MyFXBook is one of the most popular social networks and autotrading services for forex traders. With over 300,000 registered users, MyFXBook allows traders to connect, share ideas, autotrade each other’s systems, and more.
This complete guide takes an in-depth look at everything MyFXBook has to offer in 2024. We’ll cover the key features and benefits, how to use MyFXBook for social networking and autotrading, tips for getting the most out of the platform, and what new traders need to know before getting started.
Overview of MyFXBook
MyFXBook was founded in 2011 as a free service that allowed forex traders to track and analyze their trading performance. Since then, it has expanded into a robust social network and autotrading service tailored specifically for the forex community.
Some key things to know about MyFXBook:
- Social network for forex traders – Connect with other traders, share strategies and ideas, get feedback, find mentors, and more.
- Autotrading services – Automatically copy other successful traders’ strategies or allow others to copy yours.
- Trade tracking & analysis – Upload your account statements to analyze your trading performance and track records.
- Forex tools – Economic calendar, forex correlation, pip value calculator, and more handy trading tools.
- Free service – Basic access to MyFXBook’s core features is free. Paid plans unlock more benefits.
Benefits of Using MyFXBook
There are many advantages to using a platform like MyFXBook compared to trying to trade forex independently. Here are some of the key benefits:
Connect with Other Traders
- Find traders who share similar interests and trading styles.
- Learn from experienced mentors in the MyFXBook community.
- Get feedback on your own trading strategies and ideas.
- Collaborate with other traders on new systems and approaches.
Build Your Reputation
- Establish credibility by verifying your trading track record.
- Climb the rankings on MyFXBook leaderboards.
- Earn a loyal following by consistently posting profitable results.
AutoTrade Strategies
- Automatically copy profitable traders with MyFXBook’s AutoTrade service.
- Earn commissions when others subscribe to copy your strategy.
- Diversify your portfolio by copying multiple traders.
Improve Your Trading
- Analyze your trading performance through MyFXBook’s tracking tools.
- Identify strengths, weaknesses, and opportunities for improvement.
- Test theories and strategies in a risk-free environment.
Access More Opportunities
- Find funding opportunities from prop firms and individual investors.
- Connect with forex brokers offering special promotions on MyFXBook.
- Network and make connections that can lead to new opportunities.
Key Features of MyFXBook
MyFXBook packs a lot of functionality into its social network and autotrading platform. Here are some of the key features available:
Community Feed & Discussions
- See the latest updates from traders you follow.
- Join trader groups focused on specific topics or trading styles.
- Start or engage in community discussions and Q&As.
Trading Strategy Sharing
- Share your trading strategies with detailed statistics.
- Follow other traders and copy their strategies.
- Leave feedback and testimonials on other strategies.
Forex Tools & Resources
- Economic calendar with upcoming events, forecasts, and impact.
- Correlation tool shows relationships between currency pairs.
- Pip value calculator, risk management calculator, and more.
Trading Journal
- Keep a journal with details of each trade.
- Add screenshots, notes, tags, and more to journal entries.
- Review your journal to identify areas of improvement.
Trade Tracking & Statistics
- Upload account statements to track trading performance.
- In-depth metrics like profit factor, Sharpe ratio, drawdown, etc.
- Charts and visualizations to analyze trading stats.
Leaderboards
- Top 100 ranks traders by profit factor, return on investment, and other key metrics.
- Earn badges by hitting certain milestones and metrics.
- See where you rank compared to others in the community.
AutoTrade Service
- Automatically copy top traders with MyFXBook’s AutoTrade service.
- Choose how much to allocate to each trader you subscribe to.
- Use built-in risk management and take partial profits along the way.
Getting Started on MyFXBook as a New Trader
If you’re new to forex trading, MyFXBook can be hugely beneficial by allowing you to learn from more experienced traders before risking real capital. Here’s an overview of how to get started:
Sign Up for a Free Account
- Go to www.myfxbook.com and click Sign Up in the top right.
- Enter your name, email, password and select “Trader” as account type.
Connect a Trading Account
- Navigate to Accounts -> Add Account in the top menu.
