To use chat, please login.
Back to contacts

Myfxbook Autotrade

fxmath (fxmath)
Oct 26 2013 at 17:23
24 posts
Staff posted:
fxmath posted:
I'm concerned about a autotrade signal provider as a future suscriber. I was interested by the autotrade leader then I found out that he's misleading us. One of the requirements to be a signal provider is to have a drawdown no more than 50%. So, this guy customized his account start date from january 2013 to april 2013 and so showing stats from april only. With no custom start date he got a drawdown of 73.02% (not 44.12%), monthly gain of 31.23% (not 43.88%), gain of 474.29% (not 937.78%), a deposit of $500 (not $279.51). So this guy which is the autotrade leader now, is not even qualified to be a signal provider according to autotrade rules. I've tried to understand this by sending a message to myfxbook staff but they did not give me any explanation. So, this is to get their attention and to let people know about it. Here is the URL to the account I'm talking about:
https://www.myfxbook.com/members/autotrade/wood/730800


The criteria refers to the last 3 months of trading. We do allow the use of custom start before applying to AutoTrade, but once approved for AutoTrade, custom start is disabled.


There is a lot of accounts there that will blow people account easily and they can add it to autotrade by tricking the start date some way to show good results for 3 months only. Man, u really need to improve that because, it does not make sense and does not protect people money.

Always insure steady growth
Alpscalp (Alpscalp)
Oct 26 2013 at 20:19
113 posts
Totally agree. Really weird this..

jprize
Oct 26 2013 at 22:41
93 posts
Has anyone signed up with real account and can share their results? A lot of these guys average a few pips per trade.... The lag time and slippage can easily turn those little winners into losers for subscribers.

beren
Oct 27 2013 at 01:37
47 posts
jprize posted:
Has anyone signed up with real account and can share their results? A lot of these guys average a few pips per trade.... The lag time and slippage can easily turn those little winners into losers for subscribers.


Here's mine: https://www.myfxbook.com/members/beren/autotrade-live/671641

As you can see, I haven't had great results yet. I'm following StanOK, WallStreet Forex Robot EUR33+GBP30 REAL, and WallStreet Forex Robot REAL. Partially the problem is that they haven't been doing very well this month, but I also missed out on one big trade with StanOK that would have given me 12-15%. I missed the original trade due to slippage, but the trade was negative for the next 3-5 minutes before shooting off to a huge win. Ethan mentioned to me afterwards that they only retry trades every 15 minutes, which is a big problem for a system like StanOK that makes its gains on the occasional home run. In my opinion, AutoTrade should be retrying every 15 seconds, not every 15 minutes.

I'm going to keep my account open and see how things go. I have some ideas I'm playing with to try to catch temporary momentum on the ones that are doing well at any time, which I'm testing on some demo accounts. I started with the minimum balance and I'm not going to add more money to this account until I (hopefully) see some good returns.

CrazyTrader (CrazyTrader)
Oct 27 2013 at 02:01
1718 posts
Thank you for sharing.

'Ethan mentioned to me afterwards that they only retry trades every 15 minutes'

=> This is a HUGE problem that they better solve straight away! A retry must be executed every single ticks untill it opens the trade if market price is still near entry price from the provider.

15 min... lol, it's better just to forget about the order... we all know what can happen in 15 min into forex market.. Ethan must be kidding you.

Staff (Staff)
Oct 27 2013 at 12:13
1389 posts
fxmath posted:
Staff posted:
fxmath posted:
I'm concerned about a autotrade signal provider as a future suscriber. I was interested by the autotrade leader then I found out that he's misleading us. One of the requirements to be a signal provider is to have a drawdown no more than 50%. So, this guy customized his account start date from january 2013 to april 2013 and so showing stats from april only. With no custom start date he got a drawdown of 73.02% (not 44.12%), monthly gain of 31.23% (not 43.88%), gain of 474.29% (not 937.78%), a deposit of $500 (not $279.51). So this guy which is the autotrade leader now, is not even qualified to be a signal provider according to autotrade rules. I've tried to understand this by sending a message to myfxbook staff but they did not give me any explanation. So, this is to get their attention and to let people know about it. Here is the URL to the account I'm talking about:
https://www.myfxbook.com/members/autotrade/wood/730800


The criteria refers to the last 3 months of trading. We do allow the use of custom start before applying to AutoTrade, but once approved for AutoTrade, custom start is disabled.


There is a lot of accounts there that will blow people account easily and they can add it to autotrade by tricking the start date some way to show good results for 3 months only. Man, u really need to improve that because, it does not make sense and does not protect people money.


Are you sure it would make any difference? A trader can open 5 live accounts, trade all of them for 3 months and submit the accounts the match the criteria - we can only base our decision based on the available track record.

On the other hand, what if a trader fine tunes his system for a year or two (during which he experiences losses) and finally makes it successful, would you still ignore the trading system? You should keep that any successful trading system may experience losses at any time.

Staff (Staff)
Oct 27 2013 at 12:19
1389 posts
@beren @CrazyTrader

Trades aren't synced every 15 minutes but every 3 minutes (was 5 minutes at some point). I don't think syncing the trades on every tick is possible (or logical) but I will forward it to the dev team. Keep in mind that we don't accept scalping strategies, so this does not make much of a difference.

Syncing the trades every few minutes actually works for you and not against you as then you can get positive slippage, while syncing as soon as possible will usually result in a slightly better or equal trade entry versus the provider's.

CrazyTrader (CrazyTrader)
Oct 27 2013 at 12:44
1718 posts
Staff posted:
@beren @CrazyTrader

Trades aren't synced every 15 minutes but every 3 minutes (was 5 minutes at some point). I don't think syncing the trades on every tick is possible (or logical) but I will forward it to the dev team. Keep in mind that we don't accept scalping strategies, so this does not make much of a difference.

Syncing the trades every few minutes actually works for you and not against you as then you can get positive slippage, while syncing as soon as possible will usually result in a slightly better or equal trade entry versus the provider's.


Ok that's how you claim to get such positive slippage from provider's. Well syncing trades few minutes is probably good idea 90% of the time as entries' providers may not have the best timing so subscribers win few pips on each trade.

Hopefully I provide a system for autotrade soon on volatile pairs so my followers might complain if they don't get same entry because 3 min after could be most of the time negative slippage.

Does Synce mean delay all the entry order to 3 min or it's only when retrying placing orders?

Staff (Staff)
Oct 27 2013 at 13:00
1389 posts
CrazyTrader posted: Does Synce mean delay all the entry order to 3 min or it's only when retrying placing orders?


It is very important to understand the trades are copied in real time - only trades that cannot be copied due to slippage are being synced every few minutes - this results usually in better entries than the provider and overall, in better system performance.

CrazyTrader (CrazyTrader)
Oct 27 2013 at 14:20
1718 posts
Ok Thank you I got it.

Please login to comment .