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Myfxbook Autotrade

Nordhoff
May 01 2013 at 15:08
21 posts
i think myfxbook need to try and get more providers as at the moment there are not many that i am comfortable enough to follow, maybe myfxbook should try to incentivise traders who look as if they have very good statistics over a long period of time. Or perhaps many dont even know auto trade exist... so perhaps a big advertising push?

petays
May 01 2013 at 16:10
86 posts
I think those who are 'good enough' for auto trade doesn't need to advertise here at all?
It seems to me that looking at older Myfxbook or ZuluTrade forums post those 'older' successful much talked about systems or traders have all disappeared lately.
Either they have quit or became so successful that they find their customers other ways.
Or managed to trade just by their own money which is the best thing.
And I would not take any customers from Myfxbook forums because they are so demanding and would just be PITA to keep them happy all the time 😉

There is not such a thing as consistently profitable trader with over 2 years public statistics here, or is there!
If there is they don't need outside money to make living of trading by now.

Most account managers here are just wannabe traders that never could handle 1M accounts - and nobody would trust so much money for them anyway (for obvious reasons).
Playing with 5-10K accounts is different thing for both traders and investors alike. A nice hobby.

I've found here two manual traders and one robot I follow.
Just three weeks so there is not much to comment their performance but my account is still green and that's good thing.

I think advertising would not be very beneficial because where would those good traders or systems come?
Most money managers out there should be aware of Myfxbook auto trade option.
But 'good' results or transparent results are maybe the reason they stay out?

Being Bearish or Bullish Makes No Difference
SIM
pip2cash
May 02 2013 at 05:46
423 posts
Nordhoff posted:
i think myfxbook need to try and get more providers as at the moment there are not many that i am comfortable enough to follow, maybe myfxbook should try to incentivise traders who look as if they have very good statistics over a long period of time. Or perhaps many dont even know auto trade exist... so perhaps a big advertising push?


Hi,

There are strict rules for traders to qualify as provider. I think it is not a matter of advertising to 'recruit' more providers. If followers/investors do not pay a fee, i think it is not easy for myfxbook to some how have direct incentive for providers. Unless follower pay more spread.

Regards,
SIM

Aimak Rokalno (Aimak)
May 07 2013 at 09:50
149 posts
The new features are awesome!

Two suggestions,

Could you add tags, or else, to the auto trading account so I can use the custom analysis to filter out trades per provider? At this moment I cant figure out how to review each provider performance in my auto trading account.

Could you consider setting up sending automatic invitations to become provider to those accounts that meet the conditions? This way becoming and being a provider would be more transparent. The provider status could be then revoked or put on hold when the account performance drops below the set conditions. Everything automatically managed.

cheers,
Aimak


exquisite entries with calculated exits
Ethan (Staff)
May 07 2013 at 10:45
1401 posts
Aimak posted:
The new features are awesome!

Two suggestions,

Could you add tags, or else, to the auto trading account so I can use the custom analysis to filter out trades per provider? At this moment I cant figure out how to review each provider performance in my auto trading account.

Could you consider setting up sending automatic invitations to become provider to those accounts that meet the conditions? This way becoming and being a provider would be more transparent. The provider status could be then revoked or put on hold when the account performance drops below the set conditions. Everything automatically managed.

cheers,
Aimak



A very valuable feedback! 😄

You can analyze AutoTrade providers using the AutoTrade tab: https://www.myfxbook.com/autotrade/help#help_13

I've forwarded the other suggestions to the dev team.

Bistro 2000 im Kudamm Karree (bistro)
May 07 2013 at 15:05
20 posts
Opening an FXCM account via MyFxBook AutoTrade gets you their basic NDD account. Have you folks seen the spread pricing for that?

https://www.fxcm.com/advantages/forex-spreads-pricing/

The spread prices are so high that a few EAs will probably trip up.

If FXCM stays the only supported broker, I recommend that MyFxBook use their influence to try and get everyone they introduce to FXCM the ACTIVE TRADER rates which are a lot lower.

Alternatively, I'd like to see a broker like Armarda Markets (no I'm not trying to advertise) which has much tighter spreads here:

https://www.armadamarkets.com/fx-trading/fx-traders-pick-us/

::

One thing I don't understand is why AutoTrade trade history is not showing up in myfxbook.com's portfolio/member pages. The only way I can see current trades is by logging in, clicking AutoTrade and then the manage button. The portfolio/member page stats of the associated account all remain at zero.

