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Myfxbook Autotrade

Mar 06, 2013 at 06:51
52,256 Views
943 Replies
Member Since May 15, 2012   9 posts
Feb 22, 2018 at 08:31
I am getting the following message when I try to access my Autotrade accounts.
'Notice! This service is currently unavailable in your country.'

Is this a temporary error? or are USA subscribers now permanently banned from autotrading on MyFXBook?
 
Member Since Oct 25, 2009   88 posts
Feb 22, 2018 at 14:47
Is there anyone else here who is/has subscribing/ed to the system 'R2M Pro'? I subscribed on December 8, and since then the system has been losing money extremely consistently.....

One or two bad months is tolerable, but it's been close to 3 months and during this period drawdown increased from about 5% to 22%, it's ridiculous. The only reason I haven't left the system already is because the author's account is funded with a fairly respectable 13,248 GBP (was about 16,400 GBP when I subscribed...).

With no way of communicating with the provider, it is also not possible at all to know what is going on. All in all, I have lost about 600 USD through various Autotrade systems over the past 15 months and have so far subscribed to a majority of the (at the time) better systems...
Whoever said money can't buy happiness didn't know where to shop.
Member Since Mar 20, 2011   44 posts
Feb 23, 2018 at 01:18
siginvestfx posted:
I am getting the following message when I try to access my Autotrade accounts.
'Notice! This service is currently unavailable in your country.'

Is this a temporary error? or are USA subscribers now permanently banned from autotrading on MyFXBook?
 


I think we are being locked out of yet another opportunity to escape our plebeian existence.
Member Since Apr 18, 2017   920 posts
Feb 23, 2018 at 10:06
Yonex posted:
Is there anyone else here who is/has subscribing/ed to the system 'R2M Pro'? I subscribed on December 8, and since then the system has been losing money extremely consistently.....

One or two bad months is tolerable, but it's been close to 3 months and during this period drawdown increased from about 5% to 22%, it's ridiculous. The only reason I haven't left the system already is because the author's account is funded with a fairly respectable 13,248 GBP (was about 16,400 GBP when I subscribed...).

With no way of communicating with the provider, it is also not possible at all to know what is going on. All in all, I have lost about 600 USD through various Autotrade systems over the past 15 months and have so far subscribed to a majority of the (at the time) better systems...

That was the age of trader’s account? Was that too young (less than one year)?
Member Since Jan 18, 2018   1 posts
Feb 26, 2018 at 11:50
I've had bad experience with Auto Trade, even by following the 'better systems'. I then switched to another myfxbook service called signalstart, signed up to trial, purchased subscription to the top account and the next day, he lost $600 USD opening 70 trades!

Bad experiences with copy trading so far with systems powered by Myfxbook. Having a hard time finding a good copy trading system..
Member Since Jul 22, 2017   3 posts
Mar 02, 2018 at 09:46
How are auto trade providers paid on myfxbook? Paypal? Skrill? BTC?
Anyone know?
“Believe it can be done. When you believe something can be done, really believe, your mind will find the ways to do it. Believing a solution paves the way to solution.” ― David J. Schwartz
Member Since Mar 20, 2011   44 posts
Mar 02, 2018 at 15:09
Myra11 posted:
How are auto trade providers paid on myfxbook? Paypal? Skrill? BTC?
Anyone know?

It's all in the FAQ section.
Member Since Jul 22, 2017   3 posts
Mar 04, 2018 at 05:58
OnTheEdge posted:
Myra11 posted:
How are auto trade providers paid on myfxbook? Paypal? Skrill? BTC?
Anyone know?

It's all in the FAQ section.

Actually, NO, my question is not in the autotrade FAQ. I'm very familiar with that page and the information provided. That is why I posted my question here. But disregard, as I've asked support the question and they obliged with an answer.

'Payment is made by Paypal (2% fee) or Wire Transfer ($40) - minimal balance to withdraw is $100 - you can decide when you want to withdraw the money (withdrawal may take up to 7 business days).'

If all that info is there on the FAQ page, then I must be blind.
“Believe it can be done. When you believe something can be done, really believe, your mind will find the ways to do it. Believing a solution paves the way to solution.” ― David J. Schwartz
Member Since Mar 20, 2011   44 posts
Mar 05, 2018 at 08:55
@Lucas

Your right, it was answered sometime back in this thread, my apologies. As they have discontinued US based traders support for Autotrade rest assured I wont be back. Again my apologies.
Member Since Jan 23, 2017   13 posts
Mar 09, 2018 at 09:19
I use Pepperstone as my Autotrade Account - then copy the trades to JFD and IC Markets - copying is done on my PC instantly.

Now I found that JFD and IC Market close the trades at exactly the same time - but the spread is huge nearly 100pips

Can anyone give me an explanation for this ?
That way copying trades makes no sense at all !

