How to Use MyFxBook – A complete guide for beginners

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As you all know, every trader does not even examine their work; therefore, they miss a significant opportunity to enhance their trading performance. Unfortunately, this is challenging to attain without the use of special software. However, some qualified currency traders depend on analyzing their every trade. Due to the need to analyze online trading daily, people want to use the Autotrade trading tool, which will help them.

MyFxBook is a web-based tool for analyzing a trader’s account statistically and mathematically. The results of the investigation can be provided later.

In this article, we’ll share how to use MyFxbook in auto trade copy trading. So without ado, let’s get started;

Trades with MYFxbook

●    Profit and loss ratios

Firstly, you should analyze your normal profits or losses in numbers. A fair ratio is 1:2, although 1:3 is much better. However, if you are familiar with and can easily manage money with rules, your profit margin will exceed your average loss. For such a margin, one successful trade can cover many losses. However, if you lose more money with one trade than you make, you should reexamine your trading strategy.

●    The capacity of successful and unsuccessful trades

A Z-account examines if your trading performances are random or sensible by calculating the probability of profiting or losing money in a set of trades.

A 99.99 percent result signifies that the other is almost certain to follow even after a profitable trade, and vice versa. It may also inspire you to raise the trading volume in a profit or minimize it in the case of a loss. You will still get the most out of business in this manner.

●    Chances of loses

You can see how much of your deposit is at stake if you make a string of losing trades.

For example, if your Loss Size is 10% and your Loss Risk is 90%, then your Future Losing Transactions value is 5, you may effectively lose 10% of the deposit throughout 5 losing trades. And there is a 90% chance of this happening.

So you may assume that, in order to reduce risks, you should trade twice times with smaller quantities, leading to a loss size of 5%, which really is pretty comfortable.

Final Thoughts

MyFxBook is an excellent tool for analyzing your trades. But first, you have to learn forex trading because it is necessary for an online trading platform. However, it supports market players in analyzing how well their trading systems work and upgrading it after reviewing the information.

When a trader examines their trading with currency pairings, for example, they can see a lot of unnecessary trades with NZD/CAD. However, the position is much good with other instruments. in this case, it drops the pair off your collection of instruments or modifies your market entrance.

Moreover, many people will utilize MyFxBook to share their successes with the public and private investors rather than reviewing the information of their trading account. Guaranteed profitability on this business with a large statistical basis looks to be far more productive than any trading platform statement.


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