In another article, we introduced you to the MQL5 Community platform (mql5.com), an ecosystem developed by MetaQuotes Ltd. This ecosystem includes a lot of services and tools to support investors in the forex market, such as forex trading services, trading of EAs, strategies, custom indicators, services. VPS, Freelancer … and many other services. You can review the article What is MQL5? To learn more about MQL5 Community. And this article will continue to introduce you to another ecosystem, which is Myfxbook (myfxbook.com). As a product of Myfxbook Ltd, this ecosystem has many similarities with MQL5 Community, however, the powerful tool makes a difference and is also the main purpose that traders use main myfxbook. is to analyze the trading account system.
Millions of investors now use Myfxbook as an integral part of forex trading. So what is this platform that attracts investors so soon we will learn in detail about the services and tools provided on this platform to see the benefits that Myfxbook brings back.
What is myfxbook?
Myfxbook is simply a website or, rather, a social community for forex traders. Like other web platforms, in order to use the services or tools at Myfxbook, investors need to register for a user account. Traders from all over the world will be connected through their forex trading account on Myfxbook, which means they have to link their trading accounts to the Myfxbook platform.
Myfxbook is for both new and experienced traders, they connect with each other to share ideas or cooperate with each other through a copy trading platform to bring profit.
Summary of services and tools on Myfxbook
At the homepage of Myfxbook, you will see the content on the Menu bar, these are the services and tools that you use on this platform.
Here, you will be provided with Economic news (New) on the foreign exchange market, Economic Calendar to keep track of events, economic policies of countries, support for news-based transactions (basic analysis), and Forex calculator (Forex Calculator) To calculate values, parameters related to forex trading such as calculating the deposit amount, the value of pip, calculating the values of the Fibonacci sequence….
This is where you will link your trading account to the platform of Myfxbook. Here, Myfxbook will analyze your trading account in the most specific and professional manner. We will explore this section later.
A place where traders can design technical analysis models on real time price charts and share them with other traders in the community. You can view a lot of other technical analysis models of other traders and can copy them to your price chart or register for tracking, any changes that occur on that chart will be notified to you via email.
The place will give you specific information about the situation of the market in real time. The information includes:
- Quotations of market assets in real time
- Patterns: Myfxbook will help you conduct scans and detect patterns (candlestick patterns, price patterns) in real time, and forecast the direction of prices through those patterns. Here, you also learn about the concept, meaning and transaction of each model model.
- Volatility: Analysis of fluctuations on each specific asset. This tool will show how many pips or percentages of market assets are changing and you can filter to find assets that are fluctuating within the custom range.
- Correlation (correlation): This is a quite useful tool for investors. The correlation matrix shows the relationship of positive or negative volatility and the degree of correlation between forex pairs or between any two types of assets on the market. Based on this matrix, investors can predict the volatility of an asset based on a different asset class.
The correlation is from -100 to +100, a negative value indicates an inverse relationship between 2 asset types and vice versa for a positive value.
- Liquidity: this tool provides a rough estimate of trading activity in the foreign exchange market in real time. Liquidity shows you the current market liquidity compared to the previous trading session within 48 hours. Higher liquidity means better spreads, more trades are made. This tool will help you examine the current market's liquidity to decide whether to trade during this time or not.
In addition, there are other tools such as Heat Map – Heat map, showing the strongest or weakest currency pairs in real time on each good time frame COT Data – Report of Commodity Futures Trading Commission, indicating the future trend of traders in the market.
A place where investors can compare their trading systems on different trading accounts or view the trading systems of other traders. This section we will also cover later with the portfolio section.
This is the place that shows the most community on Myfxbook platform. In the Community section, you will be able to participate in discussion and exchange of all issues related to forex trading. You can create your own topics and other traders will participate in the discussion on that topic or you can simply select the content that you are interested in, join the exchange and ask for help, Advice from the community. The most discussed contents such as trading systems, strategies, indicators, candlestick patterns, price patterns ….
Is a very useful tool for new investors. When you are wondering about which forex broker to choose, what type of account to choose or which signals to copy for on which platform … then you can see the reviews from other traders, they will give you. Advice based on their own experience. The issues reviewed on Myfxbook include: forex broker, EAs trading system, signal provider, VPS service, PAMM broker, trading platform and promotions, discount price of brokers
A place for statistics of all competitions at Myfxbook
Here, investors can view forex trading conditions, such as spreads, spreads, quotes, swap fees, trading volumes and promotions. From there, compare them with each other, choosing the forex floor that best suits your needs.
How to link a trading account to Myfxbook
There are 2 ways to put trading accounts on Myfxbook, you can apply any way.
To use the services and tools on Myfxbook, you must register for an account on myfxbook.com by email. This process is quite easy so we will not guide you anymore.
After logging into your account on myfxbook.com, in the Portfolio section on the Menu bar, you choose Add account …
Then continue to click on the box Add account as in the picture below
The screen will appear as follows
Here, you choose the trading platform that you are using. In this article, we will guide you to link your MT4 account to Myfxbook. You will follow 2 ways.
Option 1: choose the MetaTrader 4 (EA) platform
Here, you click on the link to download the file to install EA Myfxbook on your computer.
After downloading, you need to install by right clicking Run as administrator.
If you want to install on all platforms MT4 are in the machine, select the box Select all, otherwise click on any platform and then click Install. Then click Next finish to complete.
