Myfxbook is rapidly gaining more and more popularity as one of the most famous social trading network, having already created an enormous user base and heaps of useful tools for traders. So far Myfxbook has collected more than 90.000 users, numbers which are expected to increase as new traders are constantly seeking access to the phenomenon. Myfxbook’s popularity boom has surprisingly overshadowed any past social trading network taking the front seat in its kind.
Myfxbook runs independently and is supported through a limited number of brokers with AutoTrade being offered by an even smaller number. HiWayFX is one of these brokers that has the honour of being able to offer the Myfxbook features to its clients. Myfxbook first began by being a trading community for traders globally to exchange strategies, market tips and having market discussions, as well as offering its users a sharper and more sophisticated set of analytical tools in order for traders to self-evaluate and enhance their own strategy.
What took Myfxbook one step beyond others was the introduction of AutoTrade, a copy trading platform for traders. AutoTrade allows its users to follow and copy the trades of successful traders and synchronises its users’ own trading history enabling them to receive a thorough statistic of their trading thus far. Additionally in regards to copying other traders’ strategies, the system was designed to inform the trader on whether the trade is worth copying or not.
A word of caution for traders is that AutoTrade lets you hide any information from your trades that you don’t want others to know, and the thing is that this is applicable to all users. Therefore when considering copying another trader’s strategy you must be aware of any loopholes that the trader might have hidden and consider the actual amount of risk behind the trade. However, regardless of the added risk factor traders whose trades are copied can earn up to 0.5 pips per lot which is quite an attractive commission.
Myfxbook chooses which traders the user can choose to copy under some very strict guidelines. The user must:
- Have a verified MetaTrader 4 account with at least a 3 month history.
- A drawdown less than 50%.
- Return of at least 10% and higher than drawdown.
- The average of his or her trading time must exceed 5 minutes.
- An account balance of $1000 and higher.
The reason the requirements are so strict is so that the system can discard any unreliable signal providers and offer traders that are actually worth following. Which is why at the moment there isn’t that much of a deep pool of traders to copy from but at least the traders know that their copy trading will not leave them with a gaping hole in their pockets.
Myfxbook in general along with any of its additional services has proven that it’s here to stay and has redefined many aspects of online trading and taken them into the new era. It is guaranteed that the users are only going to multiply meaning that in no time the pool of traders will expand taking the now novices into the experienced traders that will be copied from in the near future.
to follow and copy trades here.. :D
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