auto-complete; typing a letter in the search box will automatically complete results for users and systems:

Search Auto-complete

Clicking on the ‘Show All’ link will revert back to the complete search. Important to note you can navigate the search results with your keyboard up/down buttons.

Best Regards,

The Myfxbook Team.

AutoTrade Now Supports IC Markets!

September 30th, 2013

Due to many of your requests, we’re excited to announce the addition of a new broker to the AutoTrade offering – IC Markets!

To open a live AutoTrade account with IC Markets, simply click here or the above image.

You can also open a non expiring demo account to test AutoTrade until you’re comfortable moving to a live account. You can open a demo here:  http://www.myfxbook.com/autotrade

Andrew Budzinski, IC Markets Managing Director said: “We’re excited to add AutoTrade to our platform offerings. AutoTrade is a unique service and it fits perfectly our users who are looking for a simple yet powerful trade mirroring service.”

About IC Markets

IC Markets is a true ECN trading environment allowing you to trade on an institutional grade liquidity from the worlds leading investment banks and dark pool liquidity execution venues, allowing you to trade on spreads from 0.0 pips.

Have a great week,

The Myfxbook Team.

Community Outlook – 47 New Currency Pairs

September 25th, 2013

This week we’ve upgraded community outlook – as per your request, we’ve added 47 currency pairs which will help you understand the current positioning of the Myfxbook community and this is the full list:

Community Outlook

EURUSD, GBPUSD, USDJPY, GBPJPY, USDCAD, EURAUD, EURJPY, AUDCAD, AUDJPY, AUDNZD, AUDUSD, EURCAD, CADJPY, EURCHF, EURCZK, EURGBP, EURHUF, EURNOK, EURNZD, EURPLN, EURSEK, EURTRY, GBPCAD, GBPCHF, NZDCAD, NZDJPY, NZDUSD, USDCHF, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR, CHFJPY, AUDCHF, GBPNZD, NZDCHF, XAGUSD, XAUUSD, CADCHF, GBPAUD, SGDJPY, GBPSEK, TRYJPY, NOKJPY, ZARJPY, HKDJPY, USDRUB

As the list grew longer, we had to remove the chart from the main outlook section and place it inside each currency pair.

Entering a sepcific symbol will reveal the positional chart based on the timeframe and the positinal data such as total volume and number of positions per short or long.

Moreover, you can now adjust which symbols to show in the dashboard in the community outlook box:

Dashboard Community Outlook

Dashboard Community Outlook Options

Wishing you a great rest of the week!

The Myfxbook Team.

New AutoTrade Features!

September 16th, 2013

We’re glad to add some new features to AutoTrade!

First feature is the ability to ignore specific symbols when following an AutoTrade provider; simply check the symbols you wish to ignore in the settings of the provider:

Symbol Ignore List

Important to note that the symbol ignore list feature was also added to the Simulator in case you wish to test the different scenarios.

Secondly, you can now see the latest provider additions and top gainers in the AutoTrade section:

Top Gainers

New Additions

The above are very useful if you’re constantly looking to expand your AutoTrade portfolio with new systems.

Moreover, we would like to remind you about the special time limited offer from FXCM UK – anyone opening a live account with FXCM UK can receive up to $250 bonus (Terms and conditions apply) – details are in the live FXCM UK account opening screen in AutoTrade.

On a different note, the latest contest just started today. To see the live rankings, please go here: http://www.myfxbook.com/contests/forex-contest-excel-markets/17

Have a great week,

The Myfxbook Team.