MyFxBook Review – Forex Performance Tracking Service
With all the Forex indicators and Expert Advisors that are for sale out there, have you ever wondered if anyone of these sales videos are true? Are they as good as they videos claim? Well, if you have thought about this before, then you are not alone. We have constantly asked ourselves before investing if the product is as good as the product creator claims. How do we verify their claims and how do we know if it’s not a scam? Fortunately, there is a way and it’s a darn powerful way of filtering what’s hype from what’s real. This way when you invest your hard earned money into a Forex product, you can almost always know that you are investing into something solid. How do we do that? Simple! Welcome to our MyFxBook Review!
MyFxBook Review – What is MyFxBook?
Obviously MyFxBook.com is a rather large website and this review is going to be concentrated on how we personally use MyFxBook to our advantage. The most important thing about MyFxBook.com to us is the powerful feature of linking an MT4 trading account to its system. And once linked, it will tracked ALL trades in that linked MT4 account…which makes our life easier to verify Forex products out there.
For example, we have a Forex MT4 Expert Advisor that we market which is called the EURUSD Super Scalper EA. This Super Scalper is priced at $297 and with this kind of price tag there is plenty of skepticism, which is only normal and fair. So to prove that our Scalper works and works well, we used MyFxBook to track every single trade and performance of the EURUSD Super Scalper on a real account and of course, with real money.
So let us briefly explain how to read the numbers on MyFxBook when it’s tracking the performance of an EA or trade signal service. Probably what you want to see first is the drawdown % of any portfolio. This % might defer depending on your risk tolerance and every individual will have different risk tolerance. Our tolerance is set at 30% and hence when we develop our trading strategies and Expert Advisor, we will work with 30%. And in this example, you will see that the worse that this portfolio has dropped to is 27%. We have seen portfolio with drawdowns of more than 70% and would suggest that if you are considering a Forex product with such big drawdown… it’s best to just avoid it.
But in truth, most Forex products do NOT even have a MyFxBook verification and you probably do better by just ignoring those offers because it might just be hyped. Why would such a great offer be without MyFxBook.com verification? Think about it….
MyFxBook Review – Verification Status
This is powerful because you know if any trade signal or Forex product is for real. What you want to see is that the portfolio is verified on BOTH levels. Having just the track record verified is NOT enough because to have this “Track Record Verified,” you just need the MT4 account number and investor password to have this ticked green. But this can be anyone’s trading account and not necessarily the trading account of the trade signal service or the EA that you are considering to purchase. You also what MyFxBook to tick green the “Trading Privileges Verified” because this is when MyFxBook will create an investor password and the MT4 account holder will have to change the account password to match MyFxBook. Well, as you know, only the real owner to the MT4 account can change the investor password. So having both ticked green is necessary to have the account truly verified. Again, if the product you are considering is without MyFxBook verification, please avoid…
The rest of it is pretty much self explanatory as it goes down into performance. Of course, for most of the traders, they want high returns which is common but ultra high returns usually just means unnecessary risk exposure which we hope is not your goal. The main thing is all about sustainable long term growth and that’s true small profits daily without taking big trades. Anyway, below are some screenshots of MyFxBook that we think is pretty cool and really detail.
You can check out an EAs winning ratio and profitably easily with MyFxBook. There is nothing to hide as everything is exposed. And that’s what you probably want before you buy anything, right?
We love MyFxBook.com because they even have other stats like Monthly Gains summarized for easy viewing like above. With one glance you will know that if the EA is profitable. So we hope after reading this MyFxBook Review, before purchasing any Forex EA, Signal Service or even Indicator in future, check with the product developer if they have their service/product verified by MyFxBook. If they do not, then it’s a serious question you have to ask yourself… is the product legit or just another scam?
If you are looking for a good MT4 Expert Advisor that can consistently deliver results,then you might want to consider our own MT4 Expert Advisor, the EURUSD Super Scalper EA. It’s verified on MyFxBook.com and here’s the live link.
If you decided to invest in our EA, thank you for trusting us. We will continue developing new EAs and will continue to have MyFxBook verify our portfolios. Good luck.
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.
Other Analysis Today