Myfxbook Autotrade

@beren

Agreed, I would like to see a forum like this to discuss the pros and cons of each trade system and everyone else's experiences.
I think even for experienced Forex traders, picking winning signal providers can be daunting as it requires a very different skill set.

A dedicated forum could provide both Myfxbook newcomers and experienced traders with a fresh look a the wealth of information that Myfxbook provides on each signal providers strategies, from a fellow trader who has 'been there, done that'.

Hopefully more Forex traders will not only be able to find a good system, but that something that they feel comfortable with, without all the personal trial and error @bejeve. Not that that's a bad thing neccessarily, but the more new traders we can get running straight off the bat, the better the website will work, (as well as their account balances!)

@Staff, so lets get a forum setup stat! 😄

There is an initial requirement of $1000 to Autotrade.

What happens if the 'equity' dips below $1000 due to autotrading on the account.
Thanks.

bejeve posted:
I am trading MyFxBook AutoTrader with real money. I think it is an absolutely brilliant concept and I love how configurable it is. I have only traded it now for a week and a few days but am in a small amount of profit (even when excluding the lucky rogue trade above). I think about 8 or 9% profit excluding the 11.8% rogue trade above. I have set it up as fairly high risk and it is performing a little bit below my expectations from the simulation, but having said that, the profit level jumps around a lot so it is still too early to say whether it will work for me in the medium term or whether I have just had a lucky start. I am optimistic about it overall.

With regard to failing strategies, I am using 7, and I think 2 have good profits, 2 have minor profits and 3 have minor losses. I kicked out one strategy very quickly (after about a day) because what it was doing spooked me and looked wrong. One other strategy trades a lot and has very small profits per trade and then big losses occasionally. I think it might get kicked as well, because I prefer strategies that can let profits run and cut losses quickly (i.e. average profit trade value should be bigger than average losing trade value).

I will monitor performance and will tweak settings over time towards strategies that are more stable and profitable and predictable. It is already very clear in my 7 - that one of them is performing very well and trading in a manner whereby I have much respect for whoever is behind it. I can already tell that there is a very good trader or algorithm behind it. What it does is: one trade at a time, usually makes quite a nice, not too big and not too small profit in a small amount of time. Then it waits for the next setup. Does not trade frequently but when it trades, it does well. This is exactly what I want from an AutoTrade strategy.

Words of a wise man!
Thank you!

Lets keep in touch and discuss AutoTrade setups and strategies either here or in a specially dedicated forum branch. It would also be nice if there was a link on the AutoTrade strategy home page, leading to a discussion forum, dedicated to that strategy.

 

@Staff There is an initial requirement of $1000 to Autotrade.

What happens if the 'equity' dips below $1000 due to autotrading on the account.
Thanks.

ma2000 posted:
@Staff There is an initial requirement of $1000 to Autotrade.

What happens if the 'equity' dips below $1000 due to autotrading on the account.
Thanks.

The lower the balance will get, the more risk will be taken with each position (relative to your account size vs the provider) as the trade size cannot be broken to smaller pieces than 0.01 lots - this will increase the chance of running out of margin and finally getting a margin call.
Use the 'Minimal Balance' field to know exactly how much balance you need to get accurate risk ratio when a trade is copied.

Hello everybody,
What do you think about Axitrader?
He is doing very well during this period,
Thanks for your comments,
Simone
Rome Italy

@staff When the 'Max allowed open trades and orders' option is selected, once a 'copied' trade is closed, on what basis does it select the next trade from open 'uncopied' trades. Thanks.

@Staff When the 'Max allowed open trades and orders' option is selected, once a 'copied' trade is closed, on what basis does it select the next trade from open 'uncopied' trades. Thanks.

Simonevet2013 posted:
Hello everybody,
What do you think about Axitrader?
He is doing very well during this period,
Thanks for your comments,
Simone
Rome Italy

If I met him I would say "You can be my wingman anytime".

Hello Ethan,

First of all, I wish you a Happy New Year 2014!

Three questions to make this new year a profitable year to every Myfxbook AutoTraders:

1 - Can I use Myfxbook AutoTrade in conjunction with a Rebate Program as displayed in your Myfxbook page: https://www.myfxbook.com/reviews/rebate-programs/17,1 ?

2 - Will the Myfxbook AutoTrade Simlulator results include your Myfxbook AutoTrade 1 Pip fee as specified in your post in the page 1 of this thread?

Ref:

Staff posted:
ZuluTrade have between 1.5-2 pips markup with most brokers (depending on the broker) while we have only 1 pip markup which is 33%-50% off..

3 - Could you add to Myfxbook AutoTrade Simlulator a scrollable list of brokers including their *****average spreads***** and swap in the simulator results to help us to find the best broker for our selected systems?

Myfxbook spread page:

https://www.myfxbook.com/forex-broker-spreads

Myfxbook SWAP page:

https://www.myfxbook.com/forex-broker-swaps

I can confirm the 1 pip markup from a user's point of view :

- I have one account without myFxBook i pay on volume, not on spread
- And one with myFxBook autotrade (i pay the markup) i pay on volume too, not on spread

Difference is one pip (or slightly less) on every tick.

I think 0.5 for tarder, 0.5 for website.

Very good tradeoff from my point of view.

Happy new year 2014 to everybody ! Wish you all the best.

You need to add broker's markup.

For example, here are the Myfxbook AutoTrade markups of the main Australian brokers:

AxiTrader: 0 pip
IC Markets: 0.5 pip
PepperStone: 0.8 pip

Please, contact support of your broker to know its Myfxbook AutoTrade markup.

So, you need to be aware with small pips gains (below 6 to 8 pips on a trade, depending of your broker) because small gains can be the beginning of big losses because spread, SWAP, markup, slippage and so on...

This is why it is necessary to include these (hidden?) fees on Myfxbook AutoTrade Simulator results to be able to choose the good couple of Systems/Broker.

Hi,

When you pay on 'traded volume', you don't pay a spread markup but rather a fee on volume traded. So for me the 'broker spread markup' is 0, with razor pepperstonen which is similar to AxiTrader.

That's why i can directly see the myFxBook markup comparing with the not-myfxbook account.

Everybody can open two accounts on same broker and compare... One myFxBook and one not.

No need to open something. Just ask.

Question to the PepperStone Live Chat Tech:

What is your Myfxbook AutoTrade markup?

Answer of the PepperStone support tech:

0.8 pip.

Try by yourself.

Hello
I use demo half-year https://www.myfxbook.com/members/ari8/art/684744
Can anyone publish the results of investment autotrade?

I can confirm the IC Markets Myfxbook AutoTrade markup:

'0.5 pips over the spread on our standard account'.

Answer given by the technician of the IC Markets Live Chat on 2014-01-06.

I have autrades with IC markets where the entry point is up to 3 pips from the EA's entry points. Anyone else with the same problem?

Please, read the answer of Myfxbook on this post, maybe the answer of your question is there:

'Nick, absolutely – it is simply because AutoTrade copies trades to your account only when the price is in your favor (negative slippage no more than 3 pips).'

Ref:

https://blog.myfxbook.com/2013/10/07/autotrade-slippage-metrics-autocomplete-search/

I think small pips gains on Myfxbook AutoTrade DEMO (under 6 to 8 pips, depending of the broker) can be considered LOSING money on REAL account because spread, swap, markup, slippage and so on...

All these (hidden?) taxes can turn a WINNER **demo** account into a LOSER **real** account.

Does someone can confirm or invalid my assertion?