Mastering FX Trading with Myfxbook: A Comprehensive Guide for Traders

For modern FX traders, managing their trading history and sharing information with other traders is extremely important. In this blog, we will introduce and explain how to use the free web service “myfxbook.” By effectively using myfxbook, you can improve your trading and interact with the community. From beginners to advanced traders, be sure to check out the convenient features of myfxbook.

1. What is myfxbook?

myfxbook is a free web service used for managing and publishing FX trading information. This service automatically collects trading information from MT4 (MetaTrader) and displays it as graphs and data. Below are its main features.

1.1 Automatic Collection of MT4 Trading Information

When you register your MT4 FX account with myfxbook, trading information is automatically collected. The collected data can be viewed on the website, and graphs of performance, win rates, profit rates, and other data are compiled.

1.2 Detailed Display of Trading History

myfxbook allows you to display detailed trading history. You can check the timing of trades and results on charts, which helps in analyzing and identifying areas for improvement in your trading.

1.3 Viewing Other Traders’ Performance

myfxbook allows you to view performance information published by other traders. By referring to the strategies and performances of top or famous traders, you can improve your own trading.

1.4 Publishing Your Own Performance

myfxbook also allows you to publish your own trading performance. You can choose how much information to disclose through the privacy settings, and share your trading strategies and results with other traders.

1.5 Accessible via Smartphone

myfxbook can be used not only on the website but also through a smartphone app. You can check your trading information even when you’re out and about, offering flexible usage.

myfxbook is a very convenient tool for FX traders, useful for improving your trading strategies and interacting with other traders. It’s free to use, so we recommend registering and giving it a try.

2. How to Register for myfxbook

Registering for myfxbook is a simple process. Follow the steps below to create an account.

1. Access the Official myfxbook Website

First, visit the official myfxbook website.

2. Click the “Register” Icon

Click the “Register” icon located at the top of the page.

3. Enter Information on the Account Creation Screen

Enter the required information on the displayed account creation screen. The following information is required:

• Username: Enter 4-16 alphanumeric characters. Example: fx2024trader
• Email Address: Enter the email address you want to use for registration.
• Password: Enter a password of 4-20 characters.
• Re-enter Password: Enter the password again.
• Check “I am not a robot.”
• Confirm your agreement to the Terms of Use and Privacy Policy.

4. Click the “Register” Button

After entering the information, click the “Register” button.

5. Complete the Registration Process via Email

After registration, you will receive an email from myfxbook. Click the link in the email to complete the registration.

Although myfxbook also allows registration via Facebook or Google, this guide introduces registration using an email address.

The registration process takes only a few minutes, so give it a try.

Reminder: You can use both the browser and smartphone app versions. For the browser version, visit the official site and manually register. For the smartphone app version, access the official site via your smartphone’s browser and follow the same steps to register.

3. Basic Usage of myfxbook

Here are the basic steps to use myfxbook.

Login

First, access the official myfxbook website, enter your username and password, and log in. Once logged in, you can access your personal page.

Add a Trading Account

After accessing your personal page, add a trading account. Follow these steps to add a trading account:

1. Click “Add Account” on your personal page.
2. Select the trading account and accurately enter the necessary information. This includes account type, broker name, server name, account number, etc.
3. After entering the information, click the “Add” button to add the trading account.

This will allow myfxbook to collect real-time trading information from your trading account and analyze it automatically.

Display Data

After adding a trading account, myfxbook will automatically collect and display the trading data. You can display the data by following these steps:

1. Access your personal page and click “Portfolio.”
2. Select the trading account and display the analysis results. You can check various data such as trading performance and profits.

Detailed Display of Analysis Results

To display detailed analysis results, follow these steps:

1. When the analysis results are displayed, click the details button.
2. You can check detailed information such as charts and history.

Additionally, myfxbook allows you to share information with other traders. Select the information you want to publish (e.g., account number, trade history) and share it with other traders.

These are the basic steps to use myfxbook. By following these steps, you can collect trading data and display analysis results. Even if you are new to myfxbook, you can easily execute these steps, so give it a try!

4. What You Can Do with myfxbook

By utilizing myfxbook, you can do the following:

Automatic Collection and Analysis of Trading Data

• Automatically collect your trading data and objectively check the situation.
• Automatically analyze MT4/MT5 trading data with myfxbook and check more detailed data.
• Check information such as earnings in the myfxbook trading section.
• Check detailed statistics such as revenue, average profit, average loss, lot, fee, profit rate, standard deviation, expected value, best trade, worst trade, etc.

Publishing Trading Performance and Viewing Other Traders’ Performance

• Publish your own trading performance or view the performance published by other traders.
• Improve your trading performance by competing with each other.
• Beginners can check the information of successful traders and learn trading methods, etc.
• If you do not want others to see information such as account balance and open positions, you can use the private setting.

