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Myfxbook Upgrades the AutoTrade Social Forex Platform, Users Can Now Add 5 Demo Accounts

Jul 08 2013
By
Forexbrokerz.com

 It would be quite the exaggeration to say that the social trading network Myfxbook has been enjoying smooth sailing these days: just a few weeks ago the platform got entangled in a conflict with Metaquotes and found itself with blocked access to the MT4 platform. It then managed to sort things out but everything was done hush-hush and very little information was released to the general public or the media. 

 
At the current point, however, Myfxbook seems to be on the right track again, introducing some improvements to its AutoTrade program for signal copying: AutoTrade users can now create up to five demo accounts to try out different portfolios and find the most profitale one. 
 
When it first launched in March this year, AutoTrade only offered about five signal providers and their trading strategies. To date, this number has increased to thirty. 
 
To those of you familiar with social trading, 30 trading strategies to choose from may probably seem as too few – especially if you're comparing to other social forex networks like ZuluTrade where you can subscribe to thousands and thousands of signal providers. Don't be too quick to dismiss Myfxbook, though: the platform has a very thorough vetting process and doesn't let just anyone submit their strategy for following. 
 
In order to become a signal provider, a trader has to comply with the following requirements: 
- To trade with a verified MT4 account;
- To have 3+ months of account history;
- To have an account balance of at least $1,000;
- Maximum 50% of drawdown;
- Return percentage must be at least 10%, and must also be higher than the drawdown of the system;
- Average pips per trade win must be 10 or more;
- Average trade time should exceed 5 minutes (e.g. no scalping allowed);
- The system should not use martingale and/or grid techniques;
 
As you can see, there's quite a few requirements, and naturally the number of all trading strategies that fit into this description is not that high, hence the somewhat limited choice of signals to copy. 
 
Myfxbook's new rule for up to 5 demo accounts registered on AutoTrade allows followers to simultaneously try out various combinations on strategies and find the one that works best for them, ensuring the highest profitability and optimal risk levels. Once this ultimate portfolio is build, traders can go ahead and register a live AutoTrade account. Currently the only broker supported for live accounts is FXCM but hopefully the list will be expanded in the future. 
 
 

About Myfxbook

 
Myfxbook is a social Forex community and online automated analytical tool for Forex trading accounts. It allows tracking, comparing, analyzing and sharing trading activity with fellow traders. The tool can also be used for improving trading skills and even publishing a trading account statement.
TAGS: forex trading  forex  social trading  forex social network  automated trading  forex strategy  trading strategy  ZuluTrade  myfxbook  AutoTrade 

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