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.
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 https://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.
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:
We’re happy to announce the long awaited notifications feature! You’re now able to set up 34 different notification types and be notified of any events you set up as soon as they happen, for your own accounts or watched accounts (through your dashboard):
Account Notifications
The available options are:
Gain (%)
Abs. Gain (%)
Daily (%)
Monthly (%)
Drawdown (%)
Balance (€)
Equity (%)
Equity (€)
Profit (€)
Interest (€)
Deposits (€)
Withdrawals (€)
Tracking
Trades
Profitability Won (%)
Profitability Lost (%)
Pips
Average Win (Pips)
Average Loss (Pips)
Average Win (€)
Average Loss (€)
Lots
Commissions (€)
Longs Won (%)
Shorts Won (%)
Avg. Trade Length
Profit Factor
Standard Deviation
Z-Score
Probability (%)
Expectancy (Pips)
Expectancy (€)
AHPR (%)
GHPR (%)
For each metric you can set a notification if it is above or below a specified value. Once hit, you will receive a real time notification by email and in the website. The notification can be set up as easily as with our forex calendar, by clicking the bell icon on the right of each account.
If you haven’t noticed yet, here are the latest features added in the past few weeks: Those of you who are using our newest service AutoTrade, can analyze AutoTrade provider performance in their portfolio by going to the “AutoTrade” tab in the “Trading” window; the data will also recalculate in real time in case you wish to custom analyze it:
AutoTrade Analysis
An option to re-enter a trade of a follower you’re closing manually (Tick the checkbox if you want to re-enter the trade again at a better or equal price (compared to original provider entry) – this is a very powerful feature which allows you to benefit from a ranging market while the provider is holding the position open:
Option to configure timeframe for the forex market section which changes the 3 columns showing relative change:Â change in pips, change in percents and range bar:
We’re happy to announce the registration of a new contest sponsored by FxPro. Trading will be done through the MT4 platform and $6,000 in prizes will be given out:
1st place – a $3,000 live funded trading account.
2nd place – a $2,000 live funded trading account.
3rd place – a $1,000 live funded trading account.
The contest will start on May 1st and will end on May 31st.
Can you tell us a bit about your trading experience/history?
I fell in love with trading from day one and have never given up or stopped. I have taken many much needed breaks through out the years.
Did you use your real life trading system for the contest?
Yes
Can you tell us a bit about your trading system (without revealing its inner workings of course)?
All manual I use a combination of Fibs, support and resistance, supply and demand,pivots, and moving averages. How long have you been using Myfxbook?
Since 2008/2009
Have you found it to improve your trading skills?
Yes it is a very helpful tool i think every trader should use it
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 love Oanda they are in my opinion the best broker out there. It was a fun contest can not wait till the next one.
How long have you been trading? Can you tell us a bit about your trading experience/history?
About six months I started to trade and had a very pleasant moment in the history of my trading when Japan BOJ rate decision was announced and then I opened a buy order.
Did you use your real life trading system for the contest?
Yes it’s true …. I do trade in this contest according to trading system in real life.
Can you tell us a bit about your trading system (without revealing its inner workings of course)?
Basically, I always use a trading system by watching and monitoring the economic calendar. Other than that, I also use indicators that exist in the platform.
How long have you been using Myfxbook? Have you found it to improve your trading skills?
About almost two months I used Myfxbook and trading skills I feel has improved a lot. I am very grateful to Myfxbook who have been improving my skills.
Do you have any feedback about the contest and/or anything else you would like to add (about the sponsor, Myfxbook, or the competitors)?
1. For Myfxbook, once again I say many thanks to Myfxbook who have held this competition.
2. To sponsor or broker, advice from me is more frequent competitions in order to compete and learn more deeply in the trade.
3. And my advice to the competitors is always a focus on market and a bit of patience to do the transaction order.
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.
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:
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.
