Wow guys, I thought you would be a little more creative in the way you structured Myfxbook Autotrade. I don't want to be told which broker to use, and I don't want others dictating the size of my start-up capital. If I wanted that I would be using ZuluTrade.
myfxpt posted: Wow guys, I thought you would be a little more creative in the way you structured Myfxbook Autotrade. I don't want to be told which broker to use, and I don't want others dictating the size of my start-up capital. If I wanted that I would be using ZuluTrade.
Actually, this rule is meant to protect user accounts which is the opposite of what you're implying. We don't dictate the size of your account - there is a minimal balance to be met in order to copy the trades with correct money management rules. If you're looking to open an account with $100, you will quickly run out of margin as there is a limit to how small a position can be.
As to brokers - this is only an initial beta, so more brokers will be added.
Do let us know of any other feedback, negative or positive.
myfxpt posted: Ethan, I am implying nothing other than the fact that Myfxbook is missing a great opportunity to be different, and not just another 'me too' type signal service.
Who's money management? Who's looking to open a $100 account? Actually, I don't really understand your response.
From your previous post I understood you don't want to have the $1000 min balance requirement - so in response I said that a lower balance would make it difficult to successfully copy other systems due to the limit of the minimal lot size.
Please let me know of any other points which would help differentiate AutoTrade from other services.
Ethan, Excellent! it's about time myfxbook started this long demanded service because this sort of makes it plain field for retailers. It allows them to invest and not become victims of big players who crush lil' guys. It's hard economic times globally for the lil' guy. I am glad Myfxbook is going to facilitate this.
just some Q's. If i open a demo account w/ myfxbook or say even i have real account and i get to copy trades from signal providers whom i subscribe. Will demo acct be just myfxbook seeing replication of trades in myfxbook platform or will an actual trade be open in our MT4 platforms. Also will have any option to interfere and close a trade that seems like a bad one, by ourselves? i think a more detailed version of how auto-trade works is necessary at this time. Wait is there a fee to subscribe. I think not, cuz zulutrade is also doing the fractional .50 per mini lot to signal provider. I think myfxbook is more customer oriented and will adapt to the needs of subscribers.
Suggestion: yes more brokers need to be supported n as i said, more detailed explanation of how it works. Thx guys.
- When you open a demo account on Myfxbook, an actual MT4 is created in the background. The login is not provided simply because the trades of the provider can be copied without the provider's permission.
- An option to close an open trade is available because with live accounts you will have this possibility through MT4, so there's no point of disabling this on Myfxbook - unless you think otherwise.
- AutoTrade is designed to match the provider performance with the follower and this is done by constantly checking for missing trades/targets/stops/orders/limits which weren't copied - this is why when closing an active provider trade, it will be restored after a few minutes - do you think you should be able to turn off this possibility?
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.
We will be definitively adding more brokers to the list.
- Could you confirm that the procedure for creating a live autotrading account will be fully automated and that no human can access to the account credentials? What sort of live account is being created at Alpari UK, classic or micro? I believe that we would need the account number for depositing and withdrawing funds. Will Alpari UK contact us later on for completing the paperwork?
- I would like to known how long it takes to replicate a market order from the provider in case the provider 's broker is not the same as my autotrading account. Personally, I would value those providers with accounts in the same broker as my autotrading account or with the lowest lag. Could a broker fake an account and be included as provider?
- I second the option to not reopen trades closed manually. In my current autotrading demo I could have avoided a 5% loss if I closed the trades manually.I prefer that only new market and pending orders being replicated.
In all, I think that a more detailed explanation of how Myfxbook's autotrading system is set up and works would eliminate the blackbox feeling because not being able to access my autotrading account from MT4 triggers a WTF/scam afterthought.
I believe that Myfxbook can create a really different autotrading system, trustful and reliable.
@Aimak I think I wasn't clear - access to the MT4 account is not given only with the demo. With a live account you will have normal access through MT4 and also through Myfxbook. Only with a demo it is limited as the demo has no expiration date so access to the MT4 will allow to copy the trades with no permission from the provider.
Creating a live account would be a regular process after which you'll have to provide the master password so AutoTrade can mirror the trades in your account - important to note the password is saved in an encrypted format on our servers, so no one can see it, not even us, which ensures the complete safety of your password. Everything is automated so no one ever sees your password.
We haven't measured execution times, however they occur in less than a second in normal conditions. In special conditions such as high volatility after a news event when a broker denies orders, AutoTrade will keep trying to mirror the trades in your account at an equal or a better price until succeeded. In any case we don't allow scalping systems, so execution times would hardly have an effect on performance (statistically speaking, your trades will get the same price on average as the provider as some will have positive slippage and some negative).
In theory, anyone can own a MT4 server and manipulate data, for that reason we do not allow shady/unknown brokers.
I will forward the the suggestion regarding manually closed trades to the dev team - that is a bit complicated feature but will be definitely added.
As to how exactly AutoTrade works - that is not a secret. Most traders/users don't understand or don't care about it, which is why we didn't over complicate things with elaborate explanations. We basically run MT4 terminals which interact with each other as Master>Slave relationships. If you have anymore questions, do ask and I'll be happy to answer 😄
CrazyTrader posted: Also It could be nice to vouch a provider only if we autotrade it for a month at least and we have made profit.
Maybe the month limit but I've seen some providers lose 1% during news events while others did -20% or more. I'd like to vouch for a provider that protects capital like that even if my balance is negative!
Maybe the month limit but I've seen some providers lose 1% during news events while others did -20% or more. I'd like to vouch for a provider that protects capital like that even if my balance is negative! Well if one provider loose 20% Capital in 2 hours, it should be banned from the selection.
Aimak posted: Ethan, What would happen if a provider does a partial close of a trade, will MFB Autotrade replicate the partial close or close the trade completely? Thanks.
Partial closes aren't supported as it rewrites the comment field which we use to identify the origin of the trade. Instead, the trade will be closed in full and will be re-entered automatically at an equal or a better price, when possible (for example if the price retraces to the original entry).
this is a really nice concept. Few things to add though.
I like the idea of having some restrictions for signal providers in order to protect unexperienced followers.
So the 10 pips requirement for the avg winning trade is a good thing. However you should also take into consideration the avg pips gained per trade! If the average pips gained is only in the range of 1.0-2.0 Pips it is highly likely that the follower will not make any money! Subtract your 1 pip markup and some slippage and you have a losing account.
Another thing is signal providers should not be allowed to hide closed trades, lotsizes, account size, etc. It is not possible to identify a potentially dangerous strategy without having these informations.
To myfxbook: I have noticed that the minimal allowable lot size is 0.10 lots on my $10,000 demo autotrade account. I want to be able to follow as many signals as possible. Can the minimal lot size be pegged at 0.01?