Monitoring MyFxBook is a one-of-a-kind service that is both a platform uniting brokers and traders, and an auxiliary resource for analyzing and testing trading systems. This is an analytical tool of a professional trader working with several accounts (brokers).
Tasks and Functions MyFxBook:
- the service allows you to analyze your own or third-party trading system;
- there is the possibility of combining trading systems and strategies with subsequent testing;
- Copy trades is provided.
Monitoring MyFxBook is an independent platform on which trading accounts are consolidated and presented for analysis. ZuluTrade is more conservative with regard to risk management and focuses not on social trading, but on positioning itself as a symbol of fairness and openness of trading.
Monitoring MyFxBook – protecting the trader from non-professional managers
Analytical monitoring tools MyFxBook has other services, including add-ins for MT4 and traders diaries. Its main unique feature is in the constructed risk management system. First, to get to the list of managers, a trader must not only show effective trading, but also meet the requirements of risk minimization. Secondly, MyFxBook is used as an independent intermediary, confirming the integrity of the manager. This happens as follows:
- the manager opens an account with the broker and connects it to the MyFxBook monitoring (the connection procedure is free and takes 10-15 minutes);
- the entire trading history of the manager (equity, deals calendar, statistics) is reflected in his personal account;
- after confirming the procedure, MyFxBook marks that the account has been verified and really corresponds to reality;
- Since the MT4 setup is easily forged, a potential investor has the right to ask for an investment password – access to the manager’s account on MyFxB. But the real picture of the account is a guarantee of the manager’s openness.
Evidence that the account has been verified by the service is indicated by the marks “trading rights confirmed” and “trading history confirmed”. Unfortunately, even the MyFxBook monitoring report can be forged, and the investment password does not give a 100% guarantee (for example, the manager can issue a demo account for real). But in comparison with social trading platforms, MyFxBook is protected very seriously.
Summary. Monitoring MyFxBook is a service with huge opportunities, the study of which can take more than one day. For managers, this is a platform where you can find potential customers. For investors, this is a service that acts as a guarantor of the history of trading on an account when working with a trading advisor or choosing a manager. If you are going to invest money in Forex, but the manager does not have an account attached to MyFxBook, this is a reason to think about his professionalism.