CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Forex Myfxbook: The Interface
Myfxbook presents a dashboard that features tabs and drop-down boxes for each tab, revealing all that can be done with the portal.
Here are the basic features that traders who use Myfxbook will encounter in their daily trading activity.
Charts
It is possible to view a variety of charts using this tab. Myfxbook is also a social trading community where experienced traders discuss price setups on charts. Use this function to engage with accomplished technical analysts.
It is possible to view the most followed, most viewed or recently updated charts. Below is an example of one of the most viewed and recently updated charts.
Portfolio
This function indicates the portfolio of the account holder linked to Myfxbook. Users can add as many different accounts as they like to view and analyze the activity from all their platforms in one place.
AutoTrade Service
Traders also get access to an Autotrade service from Myfxbook. Myfxbook works with several brokers to deliver a copy trade service. After opening a new account with the supported brokers, users can link their Myfxbook Copy Trade account within 30 seconds and start copying the trades of other experienced and profitable traders immediately.
Several functions can be executed with Myfxbook. These are as follows:
Demo Account Opening
Use the demo account to get a feel of the Autotrade Service. Click on AutoTrade -> Open Demo to open a demo account.
Copying Trade Systems
To copy a trade system, use the following instructions:
- Open a demo or live account.
- Go to the AutoTrade section, then click ‘Manage’. This takes you to the management screen of the trading account in question.
- Click ‘AutoTrade’ on the trade system you are interested in to start copying that system.
Alternatively, click the orange ‘AutoTrade’ button at the top of system page to start copying a system.
Systems
The systems tab enables the user to visualise all systems that are available to be copied, and presents an evaluation section on the left side of the screen. This can be used to filter what strategies or systems are displayed.
Reviews
The reviews page enables the reader to get unbiased and objective reviews about all kinds of services and service providers in the Forex market. These services/providers include brokers, PAMM accounts, EAs, signal provider services, trading platforms, rebate services, etc.
Connecting a MetaTrader Account to Myfxbook
One of the primary functions on Myfxbook is connecting a MetaTrader account to the Myfxbook portal. This function is the first step in being able to add trading history and perform other account analytics on Myfxbook.
The following instructions are for users of MT5.
Step 1: The first step is to download and install the Myfxbook EA installer.
Alternatively, the installation can be done manually by downloading the Myfxbook.mq5 file. Go to the MT5 platform, then click on File->Open Data Folder ->MQL5 -> Experts. Then copy the downloaded Myfxbook EA source file to this location. Once this has been done, restart the MT5 platform for the Myfxbook EA to appear.
Step 2: It is assumed that the MT5 platform from any of the supported brokers has been downloaded. Restart the MT5 platform, then click on Tools -> Options -> Expert Advisors. This shows up as shown below:
Check on the appropriate check boxes, then click the OK button. Next, go to the MT5 Navigator by clicking on View -> Navigator, then locate the Myfxbook EA in the ‘Experts Advisors’ tab:
Alternatively, you can simply go to the left-hand side of the MT5 platform and extract this file from there.
Step 3: When you have located the Myfxbook EA, double-click on the Myfxbook EA icon to activate it. A dialog box pops-up as shown and the Input parameters should be as is displayed below:
Step 4: The next step is to change the settings in the Input field of the dialog box with the following Input values:
- Myfxbook_Email: Here, enter the email that was used to register on Myfxbook as the login email.
Myfxbook_Password: In this section, enter the Myfxbook login password.
- Publish Interval Minutes: This is set by default to 5, meaning that the account is published every 5 minutes. A different timeframe can be selected if preferred.
Click the OK button when to save these settings.
Once the settings have been saved, the Myfxbook EA icon is displayed at the top right corner of the active chart. Click the Experts tab in the Terminal Window to confirm that the Myfxbook EA has been loaded properly and is ready to work.
Wait until the markets are open for the Myfxbook EA to automatically update and publish all of the accounts on Myfxbook.
This provides users with a system for providing verifiable trade results from an MT5 account straight to Myfxbook for others to see and possibly follow.
Similar processes exist for connecting other platform types to Myfxbook.
Brokers
With around 1500 FX brokers available to work with, many of the leading broker platforms can be connected to Myfxbook. A few examples include City Index, FXCM, LCG and Pepperstone.
BrokerNotes.co 2024 Overall Rankings
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