Myfxbook Autotrade

No... I only rely on myself : )

Does Myfxbook support read this thread? I am still waiting on an explanation how my lot sizes can be bigger than the signal I am following if I am trading at 1:1 multiple. thanks.

I have noticed that it seems you can game the Myfxbook autotrade leader board. As Lucky Pound has a 99.99% of loosing 100% of your account, and a profit factor less than 1 and and yet it's displaying a return of 13.89% monthly, but all lot sizes are hidden. What is the policy shouldn't lot sizes be unhidden. If there's a 99.9% chance of loss isn't this indicating the strategy is very risky ... I thought that myfxbook autotrade filtered out the bad risky traders... I see there's also a trader with 70% drawdown listed... Are those subscriber no live or demo subscribers? Anyone using this live, care to comment on your experience... thanks

aeronthomas posted:
I have noticed that it seems you can game the Myfxbook autotrade leader board. As Lucky Pound has a 99.99% of loosing 100% of your account, and a profit factor less than 1 and and yet it's displaying a return of 13.89% monthly, but all lot sizes are hidden. What is the policy shouldn't lot sizes be unhidden. If there's a 99.9% chance of loss isn't this indicating the strategy is very risky ... I thought that myfxbook autotrade filtered out the bad risky traders... I see there's also a trader with 70% drawdown listed... Are those subscriber no live or demo subscribers? Anyone using this live, care to comment on your experience... thanks

Obviously, a 99.99% of the system to lose is incorrect, otherwise it wouldn't be listed in AutoTrade. It seems there is a bug with the Risk Of Ruin calculation for the account in question - I've sent a request to the dev team so hopefully it will be fixed quickly.

aeronthomas posted:
Does Myfxbook support read this thread? I am still waiting on an explanation how my lot sizes can be bigger than the signal I am following if I am trading at 1:1 multiple. thanks.

Yes, we do 😄.

Multiplier is a risk ratio - if you are following a signal with 1:1 ratio, in terms of percentage, you will risk the same % in your account as signal provider.

I do think Autotrade needs more transparency:

#1: The increase in spread you will be paying per your broker.

#2: The number of Live and Demo subscribers should be separated out again; this allows us to get a better sense of the true quality of a signal as Live subscribers will not stick around when a signal is not profitable, or delivers results that are much lower than promised.

#3: Custom history periods should not be permitted for Autotrade systems; these are deceptive and affect how they appear on the Autotrade leaderboard. Just look at https://www.myfxbook.com/members/autotrade/fxconstgrwth/783184 for example; massive difference between the stats as presented, and the stats as they truly are. If custom history periods are permitted for Autotrade systems, they should be highlighted _and_ a reason should be provided (the trader is using a new system for example).


Further Ethan, could you please get Standard Deviation in pips added as a chart metric? Would be very much appreciated; SD in dollar amounts is not particularly useful.

Can someone with longterm success with Autotrade post their stats?

I have not found anyone successful longterm so far.

Featuring the impact of the Autotrader spread increases on potential profits with respect to projected returns/drawdowns would also be very welcome.


In response to your question ma2000, I've had some success with Ambush Trader since enrollment in mid October, but not with much else.

Also I notice with zulutrade all history of all trades is shown for all providers. Whereas some providers for autotrade have hidden history - they should not be allowed on autotrade if they hide history of trades. Thanks Ethan for answering my questions. Cheers

Yes Ambush is the only exception, but for longterm success, you have to have 5-10 core strategies atleast to spread risk.

Why aren't more successful systems here ?

@Surrealistik

aeronthomas posted:
Also I notice with zulutrade all history of all trades is shown for all providers. Whereas some providers for autotrade have hidden history - they should not be allowed on autotrade if they hide history of trades. Thanks Ethan for answering my questions. Cheers

If you subscribe to a system with a live account, you will see all of the data (nothing hidden).

Staff posted:

aeronthomas posted:
I have noticed that it seems you can game the Myfxbook autotrade leader board. As Lucky Pound has a 99.99% of loosing 100% of your account, and a profit factor less than 1 and and yet it's displaying a return of 13.89% monthly, but all lot sizes are hidden. What is the policy shouldn't lot sizes be unhidden. If there's a 99.9% chance of loss isn't this indicating the strategy is very risky ... I thought that myfxbook autotrade filtered out the bad risky traders... I see there's also a trader with 70% drawdown listed... Are those subscriber no live or demo subscribers? Anyone using this live, care to comment on your experience... thanks

Obviously, a 99.99% of the system to lose is incorrect, otherwise it wouldn't be listed in AutoTrade. It seems there is a bug with the Risk Of Ruin calculation for the account in question - I've sent a request to the dev team so hopefully it will be fixed quickly.

Well, after checking with the dev team, that is not a bug per-se. It is a flaw of the Risk-of-Ruin formula which cannot handle negative expectancy - once it becomes positive, the figures will adjust accordingly.

ma2000 posted:
Can someone with longterm success with Autotrade post their stats?

I have not found anyone successful longterm so far.

