Reading Myfxbook critically

Why Myfxbook matters

Myfxbook connects to a trading account and publishes its results: the equity curve, every trade, the drawdown, the monthly returns. Because the data comes from the broker rather than from the trader’s own spreadsheet, it has become the standard way to show a track record in retail trading. Every strategy on this site links to one.

That makes it worth knowing exactly what it proves, and what it does not.

What the two green ticks verify

A fully verified Myfxbook account carries two separate checks:

• Track record verified. The trading history shown on Myfxbook matches the history the broker holds for that account. Myfxbook confirms this by connecting with the account number, the investor password, the broker and the server.
• Trading privileges verified. The person who added the account holds its master password, meaning they own it or can trade on it. This is proven by an action on the platform that only the master password allows, such as changing the investor password or placing a pending order.

Both together mean the numbers are real numbers from a real broker account, published by someone who controls it. Myfxbook only lets an account be made public and shared once both checks are complete.

What verification never checks

Verification is about authenticity, not quality. It does not tell you:

• Whether the risk was sensible. A verified account can be running a strategy that will eventually blow up.
• Whether it is the only account. Someone can run many accounts and publish the one that happened to do best.
• Whether you would get the same results. Your broker, spreads, deposit size and start date all differ.
• Whether the past continues. No badge covers the future.

So a verified record is where the analysis starts, not where it ends.

Reading the trade history

The trade history tab shows every position, and it reveals patterns that summary numbers hide:

• Position sizes that grow after losses. Doubling up after a losing trade can produce a beautiful curve until one run of losses is long enough to break it.
• Many positions open at once in the same direction. Adding to a losing position at regular intervals keeps the win rate high while the open risk quietly grows.
• Losers held far longer than winners. Quick small profits and slow large losses are the signature of the 90% win rate that loses money from the previous lesson.

Check the account details as well: whether it is a real or a demo account, which broker, and when it started. A demo account proves much less than a real one, however well it is presented.

Five checks before believing any track record

1. Both green ticks are present, and the account is a real-money account.
2. Age: at least one complete year of history, with several hundred trades.
3. Money flows: Gain and Absolute Gain tell a consistent story, and large deposits did not arrive just after the best period.
4. Drawdown: the maximum drawdown, which Myfxbook takes as the highest of its end-of-day, intraday and growth measures, is acceptable to you in euros, and small relative to the annualised return.
5. Trade history: position sizes stay consistent, losers are closed rather than averaged, and the win rate is backed by a healthy profit factor.

The US Commodity Futures Trading Commission warns that forex fraudsters offer success stories from made-up customers, create fake account statements, and claim to have been in business for years when it is often only months. The five checks above are designed for exactly that situation.

Run them on us too

This series has used our own pages as examples on purpose. Every strategy page on this site links to its verified Myfxbook account. Open it, run the five checks, and decide for yourself. A track record that cannot survive that is not one you should follow, and that includes ours.