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Myfxbook Autotrade

Ethan (Staff)
Nov 11 2013 at 12:58
1392 posts
samalphard posted:
Ethan,

When we add a signal provider(SP), the Autotrade straight away copy all the open positions of the SP to our account regardless of how large the DD or profit of the current positions. I don't think this is a good idea, especially when the SP have many open positions & already in huge DD or profit, this will create a huge gap between our positions & the SP's. The SP might close the position at anytime & will cause a lost on our side.

I think Autotrade should provide an option to allow us to choose which open position(s) of the SP we like to copy when adding them to our live account. Zulutrade have this option when we add a SP.

Copy ALL the open positions blindly when adding an SP is pure gambling! Think about it seriously.

Many of the SP keeps their open position & history private, unless we add them into our live account, we're unable to see if their strategy /system is within our tolerance. Even after we add to our live account, some SP still hide their lot sizing, SL & TP , I think trader should show all if want to become Autotrade signal provider or at least show to live followers.


Thanks



That is inaccurate. We copy only trades that can be copied with a better or an equal entry. Moreover, live followers can already see the open trades and closed trades of a provider.

Ethan (Staff)
Nov 11 2013 at 13:00
1392 posts
investisseurfr posted:
- Really mandatory too : knowing the broker of the signal provider. Some strategies will never work on different brokers due to market limitations. For example the stop loss minimum distance is really a problem for scalpers. The ONLY way to be sure to copy a trade is to trade with same broker as the signal provider or, at least, to detail broker minimum requirements (for example max spread = 5 pips, min stop loss distance = 3 pips, etc.) so we can check with our broker limits.


We do not allow scalping strategies and for that matter any strategy that can be majorly affected by slippage, which is why the minimal average trade profit is 10 pips.

Ethan (Staff)
Nov 11 2013 at 13:01
1392 posts
liberum posted:
What happens when a subsriber closes a trade manually, I read 2 different points on this.

First there is this from the FAQ:

'Can I close trades which were automatically opened by AutoTrade systems?
Although you can close the open trades/orders through your MT4 terminal, it is not recommended.
In order to match an AutoTrade system performance to yours, we have a protection system in place to make sure trades are copied under every circumstance. If you close a working trade which is still open in the AutoTrade system, it will be automatically restored, which will only cause you to pay extra spread fees.'

But from the Help section there is this:

Re-entering trades
'When you close a trade manually through your AutoTrade, you have the option to re-enter the trade at a better price automatically. This is very useful if you have a trade in profit which you want to close and if the price reaches the entry price again, the trade will be copied again - this way you can exit the trade with a profit several times in case the market ranges back and forth from the entry price.'


So in the Help section there is talk about an OPTION to re-enter a closed trade at the entry price, while in the FAQ it states it will be opened automatically right away.


Which explanation is right? If one is right and the other isn't, this should be edited to prevent more confusion.


You're right! 😄

The help section gives an accurate answer. The FAQ was written before there was an option to avoid a re-entry of a manually closed trade. I've forwarded it to the content team.

jprize
Nov 11 2013 at 13:41
93 posts
I cant find any OPTION TO RE-ENTER in the account settings...Can someone please give detailed instructions

jprize
Nov 11 2013 at 14:17
93 posts
jprize posted:
I cant find any OPTION TO RE-ENTER in the account settings...Can someone please give detailed instructions


OK...I found the answer in the help section...It appears you have the option to re-enter if you close the trade via the myfxbook portal...but not if you close it via metatrader.

Ethan (Staff)
Nov 11 2013 at 18:12
1392 posts
jprize posted:
jprize posted:
I cant find any OPTION TO RE-ENTER in the account settings...Can someone please give detailed instructions


OK...I found the answer in the help section...It appears you have the option to re-enter if you close the trade via the myfxbook portal...but not if you close it via metatrader.


That is correct as it is one of AutoTrade's unique features, not of MT4's. 😄

liberum
Nov 13 2013 at 21:06
10 posts
@Staff Maybe you can also forward to the content team the minimum of 100 trades for the provider.

The FAQ hasn't been updated about this, while the requirement for the provider is in place for a few weeks.

ovidiubenone
Nov 14 2013 at 15:24
6 posts
@Ethan
As I seen in Simulater in an longer period of trading if you reinvest all the profits or you take them out is no diffrence in the long term trading! This is in live trade too? Do you do not have any option that on the end of each month to refrash the money management on actual Balance and not on the first started Balance?

Trade feelingless!
russ
Nov 18 2013 at 08:02
6 posts
I just found this thread Ethan. I emailed you regarding the 'wood' AutoTrade system being closed (thank-you for your reply). It is still closed (I thought it was open again but it is just open to be followed, not traded).
I don't understand your reasoning for removing it. The risk was too high was your reasoning but the risk is managed by the client, not the trader. The amount risked, as I understand the AutoTrader, can be 1:1 with the trader but can be reduced to as little as 10% of the traders risk. I assume some of the brokers which are available to be used have Micro accounts available so this risk can be managed very easily. What have I gotten wrong here?
The concern I have over the closed trades is that the system is designed to close the trades and if they are closed manually (as I assume you did when you withdrew the system from AutoTrade) this introduces risk into the system. There will be losses where there would have been gains and reduced gains also. So losses and opportunity costs. I am looking at a couple of other systems in AutoTrade which I am and am about to demo, but if there is this risk of un-systematic trading likely to happen, I am not sure I am confident to bother. Can you please give me an explanation of these two points?
I was quite excited about the AutoTrade, but now, if it is likely that the systems can be altered, they are no longer systems which I have demoed.
Thanks Ethan

test back, look forward
Ethan (Staff)
Nov 18 2013 at 15:26
1392 posts
ovidiubenone posted:
@Ethan
As I seen in Simulater in an longer period of trading if you reinvest all the profits or you take them out is no diffrence in the long term trading! This is in live trade too? Do you do not have any option that on the end of each month to refrash the money management on actual Balance and not on the first started Balance?


The simulator compounds all profits by default as the lot size is recalculated at each trade open based on the balance of the account - if the balance increases, so is the lot size and vice versa.

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