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Discussion Fatal flaw with track record verification

May 20, 2010 at 11:36
Vues 1,269
16 Replies
Membre depuis Aug 20, 2009   posts 216
May 20, 2010 at 11:36
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.
Membre depuis Apr 11, 2010   posts 33
May 20, 2010 at 14:40
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.
Membre depuis Aug 20, 2009   posts 216
May 20, 2010 at 18:44 (édité May 20, 2010 at 18:57)
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
Membre depuis Jul 31, 2009   posts 1444
May 22, 2010 at 08:23

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.


Membre depuis Aug 20, 2009   posts 216
May 23, 2010 at 09:18 (édité May 23, 2010 at 09:44)
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.

Membre depuis Jul 31, 2009   posts 1444
May 23, 2010 at 10:18
stephanusR, we do connect directly to your account. If an account is verified, then it's performance is indeed real.
Membre depuis Jan 28, 2010   posts 257
May 29, 2010 at 01:28 (édité May 29, 2010 at 01:30)
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.



Membre depuis Jul 31, 2009   posts 1444
May 29, 2010 at 10:11
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.
Membre depuis Jan 28, 2010   posts 257
May 29, 2010 at 16:56
Maybe you can implement my suggestion above on displaying the amount of time lapsed since the last verification.
Membre depuis Jul 31, 2009   posts 1444
May 30, 2010 at 05:09

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!
Membre depuis Aug 20, 2009   posts 216
May 31, 2010 at 09:53

Staff posted:
    stephanusR, we do connect directly to your account. If an account is verified, then it's performance is indeed real.

The last two trading sessions I have only uploaded my forex gains. There is losses on my SP500 trades. Thus my actual equity gain is around 115% and not 123% as presently displayed. The losing SP500 trades are not being displayed on myfxbook because I haven't uploaded them, one can choose which specific days and which not to upload from MT4.
Membre depuis Jul 31, 2009   posts 1444
May 31, 2010 at 10:01

stephanusR posted:
    
Staff posted:
    stephanusR, we do connect directly to your account. If an account is verified, then it's performance is indeed real.

The last two trading sessions I have only uploaded my forex gains. There is losses on my SP500 trades. Thus my actual equity gain is around 115% and not 123% as presently displayed. The losing SP500 trades are not being displayed on myfxbook because I haven't uploaded them, one can choose which specific days and which not to upload from MT4.

The system takes into account a possible margin of error - in terms of deposits, profits, balance etc' - if it's within the allowed margin, the account is still verified. On the next verification cycle, the system will automatically complete the 'missing' trades and will fix any wrong/incorrect trades, so it's not possible to select specific days for upload.
Membre depuis Aug 20, 2009   posts 216
May 31, 2010 at 14:21
Staff posted:
The system takes into account a possible margin of error - in terms of deposits, profits, balance etc' - if it's within the allowed margin, the account is still verified. On the next verification cycle, the system will automatically complete the 'missing' trades and will fix any wrong/incorrect trades, so it's not possible to select specific days for upload.

The #EPM0 losses were on 24 May 2010, they still don't reflect on my account because I have not uploaded that losing day as per MT4 date selection criteria. Yet I have uploaded 27, 28, 31 May 2010 forex trades (there were'nt Dow or SP500 trades). As posted only a certain signal provider service located in Greece that possess a software patent has direct access to the servers. Nobody else can get access to anybody's trade data directly from a server.
Membre depuis Jul 31, 2009   posts 1444
Jun 01, 2010 at 10:55

stephanusR posted:
    
Staff posted:
The system takes into account a possible margin of error - in terms of deposits, profits, balance etc' - if it's within the allowed margin, the account is still verified. On the next verification cycle, the system will automatically complete the 'missing' trades and will fix any wrong/incorrect trades, so it's not possible to select specific days for upload.

The #EPM0 losses were on 24 May 2010, they still don't reflect on my account because I have not uploaded that losing day as per MT4 date selection criteria. Yet I have uploaded 27, 28, 31 May 2010 forex trades (there were'nt Dow or SP500 trades). As posted only a certain signal provider service located in Greece that possess a software patent has direct access to the servers. Nobody else can get access to anybody's trade data directly from a server.

Stephanus, you were correct - we've made some tests, and there was indeed an issue with your account - it was just fixed. Some other accounts might have been affected, so all accounts should be recalculated within a day just in case.

Thanks for your feedback. 😄
Membre depuis Aug 20, 2009   posts 216
Jun 01, 2010 at 11:16

Staff posted:
    
stephanusR posted:
    
Staff posted:
The system takes into account a possible margin of error - in terms of deposits, profits, balance etc' - if it's within the allowed margin, the account is still verified. On the next verification cycle, the system will automatically complete the 'missing' trades and will fix any wrong/incorrect trades, so it's not possible to select specific days for upload.

The #EPM0 losses were on 24 May 2010, they still don't reflect on my account because I have not uploaded that losing day as per MT4 date selection criteria. Yet I have uploaded 27, 28, 31 May 2010 forex trades (there were'nt Dow or SP500 trades). As posted only a certain signal provider service located in Greece that possess a software patent has direct access to the servers. Nobody else can get access to anybody's trade data directly from a server.

Stephanus, you were correct - we've made some tests, and there was indeed an issue with your account - it was just fixed. Some other accounts might have been affected, so all accounts should be recalculated within a day just in case.

Thanks for your feedback. 😄

Indeed my sp500 and oil losses now reflect reducing my equity. Don't know how you did this though because I haven't uploaded anything, thus you could only get it from the Fxpro.com server. If so it would be better if you just pull the results directly from their server instead of me uploading. Even better would be to get the trades in real-time so that anybody could reflect the same trades in their account, a sort of PAMM service, can this be done?
Membre depuis Jul 31, 2009   posts 1444
Jun 01, 2010 at 11:37
Depending only on the broker to get your data isn't possible at the moment due to load issues - we have over 16,000 trading accounts, which would create a massive load on the broker's servers if connected at once.
Membre depuis Aug 20, 2009   posts 216
Jun 01, 2010 at 13:47 (édité Jun 01, 2010 at 13:47)
Staff posted:
    Depending only on the broker to get your data isn't possible at the moment due to load issues - we have over 16,000 trading accounts, which would create a massive load on the broker's servers if connected at once.

Ok, that explains the delay in that trade signal firm from Greece feeding the signal from fxpro to fxcm. Well,then traders should pay for the bandwidth if this is an issue. A couple of T3 fiber lines plus a few hundred cloud computers should solve it?
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