When we have a trading account with which we operate, whether it is a demo account or a real account, one of the tasks that we cannot ignore is, without a doubt, the management of the results obtained. That is, knowing our statistical data and being able to guide ourselves in the implementation of actions where we can improve.
That is why it is very important to have a data analysis methodology of our operations to take action to achieve better results.
Do you want to know how to audit a trading account? Well keep reading!
What does it mean to audit a trading account?
Auditing a trading account is give permission to a third partyso that it can verify that the operations and the numbers that I say I have, are real.
Suppose we are engaged in trading professionally. In this case, we need to know our trading statistics, since they are our cover letter in front of a broker.
Normally, when we dedicate ourselves professionally to trading, whether it is with the management of investment funds, or any other product of the kind, we will have payment audit services.
myfxbook offers traders, most of them focused on currency trading or the Forex market, the possibility of auditing, uploading or linking our trading account for free. It is available to any broker with whom we have an open account, be it real or demo.
myfxbook It is an essential tool to control the statistics of our operations. It serves to audit different trading strategies and find out where we can improve. It also serves to show other people our statistical data
What is MyFxBook?
MyFxBook is without a doubt, one of the most important websites in the world of Forex Trading. It’s a gate essential for any trader who wants to know their statistics when trading.
Normally, Investment Funds use payment auditing companies or services, which are also not cheap. With myfxbook we will be able to link and add our account completely free of charge and know our statistics.
The statistics that we will find in Myfxbook, They will allow us to know our strengths and our weaknesses. in the trading strategy we use. To improve, we always have to first do an analysis of where we are mainly failing and this tool for traders can help you in that analysis.
What services does MyFxBook offer us?
MyFxBook It is not just a website where we can know the numbers of our trading strategy. This website is available worldwide and offers us even more possibilities. Let’s see why it is so useful to audit a trading account:
1. Analyze your trading system
When connecting our trading account with Myfxbook the first thing we get is an analysis of our real time trading system. Without this tool, we would have to collect data and write down, to later analyze our operations.
When analyzing our system it offers data such as reliability, profit factor, in which direction we trade better (short or long), what days and hours of the week we have better performance, in which assets we are obtaining better and worse results, etc.
2. Organize your forex strategies
There are traders who have a real account and also operate different demo accounts to test strategies. It is also common to have an account with a broker that offers us certain advantageous conditions for a strategy (scalping), but we also operate with other brokers with which we operate in another way (swing trading).
In this case, Myfxbook shows us at a glance, a summary of all the strategies that we have in the different brokers where we operate. Either manually or with expert advisors (trading robots).
3. Economic calendar for traders
Myfxbook allows us to know the daily news with its economic calendar. It is a news calendar, as other websites can offer, where you can consult the macroeconomic news. The time of publication, the place of origin, its importance according to the impact it will have, a description of the news, which currency pair it affects and the results will appear.
The economic calendar is vitally important for all traders. Especially for those of us who trade intraday, because normally, it is recommended to avoid trading 5 or 10 days before and after high volatility news.
Getting used to using the economic calendar you can follow the publication of various economic indicators, preparing you for significant market movements. Economic indicators explain the role of trading during economic events and how to understand prices.
3. Portfolio manager
Another option that this platform has for traders who use Myfxbook to know their statistics is that it has the option to copy other traders. It is the part of social trading within the web where professional traders let other investors copy their operations. Myfxbook AutoTrade is in charge of connecting our Metatrader platform with the chosen signal provider.
The systems with the best results are promoted, in such a way that traders from all over the world can invest their capital in them.
In this way, the best traders win because they receive commissions the greater the number of followers their account has, and investors or supporters can profit by getting returns from the best accounts.
How does MyFxBook Autotrade work?
Autotrade is a service of the new generation of mirroring or copy trading accounts (trade copy) that allows you to copy the operations of the most successful traders. The name of the Traders and their results are published on the MyFxBook website, so you can browse through them and select the one that best suits your needs.
The signal providers will earn approximately half a point for each operation that we copy, but for that, the signal provider has to meet some minimum requirements:
- A Drawdown of less than 50%that is, that at no time your trading account reaches a negative in open operations, equivalent to half of your account.
- Age of at least 3 months with a Metatrader account.
- positive return, greater than the maximum drawdown and greater than 10%. That is, in three months, it must have a return greater than 10% and, in turn, the return must be greater than the drawdown reached in any period of time by the trading account.
- Scalping is not allowedsince the system copy trading may cause failure if fast operations are performed. Therefore, the operations must remain open for more than 5 minutes and with a profit of more than 3 points or pips.
- The system Martin Gala is also not allowed. This type of system can have high returns in the short term and lead to confusion.
- It takes a history of 3 months and having traded a minimum of 100 trades with a live trading account.
The process to connect to the MyFxBook Autotrade service is as follows:
- Account opening (minimum deposit of $1,000)
- Account Funding
- Linking your account with MyFxBook.
You should note that the Autotrade service does not accept clients from Iran, Israel and the United States due to regulatory restrictions in these countries.
Steps to audit an account with MyFxBook for free
Next, we will show you, in a simple way, how to upload an account to MyFxBook, step by step. It will not take you more than 8 minutes:
1. Registration on the web
The first thing we have to do in order to upload a trading account to Myfxbook is to register on the website of this free tool.
The opening is very simplewe will only have to fill in the fields of name, email, password, etc.
they will send us a confirmation email with which we will activate the account and we will be able to access. Simple this first step right?
2. We access the Portfolio tab to add an account
The second step, once we have an account with them, is to go to the Portfolio tab, click on add account (Add account) and add Myfxbook account.
Keep in mind that you can register as many accounts as you want, so when you click on Portfolio, all the accounts you have registered will appear.
3. Account settings
Next, we click on the My platform is: tab and click on the platform we use for trading, in our case we will select MetaTrader 4 (Auto Update).
Now we need to enter the name for the account. We select the broker and the server. In Account Number we must enter our broker user number, we must have it in the mail when we register at the broker. We change the reading password and put the one we want. click on create Account and wait for the account to be created.
4. Confirmation. audited trading account
If everything has gone correctly, a message will appear confirming our account. If, on the other hand, an error message appears, we will have to review the data, to see where we have made a mistake.
In portfolio, the name of our user appears, we click on it and our linked account in MyFxBook will appear.
At the bottom of the page we have the URL so that any user can see our operations.
MyFxBook DTP Rating
MyFxBook has become a website that increasingly offers more servicesbut for us what is really interesting is the usefulness of auditing our accounts or trading systems.
In fact, in Business Tradersss School, we use this platform to measure the evolution of our students. It helps us to analyze without a doubt, what our students are doing well and what they are doing wrong. Accompanying our students on their path to profitability is of great value to us.
MyFxBook, from our point of view and that of most traders, it is a excellent and essential tool to track our operations and measure the evolution of your results. If you also complement this tool with adequate training, in which a mentor helps you shorten the learning curve you will become a profitable trader.
We advise you to consult our Advanced Trading Course. You will work with a mentor in a personalized way and we will accompany you until your jump to the real market. How will we do it? Simple, using the best possible system to learn Trading: Theory + Practice + Doubts resolved instantly by professional traders. you can also try our Free Cryptocurrency Course. It will help you clear doubts about our methods.