Die Berliner Bierstube
Ethan (Staff)
May 07 2013 at 15:25
1401 posts
bistro posted:
Opening an FXCM account via MyFxBook AutoTrade gets you their basic NDD account. Have you folks seen the spread pricing for that?

https://www.fxcm.com/advantages/forex-spreads-pricing/
.


We'll be adding more brokers in the future, however in any case, we've yet to find any similar service charging lower fees, in fact, AutoTrade offers the best pricing for such a service.

jprize
May 07 2013 at 16:46
93 posts
Ethan....You do know that the FXCM (UK) accounts you offer cannot accept US residents...don't you?

ect112
May 07 2013 at 17:31
1 posts
i have a question do auto trade copies a position to system which i subscribed even im not login?

petays
May 07 2013 at 17:33
86 posts
ect112 posted:
i have a question do auto trade copies a position to system which i subscribed even im not login?


Yes of course, it is hands free trading.

Being Bearish or Bullish Makes No Difference
k789k
May 07 2013 at 18:46
3 posts
Could you add the option to track signal provider names in the Trading activity-history tab or into autotrade page (near open trades/ orders tabs)? Thank you!

Ethan (Staff)
May 08 2013 at 07:22
1401 posts
jprize posted:
Ethan....You do know that the FXCM (UK) accounts you offer cannot accept US residents...don't you?


Yes. The regulation in the US prohibits us from accepting US clients at this time (just like the broker).

Ethan (Staff)
May 08 2013 at 07:23
1401 posts
k789k posted:
Could you add the option to track signal provider names in the Trading activity-history tab or into autotrade page (near open trades/ orders tabs)? Thank you!


You already have the provider avatar and system name. Isn't that enough?

beren
May 08 2013 at 14:01
47 posts
Staff posted:
k789k posted:
Could you add the option to track signal provider names in the Trading activity-history tab or into autotrade page (near open trades/ orders tabs)? Thank you!


You already have the provider avatar and system name. Isn't that enough?


That's in the open trades under the AutoTrade menu. There's no way do custom analysis by provider, or to see which provider initiated which closed trades.

beren
May 08 2013 at 14:01
47 posts
Staff posted:
k789k posted:
Could you add the option to track signal provider names in the Trading activity-history tab or into autotrade page (near open trades/ orders tabs)? Thank you!


You already have the provider avatar and system name. Isn't that enough?


That's under the AutoTrade tab, and it shows open trades and orders. There's no way to do custom analysis on closed trades by provider, or to see which provider initiated which closed trade.

This is a very important piece, in my opinion. Because we can only have one AutoTrade demo account, I am trading quite a few systems simultaneously to see how they do. I want to be able to ananlyze their history in detail against their posted accounts, and be able to perform other analyses on my trading history for each specific provider. There's no way to do that at the moment.

Nova Trader (JuanDavidV)
May 08 2013 at 19:47
13 posts
Would be great to be able to backtest / simulate your portfolio settings (kind of like you do it in ZuluTrade) while at the same time obtaining some of the usual MyFxBook analysis from that backtest. Think it would be a great addition!

Plan for the worst and hope for the best - Check my PAMM Account!
drgoodvibe
May 08 2013 at 20:47
22 posts
Are OANDA brokers as a signal provider not allowed? It doesn't seem that they are MT4 approved despite the fact that I use MT4 for my OANDA accounts.

Get up, dust yourself off.. and ride!
rob559
May 08 2013 at 21:56
1916 posts
you should let investors decide whatever system they like and want to follow ,too much restrictions here

forex_trader_[3734]
May 09 2013 at 13:38
33 posts
rob559 posted:
you should let investors decide whatever system they like and want to follow ,too much restrictions here


I don't agree. System selection is the main area of diversification and value-adding versus other (bad) services, like zulu.

petays
May 09 2013 at 14:27
86 posts
jagui posted:
rob559 posted:
you should let investors decide whatever system they like and want to follow ,too much restrictions here


I don't agree. System selection is the main area of diversification and value-adding versus other (bad) services, like zulu.


Agree!

Zulu has single decent trader and Myfxbook has at least 2-3.
Comparing available systems Myfxbook has absolutely best selection of good systems to follow (compared to crappy systems).
And they are improving UI and functionality all the time so this is getting better every week!

Zulu is currently better in most aspects but it just lacks good long running consistent systems.
And there have been none if you look at their forums and look what systems there has been popular over the years.
None of them exists anymore.
And there is a reason for that - statistically fluent people can elaborate this matter more.
Even though I have noticed that those who should listen just shut theirs ears from reality in hope of quick gains.

Being Bearish or Bullish Makes No Difference
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