Management and Publication of MT4 Trading Information

• By linking MT4 trading tools with myfxbook, you can automatically collect, manage, and publish trading data.
• Check the transition of performance with graphs and compile data from various perspectives, such as win rates and average profits.
• Register multiple MT4 accounts to one account and manage the performance of the portfolio.

Displaying Information Using Widgets (Blog Parts)

• Display the MT4 account registered with myfxbook as a widget (blog part) on your blog or site.
• By publishing the MT4 trading history, you can determine true performance.

Utilizing Twitter for Sharing Trade Occurrences

• By connecting the account registered with myfxbook to Twitter, you can post tweets every time a trade occurs in MT4.
• You can monitor the status of FX automated trading even when you are out or at work.

Following Other Users’ Trading Situations

• You can also view the trading information of other users registered with myfxbook.
• Search by popularity, follow users or EAs you are interested in, and exchange information.

Using the Smartphone App

• myfxbook also has a smartphone app, allowing you to check statistical information of registered MT4 accounts, current open positions, trading history, etc.

These are the main things you can do with myfxbook. Use it to analyze your trading performance and view the performance of other traders.

5. Advanced Techniques for Using myfxbook

Using myfxbook, you can utilize many features that help analyze trading performance. Below, we explain advanced techniques for using myfxbook.

5.1 Detailed Analysis of Positions

myfxbook allows detailed analysis of each position. By focusing on the following points, you can identify weaknesses and areas for improvement in your trading.

• Maximum Adverse Excursion (MAE): Indicates the loss when the position moved most against you. It helps in risk assessment.
• Maximum Favorable Excursion (MFE): Indicates the profit when the position moved most in your favor. It helps in measuring the potential profit.

5.2 Optimizing Automated Trading

myfxbook can also collect and analyze data from automated trading (EA). It is important to check the following items:

• Expected Value: Indicates the amount of profit expected from one trade. The higher the expected value, the higher the probability of success in trading.
• Maximum Drawdown: Indicates the maximum loss amount in trading. The smaller the maximum loss, the lower the trading risk.
• Win Rate: Indicates the success rate of trading. The higher the win rate, the higher the probability of success in trading.

Using this data, you can find strategies to improve the performance of automated trading.

5.3 Exchanging Information with Other Traders

myfxbook allows you to view the performance published by other traders. Utilize this to learn the successful patterns and trading strategies of other traders.

Additionally, by publishing your trading performance, you can receive evaluations and advice from other traders. Exchanging information with other traders can greatly contribute to improving your trading skills.

5.4 Visualization of Data

myfxbook allows you to visualize trading data with graphs and numerical values. This allows you to grasp trends and performance at a glance.

You can visualize the data in the following ways:

• Graph: Display trading performance over time or period in graphs. You can visually capture the achievements and fluctuations of trading.
• Numerical Values: Display trading performance in numerical values. By checking indicators such as average profit and average loss, you can evaluate the performance of trading.

Visualizing data is very useful in finding trends and areas for improvement in trading.

5.5 Utilizing Alert Functions

myfxbook allows you to receive alerts when specific conditions are met. For example, when profits or losses reach a certain level, or when trading results exceed goals.

Utilizing alert functions allows you to respond quickly to trading results and market fluctuations.

5.6 Collecting Real-Time Data

If you use the paid version of myfxbook, trading data is collected in real-time. This allows you to grasp the latest trading performance and market trends in real-time.

Collecting real-time data helps in speedy decision-making and strategy adjustments.

These are the advanced techniques for using myfxbook. By utilizing these features, you can build more effective trading strategies. Make use of myfxbook to improve your trading performance.

Summary

myfxbook is a very useful tool for FX traders. By utilizing various features such as automatic collection of trading data, detailed analysis, and information sharing with other users, you can significantly improve your trading strategies. From beginners to professional traders, myfxbook, which anyone can use for free, is an indispensable application for successful FX trading. Take this opportunity to consider registering and using myfxbook.

Frequently Asked Questions

What are the main features of myfxbook?

myfxbook automatically collects FX trading history and analyzes it in detail with graphs and numerical data. You can also view other traders’ performances and publish your trading performance. Additionally, you can check the data using the smartphone app, allowing you to monitor your trading status even when you are out.

Is the registration process for myfxbook easy?

Yes, registering for myfxbook is very easy. Access the official site, enter your username, email address, and password to register. After completing the registration, click the link in the email to complete the registration. You can use both the browser and smartphone app versions.

What can you do with myfxbook?

Using myfxbook, you can automatically collect and analyze trading data, view other traders’ performances, and publish your trading performance. You can also display trading information on your blog or website using widgets, and tweet about trading occurrences by connecting with Twitter. It can also be used with the smartphone app to check trading status when you are out.

Are there advanced techniques for using myfxbook?

Yes, myfxbook has various advanced features. By utilizing detailed analysis of positions, optimizing automated trading, exchanging information with other traders, visualizing data, using alert functions, and collecting real-time data, you can build more effective trading strategies. Using these features can improve your trading performance.