We’re happy to announce a new trading contest, available this time for US and Japanese traders only (if you’re not from US/Japan, please click here), sponsored by Forex Broker Inc; a total of $5000 in prizes will be given out to the top traders!
Registration starts today (April 15th) and will be open until May 1st. The competition will be held for a month and will start with a starting balance of $20,000 (demo account) and a leverage of 1:500.
In total, 5 prizes will be given out to top 5 traders:
We’re very excited to announce a new trading contest sponsored by TenkoFX; The contest’s prize fund is the largest ever, with $10,001 in prizes!
TenkoFX Contest
Registration starts today (March 1st) and will be open until March 16th. The competition will be held for a month and will start with a starting balance of $10,000 (demo account) and a leverage of 1:200.
In total, 5 prizes will be given out to top 5 traders:
A new year has started and we haven’t stopped development! 3 new features were added this week based on your feedback:
Community outlook notifications – you can now set unlimited, pre-determined levels for the community outlook, per symbol, to be notified in real time once those levels are breached. You can set either a long or a short notification based on percentage, volume, or positions.
Community Outlook Notifications
Open positions Exposure – when trading multiple currency pairs in different directions or scaling in and out of a position, it is difficult to understand your current total exposure, but no more – you now have an exposure tab which will reveal you in one quick look the exact exposure of your account to the market – you will see total lots, total profits and average entry price based on a currency pair which can also be broken down based on trade direction. For example with the image below, you can see that 15 open trades show in the Exposure tab as only 4, which is simpler and easier to understand:
(Keep in mind the exposure tab inherits the same privacy settings of your open trades, ie for example if you hide open trades, the exposure data will be also hidden).
Trade Management when AutoTrade provider is disqualified – up until now, when a system was disqualified from AutoTrade, any of its open positions were automatically closed in follower accounts. Now you can control this setting in case you wish to leave such trades open (these settings can be accessed from the main AutoTrade page, by clicking the settings icon ):
AutoTrade Settings
We’re working on some new sections for Myfxbook so stay tuned :).
Winners, you’ll be contacted by Excel Markets to claim your prizes.
Moving on to the contest’s analysis:
Excel Markets Contest Analysis
If you click on the above info-graphic, you’ll find the following data:
– 26% of accounts didn’t open a single trade. Out of the remaining 74%, only 9% of accounts were profitable while 65% lost money.
– Almost 40% of accounts got margin called
– The 1st place ended way ahead of the competitors.
– Winning and losing accounts had almost identical trade profitability (66% win, 34% losses)
– Winning accounts had 5 times a larger average win (16 pips) versus the losing accounts (3 pips) yet also a 7 times larger average loss (-21 pips) vs the losing accounts (only -3 pips).
This week we’ve upgraded community outlook – as per your request, we’ve added 47 currency pairs which will help you understand the current positioning of the Myfxbook community and this is the full list:
As the list grew longer, we had to remove the chart from the main outlook section and place it inside each currency pair.
Entering a sepcific symbol will reveal the positional chart based on the timeframe and the positinal data such as total volume and number of positions per short or long.
Moreover, you can now adjust which symbols to show in the dashboard in the community outlook box:
We’re happy to announce a new trading contest sponsored by Excel Markets! This time around, a total of $10,000 will be given out to the top 10 traders:
1st place – $5000
2nd place – $2000
3rd place – $1000
4th place – $500
5th place – $500
6th-10th place – $200
Important to note that there is no requirement to open an account with the broker – the winners will receive the prize money in cash, according to their preferred payment method.
As the leading social forex analytical service, we always work hard to add features which improve the analysis capabilities of your Forex trading account, however this time around, we’re improving the social aspect of Myfxbook 🙂
This is a feature that has been asked since day one and we’re very excited to add this capability to Myfxbook – a real time chat!
You now can have your own contact list which you can access by clicking the bottom (new) chat icon:
New Chat Icon
Clicking on a username in the contact list will open a chat window:
Contacts Chat
This new contact list and real time chat will help you to keep in touch with your contacts and chat with them in real time whenever they’re online – you are able to chat with multiple contacts simultaneously!
To add a user to you contact list, simply go to a user’s page and click the new ‘Add Contact’ button:
Add Contact Button
If you have any suggestions or feedback, as always, let us know!
We’re happy to announce of a new section called Liquidity – as many users asked, we’ve created a real time liquidity chart based on the data of multiple brokers and currencies:
Forex Liquidity
The liquidity chart provides a very quick way to analyze and estimate the current forex market liquidity and also compare the liquidity averages of different sessions.
Another update is the addition of Pepperstone to AutoTrade!
Pepperstone AutoTrade
You can now open an account with Pepperstone to have it automatically traded with AutoTrade.
We have many exciting features coming up in the next few weeks so stay tuned!
An important update regarding the latest contest; As a general rule, we try to look for a big variety of contest sponsors to be able to accept all traders so no one left out of the competition, as not all brokers can operate all over.
This failed us with our latest sponsor, Andromex. They have disappeared before delivering the prizes to the winners (website is down and phones are disconnected). Obviously all of the competitors worked very hard (especially the winners) so just to let you know that we are doing all we can to track down the broker and hopefully to have some news soon.
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