myfxbook

[Hotch]

...is actually pretty awesome.

I highly recommend it, it doesn't do anything you can't in excel (but then again, you can do pretty much anything in excel (we all remember flight sim right?), but it's nice to have it there automatically.

Also, you could probably just trade against the community outlook at make a bucket, (don't do it by country though if you're from the UK, it's too depressing).

Anyway, just thought some of you might like it, and we could always get into another prick waving contest with results.

P.S. I'm not affiliated, we all know I hate all my creations.

 

[LiamH]

It'll be interesting to hear peoples thoughts on myfxbook now.. I used some of the results quoted on there to back up an argument and was basically told it's all a load of bullsh1t. I don't agree and I quite like the site but meh, some people are just blinkered to anything new.

 

[Hotch]

Well, if it's for personal use, then you know whether the info there is correct or not.

There (from what I gather) have been a few cases of people getting cracked copies of MT4, and setting themselves up as a broker (keeping it hidden on myfxbook), and so can make up their own history, but it seems that if all the verification is done and none of the info is hidden, then it's legit.

I presume that's what they were going on about.

 

[LiamH]

Not to derail the thread but all the figures I quoted were from verified accounts

 

[Hotch]

Well, if the broker, history, open trades, equity etc was all open, I can't imagine what their problem was.

 

[galeonbaster]

I can't understand..What is myfxbook? Forex robot or something else?
Question from newbie!

 

[neil]

I can't understand..What is myfxbook? Forex robot or something else?
Question from newbie!

A Vendor that doesn't understand his market or have the presence of mind to "Google" it ! Thats a novelty

 

[drivatives]

I personally use fxstat.com as i dont belive in myfxbook results. I also read alot from other traders on diffrent forum and blog that myfxbook calculation is wrong. for example:

lets say you have deposited 1000$ in your account and you buy 0.1 Lot eurusd.

now your money after 6-8 months trade grow to 5000$.

as you have more money in your account, you start trading bigger size. for example 0.8 lot. otherwise, why you still have the profit in your account. you must withdraw it if you not going to use it again in trading.

1- the profit now you are making on 5000$ is diffrent than when you had on first deposit of 1000$
2- before you were risking only 1000$ of your account with smaller contract sizes. now if you not keeping the stop, and keep changing it, we can say you are risking the whole 5000$. because if the market keep going against you, you can loose all your money in the account (simple logic).

The way its calculated on myfxbook. your current profit is still based on your original 1000$ deposit even when you have the 5k balance after those profits, so the % gain they show is always wrong.

also, on fxstat calculations are in real time and not minimum 5 min delay as well as i can monitor my open positions in real time just like im loged in in my trading account. you can create a private page as well if you like and use it as stand alone site like http://report.manxuriainvestments.com/perfomances/view/-2725 or witing your site like: http://manxuriainvestments.com/

 

[Vaco]

Myfxbook is cool,

I wouldn't have a clue how to do it myself on excel.

Not too worried about verifying results as I only ever look at my own.

 

[drivatives]

I think you shouldn’t be much concentrating on something cool. There must be a benefit of using it.
To be honest, for me, getting unrealistic and wrong results is not cool.
Have you read what I was saying about wrong calculation?
http://www.trade2win.com/boards/general-trading-chat/107892-myfxbook.html#post1366222
You can even read it here if you like: http://blog.currensee.com/2010/07/m...ight-way-and-the-wrong-way-to-do-it/#comments

Myfxbook is cool,

I wouldn't have a clue how to do it myself on excel.

Not too worried about verifying results as I only ever look at my own.

 

[Vaco]

I think you shouldn’t be much concentrating on something cool. There must be a benefit of using it.
To be honest, for me, getting unrealistic and wrong results is not cool.
Have you read what I was saying about wrong calculation?

The calculation is not wrong, it is simply based on opening account balance, I understand that this gives an unrealistic % change figure on trades but it shows an accurate % change on the account since opening.

The ability to view account performance by month and week is due out in the next update.

As for % risk on trades you should know that before placing the trade.

In relation to analysing other traders performance you can always look at the $ change rather then the %

On top of that it works with platforms other then mt4 which is important as I don't use an mt4 platform to trade.

 

[Hotch]

Yeah, I don't see the problem, it's pretty obvious what the calculation is.

 

[Vaco]

Forgot to add I've already made the suggestion for the change here : http://www.myfxbook.com/community/suggestion-box/-change-should-be-changed/64637,1

 

[drivatives]

Simple question Vaco,

if you had 1k in the begining and now you made 2k profit (total is 3k). when you put a trade in the market, what could be your risk if you dont have SL? isnt it you 3k?

Unfortunately, I believe, in FX each time you trade is like you are Re-investing you whole money in the market unless you withdraw your existing profit.

Also, in addition, on Fxstat:

I can see my since inception return based on a % of original capital invested.
I can see my YTD return based on a % of beginning of the year capital invested.
I can see my Monthly return based on a % of beaning of the month capital invested.

did you have a chance to read this article : http://blog.currensee.com/2010/07/m...ight-way-and-the-wrong-way-to-do-it/#comments


I hope i made my point clear.

 

[Hotch]

You love fxstat and hate myfxbook, point made.

 

[Vaco]

Simple question Vaco,

if you had 1k in the begining and now you made 2k profit (total is 3k). when you put a trade in the market, what could be your risk if you dont have SL? isnt it you 3k?**** knows I'd never have a trade without a sl

Unfortunately, I believe, in FX each time you trade is like you are Re-investing you whole money in the market unless you withdraw your existing profit.

Also, in addition, on Fxstat:

I can see my since inception return based on a % of original capital invested.
I can see my YTD return based on a % of beginning of the year capital invested.
I can see my Monthly return based on a % of beaning of the month capital invested.

sounds great but does it work with non mt4 accounts

did you have a chance to read this article : http://blog.currensee.com/2010/07/m...ight-way-and-the-wrong-way-to-do-it/#comments

yes but like I said I'm not looking at other traders accounts and if I was I would disregard those that hide their open positions. As my own holding period is very short this is not an issue for me.


I hope i made my point clear.

Currensee do not give you a % return per trade last time I checked it was updated on an end of day basis and as they are in competition with myfxbook that blog is biased.

 

[BSD]

Hadn't heard of them before, sounds interesting.

 

[StevenUS]

I will look at it, it seems vey interesting.
I have seen Forex Managed Accounts companies that use both services. I guess they want to show different features to their clients.

 

[megamuel]

How do they get equity graphs like this http://www.myfxbook.com/strategies/nstrategies-v303-gbpusd-danielvcgmailcom/311 ? I'm guessing they can't be real otherwise they would own the world by now!

 

[Hotch]

That's just a backtest megamuel.