How to authenticate monitoring on MyfxBook?
Hello. I think you have seen the monitoring of accounts through the MyfxBook service on our website and the forex forum more than once. In general, monitored accounts are a good indicator of the performance of a Forex advisor, but there are exceptions. Greedy system sellers often use various tricks: for example, they hang a scalper on a demo or try to give out a demo account for a real one. Today we’ll talk about how you can recognize the fraud on MyfxBook, what points you should pay attention to before praying for the next “holy grail” of trading.
It’s worth starting with the fact that Myfxbook.com service is not only an opportunity to keep statistics of your own account and share the results with other traders, but also a place to search for investors, buyers of trading systems and subscribers to signals.
Myfxbook Helps Avoid Scammers
Unlike other similar sites, Myfxbook made sure to become a kind of disinterested third party. A mediator who can be trusted. And trust is provided by special checks that the service offers traders so that the buyer of the adviser / investor does not have doubts about the veracity of the monitoring results.
If in runet scammers like ratesniper.ru quite easily find simpletons who are ready to lay out their hard-earned money for beautiful descriptions of products, then in a bourgeois such tactics will not bring big sales. In the foreign segment of the Internet, people are more educated, and selling them an adviser without monitoring real accounts is difficult. But even monitors should not be trusted 100%, or rather pay attention to the nuances that we’ll talk about today.
I will give an example. Below you can see the monitoring of the Million Dollar Pips Expert Advisor:
It would seem that the results are staggering, put the adviser on a real account and live happily ever after ...
But if we go to the monitoring page, we will see that this account is a DEMO, not a real one.
And the model of work of MDP is such that due to the peculiarities of order execution, the robot will not bring profit on real accounts. Thus, for scalpers demo-monitoring does not matter.
But if the account is indicated as real, then it is worth taking a closer look: is the history of trade confirmed, as well as trade privileges. On these MyfxBook monitoring authentication tools, let's dwell in more detail.
Myfxbook trade history confirmation
On the page of each monitoring on MyfxBook there is such a line: “Trade history is confirmed” or “Trade history is not confirmed”.
What does it mean? This means that the monitoring host provided the investor password with the Myfxbook system, and also indicated the broker and the trading server on which the account is running. MyfxBook automatically verified information on monitoring: type of account, order logs, etc. and confirmed that the account is real.
Such a check helps to protect advisers from unscrupulous sellers, who can, for example, indicate that the PBX is working on a real account, although the demo is actually monitored.
How to do such a check for your own monitoring is described here.
Confirmation of trade rights
Another monitoring verification method that MyfxBook offers is the confirmation of trade rights.
It’s very rare, but there are situations when the login and password of an investor of someone else’s profitable account somehow gets to the fraudster. And this very huckster creates monitoring of someone else’s account and, passing it off as his own, is engaged in sales of an adviser or strategy supposedly working on this account. Here from such rolled and verification of trade rights is called to protect. That is, the service asks for confirmation that the owner of the monitoring is the owner of the monitoring, and no one else.
How to confirm the trade rights of your monitoring is described here.
MyfxBook Monitoring Authentication Checklist
So, you decided to be completely stupid (from my point of view), namely to buy some kind of adviser, strategy or paid course. Remember: beautiful words on a sale page are just ads. Reports from the strategy tester will draw you for 100r. in Photoshop, any student. Therefore, if you suddenly, which I highly advise against, want to buy a paid Forex product / undergo paid training, ask the seller to monitor a real account on MyfxBook.
If the seller begins to come up with excuses, - feel free to send it as far as possible.
If monitoring is nevertheless offered to the attention of potential buyers, then you should pay attention to its veracity, namely:
- Live Account or Demo?
- Is trading history confirmed?
- Are trade rights confirmed?
- Is a dubious office listed as a broker?
- How long has monitoring been launched?
- What is the latest monitoring update date?
- Is the curve of funds on the chart below the balance curve (sign of martingale)?
Of course, in addition to the authenticity of monitoring, it is worth looking at the history of transactions, evaluating various indicators of the statistics of the trading strategy, etc. but we’ll talk about this some other time. Therefore, subscribe to site updates so as not to miss new materials.
Respectfully yours, Pavel
Forex Trader Portal