How to Best Use MyFxbook

Experienced traders scrutinise every aspect of their trading and look for ways to improve. Data analysis and performance tracking with a tool like MyFXBook is crucial in this regard.

Myfxbook is a powerful tool that provides detailed analysis of trading performance, including real-time analytics, trading resources, equity curves, in-depth statistics, and many other advanced tools that can help traders monitor their performances and make informed decisions.

In this guide, we will discuss how to use Myfxbook and the various features it provides.

Why is MyFxbook Good for Traders?

Traditional trading platforms like MetaTrader 4 & 5 are great for executing trades and monitoring the profits and losses in a specific time range. But, these platforms lack detailed analytics, which can be critical for traders to assess and improve their trading strategies.

MyFxBook helps solve this problem by providing an extensive range of analytics tools and resources that allow users to evaluate various aspects of their trading performance. With it, traders have access to features like the Equity Curve, Correlation Matrix, Risk Management Analysis, and much more.

Let’s discuss the 5 key benefits of the platform in more detail;

Detailed Trade History

Traders can link their trading accounts to Myfxbook and get a detailed overview of their trading history. The platform provides an interactive chart that displays the complete trading timeline, including entry and exit points, profit and loss values, open positions, drawdowns, and more.

This is crucial for traders as it allows them to review their past trades and evaluate the effectiveness of their strategies.

Equity Curve Analysis

MyFXBook also provides an equity curve that displays the net balance of a trading account over time. This chart can be used to assess the consistency of the trader’s performance, identify any losses or drawdowns in the account. This comes in handy if you ever decide to share your trading history with others and want to provide proof of results over a specified period. It also helps when you are checking out the performance of traders you might want to copy trade or open a PAMM account with.

This feature can also help traders evaluate the risk/reward ratio of their trading strategies. It provides insight into various aspects of the trader’s account, such as leverage, volatility, and liquidity, which can be used to make informed decisions.

Fundamental Analysis Tools

Fundamental analysis forms a major part of many traders’ strategies and MyFxbook provides essential tools such as;

• The Economic Calendar – This is a calendar that breaks down the key news and economic reports that are set to be released in the coming days and weeks.The economic calendar on Myfxbook can help traders stay up-to-date with the latest financial news and make informed decisions based on their analysis.
• COT Report – The Commitments of Traders (COT) report provides insight into how market participants are positioning themselves in different currency pairs. This report is especially valuable for swing or position traders who use fundamental data to make trading decisions.
• Currency Correlation Analysis – Currency correlation analysis helps traders identify which currency pairs move in tandem, so they can diversify their portfolios appropriately.
• Market Sentiment – Market sentiment gauges the overall mood of the market, whether it is bullish or bearish. Myfxbook gets the information from traders on the platform and provides data and graphs showing bearish and bullish sentiment, and the currency pairs being traded by retail traders.
• Interest Rate Data – Interest rate data gives traders vital information about the current interest rates set by the respective central banks of different countries and how they differ between eachother.

Technical Analysis Tools

Myfxbook also provides a range of technical analysis tools like price charts and indicators that can help users identify potential entry or exit points in the market. Traders have access to trending charts as Myfxbook sorts them into different categories such as ‘most viewed’ and ‘most followed’.

Position Size Calculation

Myfxbook.com is regularly visited by forex traders around the world for its position size calculator which helps calculate the appropriate position size for their trades. This calculator takes into account factors such as account balance, risk per trade, stop loss level and currency pair to quickly estimate an appropriate position size.

This helps traders avoid over-leveraging their accounts and putting their capital at undue risk, which is a common mistake made by novice traders.

How to Create an Account in MyFxbook

So far, we’ve discussed the various features of MyFxbook and why it is beneficial for traders. Now let’s look at how to create an account.

Creating an account is straightforward and takes only 3 steps;

1. Open a Key to Markets real account and select the “Myfxbook AutoTrade” account type.
2. Connect your account with Myfxbook.
3. To connect your account with Myfxbook visit this page on their website.

How to Add your Trading Account on MyFxbook

To link your account to MyFxbook, follow these 5 steps;

1. Create an account on MyFxbook following the steps outlined above.
2. Click on portfolio and choose ‘ADD ACCOUNT’
3. Choose a platform from the drop down menu
4. Fill in your account details and click on create account.

You can choose between the EA, Auto-Update or Publisher Synchronisation Options.

The auto update option automatically syncs your trades to MyFxbook and is by far the most convenient option

The ‘EA’ option requires you to download and install an expert advisor to your trading terminal. The EA will then sync your trades to Myfxbook.

The publisher option syncs your account through the data transmission protocol and updates every 5 minutes.

How to Use MyFxbook for Forex Trading

Having access to MyFxbook is one thing, but how do you use it to become a better trader? Let’s look at some of the ways to use this tool;

1 Backtesting

Backtesting involves testing a trading system or strategy against historical data to see how it would have performed in the past. MyFxbook can be used for backtesting as you can generate trading reports from its portfolio section, which shows detailed statistics of your trades.

This is also useful for traders who use trading robots and automated systems, as it allows them to see how their system would have performed in the past.

2 For Progress Tracking

MyFxbook also makes it easier for traders to manage their accounts and track their progress. The portfolio section allows users to analyse their performance over time, identify strengths and weaknesses, and make informed decisions about their trading strategies.

3 As a Portfolio Management Tool

This involves tracking key parameters such as;

• Average profit and loss – This measures the performance of your trades on average. It’s a good indication of how your strategy is performing over time.
• Percentage drawdown – This measures the percentage decline in your account balance over time. It’s a good indication of how well you are managing risk.
• Average trade duration – This measures how long your trades stay open on average. Knowing this information can help you make better decisions about when to enter and exit trades.
• Win rate/loss rate – This tells you what percentage of your trades have been profitablehis data can be used to make informed decisions about your trades and assess the risk associated with particular strategies or instruments.

Final Thoughts

MyFxbook is a powerful tool for traders, offering analysis tools, portfolio tracking and trade management features. It also makes it easier to identify trends in the market and make informed decisions about your trading strategies. With its easy-to-use interface and intuitive dashboard, the platform is one of the most popular forex trading tools available today. Try it out today and see how it can help you become a better trader.