Pepperstone - the 2,20 is comission


JFD


IC Markets


Attachments:

technobilder@
Member Since Jan 23, 2017   13 posts
Mar 09, 2018 at 09:19
Correct JFD file for 2nd example




Attachments:

technobilder@
Member Since Aug 05, 2016   133 posts
Mar 11, 2018 at 07:25
PhilTrader posted:
Correct JFD file for 2nd example





Only thing that I can think of is Spreads and illiquid markets at time of closing.
There can be slippage from master to slave, depending on where servers are located at different accts.
Also the spreads may differ from broker to broker, but my guess is slippage not spread.
PAM Fund (Mount Cook Financial). Please vouch for my system. “Learn from your mistakes and do not give up!”
Member Since Jul 06, 2017   1 posts
Mar 23, 2018 at 12:48
hello, can someone please clarify what exactly is the account_currency_ratio in the formula that myfxbook uses to calculate follower lots size? Here is the full formula (source: https://www.myfxbook.com/autotrade/help#help_9)

account_currency_ratio = follower_account_currency to provider_account_currency ratio

Is this just another way of saying exchange rate? Ie. if the follower account is JPY and the system's account is NZD, this would be JPYNZD=1/NZDJPY at that time of trade execution?

Thanks for your help
Member Since Mar 28, 2016   93 posts
Jul 30, 2018 at 06:04
Hello
ok
Member Since Apr 08, 2011   153 posts
Aug 13, 2018 at 00:57
Is anyone making money by copying the signals? They seem to charge a spread mark-up for every broker that supports Autotrade. Here is the answer from IC Markets for example:


'Thank you very much for contacting IC Markets.

Kindly be advised this is due to you being under myfxbook autotrade.

Please note that myfxbook autotrade charges a spread mark up for use of their service which is 0.6 pip.

Therefore the minimum spread charge is 1.6 pips.

This due to you being connected to them otherwise if you were not and you had a True ECN account spread will be at no mark up and be at 0.6.

Please let us know if you require further information and we will be more than happy to assist.'


With that heavily increased spread, I don´t see how one could for example copy the signals of all the night scalping systems that go for small pip profits on exotic pairs.
Member Since Jan 23, 2017   13 posts
Aug 13, 2018 at 06:36
I use IC Market myself (plus Pepperstone and JFD) and all I can say is that if you copy Autotrade signals your earnings are way higher than any additional pips that the broker adds.

If a copied signal earns me 100 EUR I dont care if I could have made 102 EUR without that extra spread - that 2 EUR I happily pay because it saves me the hassle of trading myself !

BUT - if you do autotrade with just a 1000 EUR depot then sure your additional pips are 'higher' as if your depot would be at 10.000 EUR - thats why I always tell people to at least use a live depot with 15K money in it.
technobilder@
Member Since Jan 23, 2017   13 posts
Aug 13, 2018 at 06:37
And sure - if you want to go for those scalping signals you should be on the safe side - if your copied signal is always under 0.1 lot - FORGET IT !
technobilder@
Member Since Dec 04, 2017   11 posts
Aug 14, 2018 at 06:47
PhilTrader posted:
I use IC Market myself (plus Pepperstone and JFD) and all I can say is that if you copy Autotrade signals your earnings are way higher than any additional pips that the broker adds.

If a copied signal earns me 100 EUR I dont care if I could have made 102 EUR without that extra spread - that 2 EUR I happily pay because it saves me the hassle of trading myself !

BUT - if you do autotrade with just a 1000 EUR depot then sure your additional pips are 'higher' as if your depot would be at 10.000 EUR - thats why I always tell people to at least use a live depot with 15K money in it.

Just consider what you wrote, just simple math, bigger depot means bigger lot size, results in higher amount for extra spread
Member Since Sep 25, 2015   2 posts
Aug 29, 2018 at 14:16
I'm interested to know who people use to do their autotrades. I'm finding that regardless of the gains from the trader I'm losing money due to fees / slippage.... thanks, Nick
Member Since Sep 25, 2015   2 posts
Aug 29, 2018 at 14:16
geektrader posted:
Is anyone making money by copying the signals? They seem to charge a spread mark-up for every broker that supports Autotrade. Here is the answer from IC Markets for example:


'Thank you very much for contacting IC Markets.

Kindly be advised this is due to you being under myfxbook autotrade.

Please note that myfxbook autotrade charges a spread mark up for use of their service which is 0.6 pip.

Therefore the minimum spread charge is 1.6 pips.

This due to you being connected to them otherwise if you were not and you had a True ECN account spread will be at no mark up and be at 0.6.

Please let us know if you require further information and we will be more than happy to assist.'


With that heavily increased spread, I don´t see how one could for example copy the signals of all the night scalping systems that go for small pip profits on exotic pairs.
I'd be interested in having a chat if you can provide better services / terms?
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