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Fatal flaw with track record verification vote results

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Fatal flaw with track record verification Discussion

stephanusR (stephanusR)
May 20 2010 at 11:36
216 posts
Go to your MT4 terminal click on Account history, right click and select one day custom period. You can thus select which days of your real or demo accounts you wish to have uploaded. Even though your profile might say track record verified and trading privileges true, you can game the system by only selectively uploading your results for either demo or real. This would explain the impossible returns of 2000% on some of the real systems. Something which in true life isn't possible because the markets follows a random walk.

biqut2 (biqut2)
May 20 2010 at 14:40
33 posts
I think this is indicated when you look at a system and it says it has a custom start date. I may very well be wrong though.

stephanusR (stephanusR)
May 20 2010 at 18:44
216 posts
biqut2 posted:
    I think this is indicated when you look at a system and it says it has a custom start date. I may very well be wrong though.


Nothing to do with that. This afternoon I had over 100 pips profit on Yen and oil and clicked only for today under custom dates, then uploaded. My account went to 116%. Then I clicked all history uploaded again to myfxbook and it came down to 111% gain because yesterday I had losses on the Euro. Now imagine if you were to do this everytime you had a positive trade for the day, you will wind up with over 2000% gain or whatever.

At present you can upload only specific dates, thus as a verification system of real or demo the system is broken, trade verification is done, yes, done only on those trades you would wish to have verified!

Only solution to this problem is to run a zulutrade.com and stocktwits.com account and link it with myfxbook

Staff (Staff)
May 22 2010 at 08:23
1390 posts

stephanusR posted:
    
biqut2 posted:
    I think this is indicated when you look at a system and it says it has a custom start date. I may very well be wrong though.


Nothing to do with that. This afternoon I had over 100 pips profit on Yen and oil and clicked only for today under custom dates, then uploaded. My account went to 116%. Then I clicked all history uploaded again to myfxbook and it came down to 111% gain because yesterday I had losses on the Euro. Now imagine if you were to do this everytime you had a positive trade for the day, you will wind up with over 2000% gain or whatever.

At present you can upload only specific dates, thus as a verification system of real or demo the system is broken, trade verification is done, yes, done only on those trades you would wish to have verified!

Only solution to this problem is to run a zulutrade.com and stocktwits.com account and link it with myfxbook


Hello stephanusR,

This is actually incorrect since once you upload your statement our verification system connects directly to the broker and compares all of the tickets of the statement to the REAL tickets from the broker - it will detect and fill missing tickets (even if you didnt upload it in the statement) and your account will be recalculated automatically.
(In your case it just didnt had enough time to complete the verification - since it runs every 6 hours after the initial verification).

Nevertheless , you can always request the investor password from the trader to be sure 100%.

Let us know if you have anymore questions.



stephanusR (stephanusR)
May 23 2010 at 09:18
216 posts
Staff posted:
This is actually incorrect since once you upload your statement our verification system connects directly to the broker and compares all of the tickets of the statement to the REAL tickets from the broker - it will detect and fill missing tickets (even if you didnt upload it in the statement) and your account will be recalculated automatically.
(In your case it just didnt had enough time to complete the verification - since it runs every 6 hours after the initial verification).


As far as I know Zulutrade.com has a software patent , which is why my Fxpro account is updated without me having to upload anything to Zulutrade, they pull it directly from the servers. But since they have a patent only they can do so(which is why software patents must be banned). If indeed you pull it of the Fxpro server then why do I have to upload anything? Not even collective2.com pulls any trades from the fxpro server, mt4 has an EA (c2) that signals a trade to collective2.com . Not sure about any of this clarification would be welcome.

There are to many accounts posting 2000% gain, which is obvious nonsense, because none of these 2mil% gain accounts ever share their .zulutrade.com or stocktwits.com accounts, they are frauds out to sell EA systems that they ran on cloud computers, running hundreds of simultaneous myfxbook.com accounts.

Next time I have a losing day, will try and game the system, can't do so at the moment since my account at https://www.myfxbook.com/portfolio/eurusd-trades/13594 made a new high.


Staff (Staff)
May 23 2010 at 10:18
1390 posts
stephanusR, we do connect directly to your account. If an account is verified, then it's performance is indeed real.

ranesh (ranesh)
May 29 2010 at 01:28
257 posts
The same thought crossed my mind as I read your 1st respsonse about verifying directly with the server records. If you are able to do that, then why not go one step further and eliminate us having to publish/upload to myfxbook? This will eliminate any attempt by anyone to publish incorrect/misleading trading records as discovered quite by chance by Stephanus, although based on your explanation the maximum time such records will be up would be for 6hrs between direct server verification.

From a technical point of view, maybe you are not already doing this due to bandwidth/load constraints etc... and the broker probably wouldn't want you to be hogging their servers/bandwidth etc either.

What you can do is this though :

Similar to the 'Last Updated' time (ie: xx mins ago) in the stats, you can have another one directly below that which says 'Last Verified' time (ie: xx mins ago) as well, although you have indicated a timestamp of the last verification at the top... this seems to be your server-time.

The reason I use myfxbook despite other free services which provide more analytical stats, is because of myfxbook's authenticity in verifying trading records independently, which give potential managed-account clients a boost in confidence. So in my opinion, you should do whatever is needed to ensure that this independent verification process is rock solid and fool-proof.




Staff (Staff)
May 29 2010 at 10:11
1390 posts
Yes, we do not depend solely on the verification system as it can't be updated as frequently as with the MetaTrader publisher/EA due to load constraints on the broker's side.

In any way, the verification system works very well as it is and we've yet to find a way to bypass it.

ranesh (ranesh)
May 29 2010 at 16:56
257 posts
Maybe you can implement my suggestion above on displaying the amount of time lapsed since the last verification.

Staff (Staff)
May 30 2010 at 05:09
1390 posts

ranesh posted:
    Maybe you can implement my suggestion above on displaying the amount of time lapsed since the last verification.


Yes, it's possible.

Thanks!

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