I'll put myself up as someone who has NOT had success. See https://www.myfxbook.com/members/beren/autotrade-live/671641 . I've tried to be conservative with the accounts I follow, using at least the following criteria:

- At least 3 calendar months on AutoTrade, followed in a demo account.
- Positive returns in demo account
- 3, 6, and 12 month return greater than drawdown
- Positive returns over the previous month.
- No periods of large and sustained open drawdowns (this one I added later)

I then use a calculation based on the leverage, returns, and drawdown of the account compared to others to come up with relative multipliers. All this is lead to me losing 79% of my account so far. I've found that accounts like WallStreet (gone) can do great for years, and then blow up. I lost 48% of my account in one day when myfxbook abruptly closed down Stable Growth Strategy on me. I'd been trying to phase out of my positions with them over time, but I didn't get a chance to complete that thanks to myfxbook's ham-fisted exit 'strategy'. Of course, Stable Growth Strategy went on to completely turn things around in the following days and made something like 40% that month, IIRC.

It's clear to me that crowd-sourcing forex trading has not worked out very well for me. I'm keeping my account open because at this point I only have €163 left in it anyway, so what the heck.

On a more positive note, my own trading finally seems to be turning around. I've made 34% over the last 6 months trading on D1 (https://www.myfxbook.com/members/beren/fxpro-trends/1039442) , so with a few more months of that I should be back to break-even and ready to consider throwing real money at it.

beren posted:

ma2000 posted:
Can someone with longterm success with Autotrade post their stats?

I have not found anyone successful longterm so far.

I'll put myself up as someone who has NOT had success. See https://www.myfxbook.com/members/beren/autotrade-live/671641 . I've tried to be conservative with the accounts I follow, using at least the following criteria:

- At least 3 calendar months on AutoTrade, followed in a demo account.
- Positive returns in demo account
- 3, 6, and 12 month return greater than drawdown
- Positive returns over the previous month.
- No periods of large and sustained open drawdowns (this one I added later)

I then use a calculation based on the leverage, returns, and drawdown of the account compared to others to come up with relative multipliers. All this is lead to me losing 79% of my account so far. I've found that accounts like WallStreet (gone) can do great for years, and then blow up. I lost 48% of my account in one day when myfxbook abruptly closed down Stable Growth Strategy on me. I'd been trying to phase out of my positions with them over time, but I didn't get a chance to complete that thanks to myfxbook's ham-fisted exit 'strategy'. Of course, Stable Growth Strategy went on to completely turn things around in the following days and made something like 40% that month, IIRC.

It's clear to me that crowd-sourcing forex trading has not worked out very well for me. I'm keeping my account open because at this point I only have €163 left in it anyway, so what the heck.

On a more positive note, my own trading finally seems to be turning around. I've made 34% over the last 6 months trading on D1 (https://www.myfxbook.com/members/beren/fxpro-trends/1039442) , so with a few more months of that I should be back to break-even and ready to consider throwing real money at it.

Thanks for your sharing your experience Beren, Myself I have tried 3 separate Demo accounts over many months with Autotrade, all have failed, I thought I had narrowed down to a few promising providers including Forex.v4, which I had worked out was very profitable especially if you were prepared to limit certain pairs, boosted performance and reduced drawdown, then the day I fund the account for live trading, the provider disappeared. Then looked at FxConsGrowth, but lucky I hadn't switched it on live, as it took a huge dive with SNB news, I lost like 30% of my account in demo. So with only one okay provider left Ambush, starting to wonder if it's worth even switching any providers onto my live account. Would be useful to hear if anyone having success with the system?? So far can't see many testimonials, and of course it doesn't help when the subscriber numbers I believe are mostly demo subscribers (would be useful to see breakup of live and demo subscribers as others have suggested). cheers

Main reasons are:

-Lot of providers don't have much gains in pips/month, rather more in % per month (some based on averaging)
This leads to eventual blowup

-Ambush is the only longterm growth provider, but look what happened to last years 'longterm growth' provider


@beren

Has anyone had success with DC#1 at all?

Also interested in Sico and Enter the Zone.

Trying out Mahulong1 and so far, so good though I haven't been with it for all that long.

beren, did you configure autotrade limits for total lots, drawdown stop, balance stop etc?

I'm new to auto trading, but from comments above it seems a few providers go pretty good for a few months before blowing up and quitting.
Would setting limits would allow you to enjoy the good times and limit the damage if they blow up?

I guess if your subscribed providers blow up at same time then you could really suffer.

MyFXBook should also filter out signal service providers whose signals and transaction data originate from a market maker account, and/or an unknown broker.

For example, DC #1 despite its impressive stats originates from a broker that is explicitly a bucket shop/market maker, and has no reviews either here or on the FPA at all: https://www.mydcfxbroker.com/statics/tos.html

This undermines the legitimacy of its stats as its trading record could correspond to prices that don't exist, execution quality that is normally impossible, or it could be falsified whole or in part in conspiracy with the broker. In turn, this undermines the reliability of the stats reported in the Autotrader signal index and investor confidence thereof.

Surrealistik posted:
MyFXBook should also filter out signal service providers whose signals and transaction data originate from a market maker account, and/or an unknown broker.

For example, DC #1 despite its impressive stats originates from a broker that is explicitly a bucket shop/market maker, and has no reviews either here or on the FPA at all: https://www.mydcfxbroker.com/statics/tos.html

This undermines the legitimacy of its stats as its trading record could correspond to prices that don't exist, execution quality that is normally impossible, or it could be falsified whole or in part in conspiracy with the broker. In turn, this undermines the reliability of the stats reported in the Autotrader signal index and investor confidence thereof.

This is a very good point! Market Maker Bucket Shops brokers should be excluded from being followed.