The key to being an excellent Forex trader is having an account on a platform that you trust and believe in. Once you have accomplished that, you must try and improve your trading skills at every stage. In order to do that, you need to keep track of your successes and losses. Maintaining a trading journal with information about all your trades can help tremendously because you can analyze the data and keep updating your strategies accordingly. Not only will you be able to identify your strengths, but you will also become aware of your weaknesses.
Most traders realize the importance of keeping a trading diary when they have already made a few mistakes. Once you get into the habit of accounting for your trading activities and having your results analyzed by expert advisors, you will never turn back. There are a number of ways you can store your data and have it examined.
What is Myfxbook?
You can always have it done manually, but that can be a long process which will tire you out. On the other hand, you can always rely on virtual help. Websites like Myfxbook offer service statistics and undertake the analytics of all your trades. All you need to do is provide them with the data of reports, and then you can relax while the analyse it for you.
Being a part of Myfxbook: How to Connect FXBook to MT4?
You will love being a part of the MyFXbook community because they are dedicated to helping you. If you want to hire them, then you have to first register yourself with them. Follow these simple steps:
- At first, you must open the website and register yourself.
Visit the link http://www.myfxbook.com directly.
- Once you are done with the registration process, you can proceed to the Settings menu. There, you have to click on Add account so you can get started with your individual account specifics.
- The website will now offer you loads of options that you need to choose from in order to make your perfect account.
Methods of creating a MyFXbook account:
Depending on the kind of service you want, you can follow any of these methods:
Method 1:
- Begin by choosing the option, Metatrader4 (Auto Update) which will be your platform.
- Now you need to provide details about your trade and yourself. Enter your account name, the broker you use and the kind of account you want. Also, provide them with the server and an investor’s password.
- Now that the site has all the information it needs, you can click on Create Account. If the password and the login code you have provided are correct, you will be notified. Now you can change the privacy settings of your account if you want.
Following these three steps will land you up with a brand new account.
Method 2:
- For this method, you must first go to Settings and choose the Add account option.
- Now you have to choose the Metatrader4 platform (Publisher) and fill in all the necessary details. The website needs this information so they can stay in touch with your account.
- Go back to the Settings page where you will find your new account. Memorise the number for future use.
- Now you need to open the MT4 terminal. Click on the Tools menu and then go to the Options. Select FTP and fill in the data that has been asked for by the site.
- Once you click OK, you will be set to use your brand new account. The monitoring of the account will take some time to be updated completely.
How to monitor your account using the Adviser?
- Begin by clicking the Add account button under the Settings option. Now you have to choose Metatrader 4 (EA).
- You will find that the .exe installer of the EA being loaded onto your computer automatically. Once that is done, you have to run it. A window will pop up, where you have to choose the folder that has the MT4 where the EA needs to be installed. If you cannot find the terminal folder automatically, then you must use the Add button to add it.
- Now you have to click the Install button so the EA can be installed onto your trading terminal. In case it is already open, you might have to restart the terminal.
- Attach the EA to a chart you like with the help of the adviser installation instructions.
- You need to mention an update interval and the mail-id you used during registration in Myfxbook. Click OK so you can use the account.
- Once the EA is done with its work, you will find the new monitoring appear in the list of accounts.
Should you become a member of myFXbook?
One of the main reasons why you should use myfxbook is that it can keep track of everyone’s track record at the same time. Not only will you be able to know your own statistics, but you will also be able to know what other traders are up to. Myfxbook is a trade verification service which always makes sure that traders are telling the truth about their conditions by checking with the server. The service can be integrated with Oanda, ctrader or any other MT4 or MT5 terminal that you like.
Setting up the account is very easy which is also another reason behind its popularity. You can simply download the trade publisher EA and then use it to publish your trade data for you. The online auto-update option can also prove to be a blessing. For this, you must give your investor password to the website so that all the stats can be updates automatically. It is easy to set up and will save your metatrader 4 from becoming too slow. The meta trader publisher will let you be in complete control over the publication of your record. It’s an example of a good myFXbook trader as well.
Why my fx book?
Take advantage of the following features by becoming a member of the My FXbook community.
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Verification:
Everyone knows that it is easy for traders to fake their performance with MetaTrader accounts, and hence the creation of the automatic verification system. It is responsible for checking all the data you provide automatically. Any discrepancy that can be found is deleted from your record. It can also help restore missing data. If you are okay with giving your MetaTrader investor password and your server name, then you will be able to avail this feature with no worries.
Always remember that myFXbook is very tight about its security policies. If you are creating a new account, you must give the site a few hours to complete your account verification. The “Connect” button can help you. Your account will not be ready for use until all the information is verified for your own security.
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Notifications:
With myFXbook, you will always receive the notifications sent by our system to your registered mail. You will get updates about your account status, subscribed topics and Myfxbook updates so you are never left behind. The notification window will usually be hidden if you have already seen all there is to see.
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The Markets widget:
Forex is a volatile market which means that there can be changes at any point in time. You need to stay updated about the condition of the markets so that you never miss an opportunity. The markets widget will show you the real-time the status of Forex markets so you can plan your trades well. Moreover, you will also get the top market news regularly in the form of headlines. Clicking on them will open up the bigger story.
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Economic Calendar:
MyFXbook has an economic calendar that shows all scheduled economic events in the near future. There are live countdowns to events, so you never miss an important opportunity to improve your skills. All the data is collected from trusted brokers. You can also rely on the active forum to tell you about latest events.
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Track accounts:
Under the “My Accounts” tab, you will be able to keep an eye on your trades and progress. The “watched” tab, on the other hand, will let you know about the accounts you are tracking.
Performance:
There are different ways in which a trader’s performance can be calculated.
The Time-Weighted Return (TWR) method takes into account the performance of a dollar. It is characterised by cash inflows and cash outflows. The returns from the trades are strung together for a compounded yield.
The Growth/Balance charts help to track the growth of a trading system. While the former measures cumulative gain, the balance chart shows all changes in the balance value.
The website uses plenty of advanced statistics that help them draw conclusions about a trader’s overall record. Risk ratios measure the Reward:Risk ratio of a trader’s trades in a month. Along with holding times, they serve as very important indicators.
Example of fake my fx book account:
There are a number of ways users can create fake accounts and lure you into making bad trades. However, you must remember that there are certain indicators which will tell you if the account is real or fake. You just need to keep your eyes open and check for the verification symbols when you are exploring an account.
If you want to join a website dedicated to making you a better trader, then you cannot go wrong with myFXbook.
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