Now, you boot up the MT4 software. At the frame Navigator, item Expert Advisor, you will see Myfxbook appears there. Double click on the line Myfxbook, a dialog box will appear as below:
Here, enter your email and password to login on myfxbook.com, then click OK, got it to complete.
After only a few seconds, your MT4 account has been posted to Myfxbook. You check by going to myfxbook.com website, at the section Portfolio, you will see your account appears there as Mt4-xxxxxxxx (x is your MT4 account number)
Method 2: choose MetaTrader 4 platform (Auto Update)
Then complete the account information in the boxes as shown below:
- Account Name: The account name will appear on Myfxbook
- Broker: Select broker of MT4 account
- Server: Select the server name of the account
- Account Number: account number
- Investor password: investor password, this password is sent to you when you open a trading account at the floor. If you forget you can do the following to reset the new password:
On MT4 software, you choose Tools 🡪Options 🡪Server 🡪Change.
Here, you enter the password of the trading account in the box Current password, click the checkbox Change investor (read only) password Then enter a new password, then press OK, got it to finish. You use this new password to enter the box Investor password on.
After entering all information of the account, click on the box Create Account. It will take about 1 minute for Myfxbook to connect to the account, then you will receive a message of successful connection, your account will be displayed on Portfolio as before.
After putting MT4 account on Myfxbook, you need to conduct account verification. The verification of the account is to prove that you are the owner of that trading account.
First, you come in Portfolio and select the name of the trading account to be verified.
A fully authenticated account will receive 2 green ticks. To achieve the remaining green tick, do the following:
To enter Portfolio, choose Add account…, then choose Edit.
Authorization password is the password that Myfxbook creates for you. In order for your account to be authenticated, you must change your investor password to this one.
First, you copy this password, then make changes to the investor password on the MT4 software the same way you set up the new password that we have instructed above, then return to the page. Install this account, click the box Update Password, enter the new password, which is also the password Authorization password, and then press Save.
Then keep clicking Connect is done.
When at the box Authorization password the words appear Account Authorized Successfully! As shown below, you have successfully verified your account.
Your account will now receive 2 green ticks.
Trading system analysis
After putting your trading account on Myfxbook, the platform will conduct analysis of your account.
Myfxbook will list all transaction history on your account, profit or loss, account growth rate, balance, total amount loaded, total amount withdrawn….
There are also some advanced analytics such as the most successful, most failed trades that come with winnings, corresponding losses, average profits, average losses, total commission paid. …
Besides, Myfxbook also allows you to set daily, weekly, monthly or yearly profit goals and track those goals.
All relevant information analyzed above is referred to collectively as the trading system. By analyzing this trading system, Myfxbook has helped investors no longer need to do the analysis themselves, but just follow them on Myfxbook's platform, thereby saving construction time. trading strategies yourself.
Besides analyzing your account, Myfxbook also allows you to view the trading systems of other traders, which means that other people will also see your trading system, but they can only see unless You disclose this information, ie you have the right to allow others to view your account or not and allow them to see to what extent is limited depending on your settings.
To view the trading system of other traders, you select the item Systems, then select Most Popular.
Here will display a list of trading systems of traders, sorted by number of followers.
To view any account, just click on the account name, the analysis information will display the same as on your account, except for confidential information that the account owner is not public. .
Also, at item Systems Here, you can compare your trading system of accounts.
To compare trading systems on different accounts, in section Systems, you choose Compare Systems, then select the accounts to compare.
Automated trading on the Myfxbook platform
Besides being known as an ecosystem that provides services, tools to support forex trading or analysis of the trading system of the account, Myfxbook is also famous in the market for an automated trading platform. Copy transaction. This service is relatively similar to trading forex signals at MQL5 Community.
At Myfxbook, you will be able to copy trades from the thousands of trading systems of professional traders carefully selected. They are experienced traders and have a lot of success in the market.
To open an AutoTrade account of Myfxbook, follow these instructions:
First, go to your account on Myfxbook, then click on the box Open AutoTrade Account.
Or direct access to the site fxautotrade.com.
Here, you click on the box Login To log in to your account, select Sign in with Myfxbook
Then enter the email, password on your Myfxbook.
Next is to open an AutoTrade account.
At the homepage of AutoTrade, you choose to open a Demo account or Live account. With Demo account, you only need to select parameters such as account name, deposit amount and leverage. Opening a Live account is more complicated, if you already have an AutoTrade account at a broker then you only need to link it to MyFxbook's AutoTrade platform, if not, then choose a broker that you like and then open an account. AutoTrade account at that broker.
After clicking on the box Open Live, you can follow the instructions to open an account.
Myfxbook's AutoTrade platform will provide you with thousands of successful trading systems, you can choose which ones you think fit your criteria and needs, as well as the ability to trade. Successful translation is the highest. When copying trades from other traders, you will have to pay for them, all trading activities on those traders' accounts will be copied back on your account. However, you can still customize the parameters of the transaction volume, the time allowed for transactions on your account, the minimum balance on the account … before making the copy and you also may stop copying at any time.
summary
As an investor in the forex market, ecosystems like Myfxbook or MQL5 Community are also essential and useful for both new and professional traders. Hopefully through this article, you already know how to put your trading account on the platform of Myfxbook and can use the services and trading support tools provided on this platform.
You have just read the article: “Myfxbook: Instructions on how to put an MT4 account on Myfxbook”
Author: Tin Nguyen
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