Social trading at its finest.
Myfxbook’s AutoTrade system is an automated social trade copying service which allows traders to subscribe and copy other trading systems. If you are a trader looking to follow and copy other traders on the market, using AutoTrade can provide the trading systems that prove a positive track record.
You can start by visiting the Myfxbook AutoTrade webpage where you can view and compare over 40 different systems. The list of systems is organised by the proprietary Myfxbook rank. Their ranking method ranks trading systems based on those that have the lowest risk with the highest profit vs consistent growth.
Benefits of Myfxbook
When looking for a trading system to offer, Myfxbook removes any system that does not meet their requirements. This ensures quality control and provides a better selection of trading systems for traders to choose from. Over time, some trading systems are removed and added, but the amount available tends to be around 45 trading systems in total. This offers a variety of options to clients looking for a specific trading solution.
The requirements for traders who want to become signal providers include:
- Must trade from a verified MetaTrader 4 account and trades with real money (No demo accounts). It also has to be connected to Myfxbook for at least 3 months and has to have made at least 100 previous trades.
- Must meet the minimum account balance of $1,000.
- The historical drawdown must be lower than 50%.
- The average trade time must be more than 5 minutes.
- Average pip win per trade must be at least 10 pips.
- Historical drawdown must be lower than 50%.
- The historical return on the account must be higher than 10% and higher than the maximum drawdown.
- Does not allow systems that use martingale/grid techniques.
Having the above requirements ensures that providers are legitimate and minimises the risk for traders looking to subscribe to a specific trading system.
When getting a better understanding of a trading system, you want as much organised data as possible to better understand the risk. When you choose a system with AutoTrade, you can view detailed information on performance, drawdown over a certain amount of time, best and worst trades, average trade duration, and much more. There are also more complex indicators such as the Sharpe ratio, standard deviation, and profit factor that can be taken into consideration
It is as if you are getting a detailed “cheat sheet” to quickly understand if a system is worth your time or not. Myfxbook also offers one of the largest selections of financial indicators and statistics compared to other social trading platforms.
Complete Trade Mirroring
AutoTrade has worked tirelessly to automate the process of trade mirroring which ensures that trades from a signal provider will be replicated to a client account almost instantaneously. This ensures consistent results as if a client was making the trades themselves.
No Software Needed
AutoTrade is hosted on internally managed servers, ensuring that users don’t need to install and manage the software on their own devices. All of the technical aspects of AutoTrade are looked after internally so that users can focus on selecting providers and managing their trading strategy.
If you need more information or have any enquiries, please don’t hesitate to contact us either by phone at +612 8379 3622 or email us at firstname.lastname@example.org or feel free to start a live chat session right here on the website.
The information on this website is not intended to be an inducement, offer or solicitation to anyone outside of Australia. Global Prime Pty Ltd, ABN 74 146 086 017, (Global Prime) holds an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL no.385620.
Any Information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and strongly recommend you to seek independent financial advice. Please read our Financial Services Guide and current offer document which is available to be downloaded from this website or hard copies may be sent by contacting us on the details provided on this website.
All financial products involves risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance.