Fact or Ficition - Myfxbook.com

Not a big deal or anything to worry about since I doubt it is about you and more about the nature of the website.

Hi kk007, myfxbook is a commercial website (they make money through advertising, just like Forex Factory) and this thread is dedicated to their service. That's the reason this thread was moved to the Commercial Forum.

"Welcome to the beta version of the Commercial Forum. This forum will contain threads that are dedicated to or started by commercial businesses/individuals in the Forex industry."

Hope this clears things up!

Thanks Twee and LasVahGoose,

OK, as far as it is clear that I am not considered to be holding a business here.

It sounds to me, in the same principle, a thread discuss specifically for any particular commerical websites (babypips, investpedia, bbc, golf, etc.)should be moved here.

cheers,

The second account is easier to pick apart, at least as I'm looking at it on April 3rd.

This is someone who obviously doesn't close any trades as losers, holds the losing trades. What happens is that he has a techinical drawdown of 0.0% because he has never closed a trade at a loss. Obviously, you can see the two pages of open trades at present.

Things to look at.... deposits $8426, withdrawals $7000. Ok, well we still need $1426 dollars somewhere to break-even at least. Well, it says his balance is $3174.31 but his EQUITY is only $648.30! So if we liquidated his positions right now, the account would be negative overall.

So there are ways on Myfxbook to deceive others, but MyFxbook isn't truly faulty by itself. I find it quite handy to monitor my trades.

When examining peoples results Beware of the following things:

1. They hide their trade size (lots) but not their pips. ( This hides martingale-ing and irrational position sizing. )

2. They hide their open trades. (Their drawdown may not be represented because their account hasn't been updated lately or they are sitting on a huge losing trade.)

3. They trade smaller, normal lot sizes but hidden amongst all the trades are the few huge 6 lot trades to break them even after a terrible day of many small losers. They get lucky and survive these.

Just my 2 cents...

A turkey get slaughtered on 1001 days.

I've got into a few good arguments about the validity of myfxbook.
Yes it is, the only source for creditability considering Fake HTML statements can be uploaded to other verification sites like mt4i..

Now What I have noticed:

IF the trader hides their Broker, RED FLAG.
If the broker is located in Belize or some other odd location, Red Flag.
If you have never heard of that Broker, RED FLAG.
If their trading activity is 1-2 pip gains, RED FLAG.
If their EQUITY is HIDDEN , HUGE RED FLAG. ( Floating Loss)

The site in my opinion is flawed Up until they Eliminate the Balance Graph and start using the Equity Gain (abs gain) as the graph.

It's no different then shady brokers with Mt4 Broker Plugins. It can all be manipulated