MyFXBook is a great tool that traders can use to analyze their trading history. Knowing more detailed information about your trading history can help filter and adjust your trading plan in order to gradually improve your performance long term.
MyFXBook has a range of tools including trade copiers and more, but one of the most important features to traders is the Portfolio tool.
Portfolio Tool by MyFXBook
Portfolio tool allows you to link your trading account with your regular broker, with MyFXBook. This doesn’t require any downloads and can be used on your account to pull all of the history, not just history created from when you set this connection up.
Trading history is a very useful dataset to any trader. It holds the effective ‘blood test’ results for your trading account. Knowing the best hours, days and direction of trades and their profitability can greatly improve your trade plan. More importantly, knowing the worst performing symbols, times and days can be filtered out, allowing the trader to focus on where the profits are being made.
This means easier trading, since you may be able to trade less from having this knowledge of what is working, and what isn’t.
How To Use MyFXBook
To use MyFXBook and get your history linked up to the data you want, you can create an account then log in, then on the Portfolio tab click on “Add Account”. All you need to do is connect your brokerage account by logging in using your broker details. You may wish to set up your investor password first with your brokerage (if you are using MT4 or MT5, change it in your platform).
Adapting Your Trade Plan
Adapting your trade plan is something that can be acceptable when it comes to hard data. Using hard data to adapt and make qualified decisions can be a great way to improve your trade plan.
Often trade plans are said to be kept fairly consistent, however using hard data and statistics to back your decisions, particularly over the long term, can be a great way to improve with confidence.