Myfxbook – Useful Tool to Find Good Copy Trading? Today I want to show you what this tool can do. And how you can use it to analyse your own trades or other providers. What do you have to pay attention for? And what are the advantages and disadvantages of the platform? So that you can recognize good traders and use the tool for yourself.
What is Myfxbook and Why Do Copy Trading Providers Use It?
Myfxbook is a popular tracking tool for traders. You just have to connect it to the trading account at the broker and you will then receive an analytical evaluation of the trades. The data is transmitted automatically. The service is free. Because it is financed through advertising.
You can use it to analyse your own trades and show them to other people. This means that you can also view and evaluate the history of the traders. This allows copy trading providers to show their results transparently. This brings potential customers and signal providers closer together. You can see the total return, monthly return and the drawdown at a glance.
HOW CAN YOU EVALUATE MYFXBOOK DATA AND WHAT DO YOU HAVE TO WATCH OUT FOR WITH COPY TRADING PROVIDERS?
After all, a copy trading provider only brings something if he uses a strategy that is permanently profitable. With the large number of providers, it is easy to lose track of things. With Myfxbook you can see whether a system meets the expectations and risk requirements.
It often looks good at first glance. However, there are a few points to pay attention to:
- Sometimes the performance is embellished and influenced by deposits and withdrawals
- Profit eats the brain. High returns and high drawdowns are gambling. And thus not in the long term
- A reputable provider should have a performance of at least 6-12 months
What exactly do you have to pay attention to in order to evaluate a copy trading provider via Myfxbook?
Pay attention to the important metrics: return, monthly return and drawdown. So that you have up-to-date figures, you should also look at when the statistics were last updated.
In addition to the number of trades, the following is interesting. What are the average winning and losing trades like. This is summarized in the number “Profit Factor”. The higher this value. All the better.
Conclusion on the Myfxbook platform
The tool is useful to evaluate your own trades or other systems. Don’t just pay attention to the return. The drawdown and how long the strategy has been running are important. At least 6-12 months.
This is how you can filter gamers and martingale systems. And finds serious, long-term strategies.