- Select your broker and enter the account login credentials.
- MyFXBook uses API or file upload to import your data.
Follow Top Traders
- Use search to find traders with high-ranking stats and proven track records.
- Follow traders who match your interests, markets, and style.
- Check their strategies and community posts to see if you like their approach.
Copy Their Strategies
- Enable AutoTrade on strategies you want to copy.
- Start with small amounts to test the waters first.
- Diversify across multiple systems to reduce risk.
Analyze Your Results
- Monitor the performance of copied traders from your dashboard.
- Use MyFXBook tools to analyze your portfolio stats.
- Adjust allocations or terminate strategies that underperform.
Share Your Own Strategies
- Once you have a proven system, share it on MyFXBook.
- Provide detailed stats and be transparent with performance.
- Interact with your subscribers and build authority.
Learn & Improve
- Review your trading journal and stats to improve.
- Connect with mentors and experienced traders in the community.
- Keep fine-tuning your skills and strategy before trading live.
Following these steps will help you get off to the right start on MyFXBook and maximize its benefits as a new trader. Be sure to do your due diligence when following and copying others, and focus on continuous improvement.
Tips for Getting the Most from MyFXBook
Here are some expert tips to help you get the most benefit from using MyFXBook as part of your forex trading:
Complete Your Profile
Upload a profile picture, fill out your bio, share your background, and be active on discussions to establish your reputation on MyFXBook.
Be Transparent
Disclose both wins and losses, be honest about performance, acknowledge mistakes – transparency builds trust and authority.
Diversify Systems
Follow multiple top traders in uncorrelated markets to get a diversified portfolio and reduce risk.
Add Context to Trades
When journaling trades, include relevant context like catalysts, pre-trade analysis, lessons learned for each.
Customize Your Dashboard
Add widgets like Economic Calendar, Correlation Matrix, Leaderboards and configure sections to suit your needs.
Use Available Tools
Make the most of built-in tools like Forex Calculators, Alerts, Notifications, Economic Calendar and more.
Interact With Followers
Engage with subscribers following your strategy – answer questions, post updates, encourage feedback.
Monitor Performance
Regularly check rankings, stats, benchmarks to see if copied systems are staying profitable.
Keep Learning
Follow discussions from experienced traders, join groups, and keep building your knowledge and skills every day.
Using these tips will help you become an engaged, knowledgeable member of the MyFXBook community and maximize the platform’s capabilities for your trading.
Common Questions About MyFXBook
Is MyFXBook free?
Yes, MyFXBook offers free registration and access to core features. There are also premium paid plans that unlock additional benefits.
Can I really make money copying other traders on MyFXBook?
It is possible, but careful due diligence is required. Many successful traders share strategies, but always check their transparency and performance yourself.
Is the AutoTrade service risky?
There are risks in copying others, though MyFXBook incorporates risk management features into AutoTrade to help mitigate this. Start small to test.
How do I choose the best traders to follow or copy?
Look for longevity, transparency, consistent profitability backed by verified statistics and community reputation.
Can I share my own trading strategy on MyFXBook?
Yes, once you have a proven, profitable system you can share it on MyFXBook for others to follow and copy.
How do I withdraw money from my linked broker account?
MyFXBook is not a broker itself, it connects to your existing account. You withdraw directly from your broker as you normally would.
What are the paid plans on MyFXBook?
Upgraded plans include higher AutoTrade commissions, customized trader page, account mirroring, SMS alerts and other premium features.
Conclusion
MyFXBook is a top social network and autotrading platform tailored specifically for forex traders. The combination of community, education, trade tracking, analysis and autotrading makes it a valuable resource for traders of all skill levels.
New traders can fast track their learning by connecting with experienced traders, copying strategies, and analyzing performance. As your skills grow, you can build authority by sharing your own proven systems.
While there are risks, careful use of MyFXBook’s features can enhance your trading process, accelerate your progress, and diversify your portfolio well beyond what most could achieve on their own.
The key is doing your research, managing risk, continuously tracking performance, and always striving to improve. MyFXBook provides the tools – the work and responsibility lies with you.