HOW TO CREATE ACCOUNT IN MYFXBOOK
The importance of maintaining a trading journal cannot be overstated.
A historical account of your trading activity not only monitors progress but also identifies strengths and weaknesses. In essence, it’s a critical part of a trader’s development. Regrettably, this is often overlooked as time-consuming or unnecessary.
1. Sign Up
To begin, visit Myfxbook and Register.
2. Adding and Configuring an Account
The next phase involves adding and configuring an account.
Click on Portfolio, housed on the upper panel (see figure 1.B) and select Add Account, then, once again, click Add Account at the bottom of the page, as in figure 1.C. This will bring you to Platform selection (figure 1.D) – the Auto-update version is recommended.
As shown in figure 1.E, the user is required to create an Account Name, select their Broker, Server, and fill in their Account Number and Investor’s Password.
- The account name will be shown in your Myfxbook portfolio – it can, however, be changed at any time.
- You can find the server by going to the login screen in MetaTrader – in this case, we’re using a demo account (a trading account that uses simulated funds), though many do use a live account.
- The account number is your MetaTrader 4 account number.
- The investor password is a read-only access password to your account. If you’re not sure what your investor password is, you just simply put your metatrader password
Once all details are filled in, select Create Account.
Once the accounts are linked, you’ll be notified the account was created successfully (figure 1.F). From here, select Take me to my account (red arrow).
Here you’ll be taken to your Myfxbook account (figure 1.G). The multiple accounts you may add in the future will also be visible under the same portfolio tab you clicked on earlier.
To the left of your account, you’ll see Gain under the Statistics tab. This is the Time-Weighted Return (TWR) measuring the performance of a dollar invested in the system since inception. Below this, you’ll see Absolute Gain; this is the return of the investment as a percentage of the total deposits – New deposits will affect the absolute gain. You will also note Daily and Monthly gain, along with Drawdown metrics.
From here on, executing trades on your MetaTrader platform will simultaneously show in your Myfxbook account, albeit with a minor delay. Figure 1.H displays two current trades on EUR/USD and GBP/USD recently executed.