It has been asked for so many times that we’ve simply lost count. As the top leading forex analysis service, the only missing link is the ability to copy/mirror the trades of the best traders – no longer! After a private beta of several months and a public beta of 1 month with 1000 trading accounts, we’re proud to present AutoTrade – the next generation account mirroring service, as you’re about to find out.
Prior to the development stage, we’ve signed up to existing services to understand how such a service should (and shouldn’t! :)) be implemented. Among our findings the following 4 stood out loud and clear:
- Incorrect and misleading statistics (for example bottomless pip drawdowns, no record of equity drawdown, etc’).
- Services looking to increase volume trading just to increase their profits (volume based incentives).
- Difficult and confusing user interfaces with absolutely no explanation or limitation of risk.
- Misleading claims of a no-cost service.
The result is an advanced, simple to use, professional trade copy service where we emphasize and limit risk, provide vital and true information about the performance (using the existing system analysis you have for your accounts), offer an intuitive platform where it takes only a couple of minutes to get the hang of it and most importantly a truly free and transparent service (no spread markups!):
Ready to start?
Please note that due to the addition of the new section, the strategies button moved inside the systems menu.
As always, any feedback/comments/suggestions are very welcome.
The Myfxbook Team.
19 thoughts to “AutoTrade – Next Generation Forex Account Mirroring Service”
Average required win per trade is 10pip. What about a system that besides target/stop also uses a break even for safety. This would average down the pipcount without extra risk.
Let’s say win/loss/breakeven are equally divided and the average loss is 15pip, the average win is 40pip and the breakeven is 0 (including slippage). In this example the average win is 8.33pip. Personally I think this would be a great short term strategy if someone could come up with those numbers (extended period of time), but it wouldn’t be allowed. Am I right?
Average win is 40 pips per your example, as it is an average of winning trades only.
Ok thanks my mistake, I was under the impression that the overall (all trades win/loss/BE included) average positive pipcount per trade needed to be +10pip.
I see FXCM UK is currently the only supported broker. I am in the US and already have an FXCM US account. I assume I am out of luck since the UK branch will not accept US clients? Thanks!
This is a good question, because I have frequent 0.1p (in reality breakeven) trades and this skews stats and win percentage. You might want to average only wins above 10p (“true” wins) or something like that.
Am I understanding this correctly? If I’m using myfxbook.com to host reference accounts for my commercial EA’s that I am selling, now people can just use your service and copy my trades for FREE?! This is not good for business my friends.
I have set up an account and look forward to seeing the results. It is very easy to set up.
Due to regulation, at the moment we cannot accept US clients.
If you think a system should qualify even though it fails the check screen, you can always email us or send us a message and we’ll review the system manually.
That is absolutely incorrect. As with every feature in Myfxbook, the trader has full permission control. To have your systems participate in the AutoTrade service, you must first qualify here (scroll to the bottom of the screen, ‘Check Accounts’ button): http://www.myfxbook.com/autotrade/faq
Wonderful job Myfxbook, as always!
I really like the no martingale rule, hope it’s enforced effectively, these things may be a little tricky to identify in some cases.
Will statistics on correlation between the master account and the slave account be available? i.e. it shows how closely the mirrored/slave account can get the same trades as the original/master account?
For example, on Currensee.com they have a “Correlation” column to indicate if traders are able to copy successfully.
So, if I understand this correctly, this is a FREE service? How comes? Signal services/trade copying services usually charge a monthly fee. Why would they not be charging? Or have I missed something…? (Not that I’m complaining mind you….)
Yes, you are right – if you open an account with FXCM UK through us, there is no charge – it is an absolutely free service, unlike with other services who claim it’s free and charge markup spreads.
We get rebates from the broker which we use to pay out system providers.
I want to know how to associate my real account with a broker to autotrade was myfxbooks provider?
Click on the large green ‘Open Live Account’ button in the AutoTrade section http://www.myfxbook.com/autotrade
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