Have you ever felt that a trade "should win," only to end up with a loss? Or perhaps you believed a strategy was effective, but at the end of the month, your account balance showed no significant growth?
For forex beginners, the biggest enemy is often not the market, but the subjective judgment of "feeling good." We lack a set of objective data to review performance, leading to repeated mistakes or blind confidence.
This is the purpose of Myfxbook.
Myfxbook is a professional online trading account analysis tool that automatically syncs with your MT4 / MT5 account and converts your trading records into in-depth statistical charts. This article will walk you through the most critical step—"Account Verification"—to start your journey of improving through objective analysis.
Feature 1: Objective Performance Analysis and Tracking
Myfxbook automatically calculates all key performance indicators (KPIs), such as Gain, Drawdown, Profit Factor, etc. This helps you move away from the subjective "this trade feels good" judgment to a more scientific, data-driven mindset like "is the expectancy of my strategy positive?"
Feature 2: Transparency is the Cornerstone of Trust
In trading communities or Copy Trading, words are cheap. A trading statement "Verified" by Myfxbook is the gold standard for proving the authenticity and profitability of a strategy. If you want to become a strategy provider in the future, Myfxbook is your first step to building authority and trust.
Feature 3: Powerful Self-Review Tool
Through Myfxbook's "Advanced Statistics," you can analyze the performance of specific currency pairs, profit and loss during different trading sessions, average holding time, etc. This precisely helps you identify your strengths and weaknesses, such as: "Do I always trade impulsively and lose money during the US market opening?"
But the brutal truth only surfaced after he started using Myfxbook.
The data showed that although he had a few amazing profits on Gold, his losses were equally staggering. Overall, he was actually losing money on his "specialty," Gold.
Ironically, the data showed that the currency pair where he made a steady profit was actually EUR/GBP, which he found "boring." Myfxbook acted like an honest mirror, allowing him to objectively see for the first time: what he thought was his "strength" was actually his "blind spot," and what he ignored was his true "edge."
On the "Add Account" page, the platform will ask for the platform type you want to connect. Please select "MetaTrader 4 (Auto Update)" or "MetaTrader 5 (Auto Update)".
Myfxbook must use this password to safely sync your trading records.
❌ Master Password (Tradable) ✔️ Investor Password (View Only)
For forex beginners, the biggest enemy is often not the market, but the subjective judgment of "feeling good." We lack a set of objective data to review performance, leading to repeated mistakes or blind confidence.
This is the purpose of Myfxbook.
Myfxbook is a professional online trading account analysis tool that automatically syncs with your MT4 / MT5 account and converts your trading records into in-depth statistical charts. This article will walk you through the most critical step—"Account Verification"—to start your journey of improving through objective analysis.
Why do you need Myfxbook? It's not for showing off, it's a trader's "Dashboard"
Many people mistakenly believe Myfxbook is just a tool to "show off" performance to others, but its true core value lies in "self-review." It acts like a precision dashboard, faithfully reflecting the health of your trading strategy.Feature 1: Objective Performance Analysis and Tracking
Myfxbook automatically calculates all key performance indicators (KPIs), such as Gain, Drawdown, Profit Factor, etc. This helps you move away from the subjective "this trade feels good" judgment to a more scientific, data-driven mindset like "is the expectancy of my strategy positive?"
Feature 2: Transparency is the Cornerstone of Trust
In trading communities or Copy Trading, words are cheap. A trading statement "Verified" by Myfxbook is the gold standard for proving the authenticity and profitability of a strategy. If you want to become a strategy provider in the future, Myfxbook is your first step to building authority and trust.
Feature 3: Powerful Self-Review Tool
Through Myfxbook's "Advanced Statistics," you can analyze the performance of specific currency pairs, profit and loss during different trading sessions, average holding time, etc. This precisely helps you identify your strengths and weaknesses, such as: "Do I always trade impulsively and lose money during the US market opening?"
Pro Story: How Myfxbook Burst the "Gold Expert" Illusion
I have a friend who was obsessed with trading Gold (XAUUSD). He loved the huge volatility of Gold and indeed caught a few big trends, so he always claimed to be a "Gold Expert."But the brutal truth only surfaced after he started using Myfxbook.
The data showed that although he had a few amazing profits on Gold, his losses were equally staggering. Overall, he was actually losing money on his "specialty," Gold.
Ironically, the data showed that the currency pair where he made a steady profit was actually EUR/GBP, which he found "boring." Myfxbook acted like an honest mirror, allowing him to objectively see for the first time: what he thought was his "strength" was actually his "blind spot," and what he ignored was his true "edge."
Myfxbook Registration and Account Verification: Complete Tutorial
This is the core of this article; we will take you through the setup step by step.Pro Tip: Why do we demonstrate using the English Interface?
In the following tutorial, we will use the "English Interface" for screenshots. This is because Myfxbook's multi-language translations often have imprecise terminology, which can lead to misunderstandings. To ensure you learn the correct financial terms and align with international trading standards, we strongly recommend switching your Myfxbook language to "English" and following the instructions in this guide.Step 1: Sign Up for a Myfxbook Account
Go to the Myfxbook official website (myfxbook.com) and click on "Sign Up" in the top right corner. Enter your email, set a username and password. This step is very simple; just follow the prompts.
Step 2: Add an Account in Myfxbook
After logging in, find the "Portfolio" section on the dashboard and click "Add Account".
On the "Add Account" page, the platform will ask for the platform type you want to connect. Please select "MetaTrader 4 (Auto Update)" or "MetaTrader 5 (Auto Update)".Step 3: (Critical) Get the MT4 / MT5 "Investor Password"
This is where beginners get stuck most often. For security reasons, Myfxbook does not need your "Master Password" (used for placing orders) but requires the "Investor Password" (also known as Read-Only Password). This is a password that only allows viewing trades and cannot perform any operations.Myfxbook must use this password to safely sync your trading records.
❌ Master Password (Tradable) ✔️ Investor Password (View Only)
How to set the "Investor Password" on your trading platform?
Since the settings differ between MT4 and MT5, and between PC and mobile versions, we have prepared complete guides. Please click on the corresponding guide below for your platform:PC Version Tutorial:
Mobile (iPhone) Tutorial:
Mobile (Android) Tutorial:
- MT4 Tutorial
- MT5 Tutorial
Step 4: (Critical) Fill in Information and Verify Account
After obtaining the "Investor Password," go back to the Myfxbook "Add Account" page and fill in the following information:- Platform: Select MT4 / MT5 trading platform.
- Account Name: Give your account a name.
- Broker: Enter your broker's name.
- Server: The "Server Name" used when logging into MT4 / MT5.
- Account Number: Your MT4 / MT5 trading account number.
- Investor password: Enter the "Investor Password" obtained earlier.
After filling it in, click "Create Account". Myfxbook will start trying to connect. Usually, within a few minutes, your account will successfully connect and start syncing data!
Pro Tip: 90% of Beginners Fail at "Password" and "Server"
I coached a friend to connect his account; he spent a whole night, and Myfxbook kept showing "Connection Failed." He frustratedly thought it was a broker or platform issue.Finally, when we checked, we found he made two classic mistakes:
- Confusing Passwords: In the Myfxbook password field, he entered his "Master Password" for logging into MT4. Please remember: although the Master Password can also connect, it gives a third-party site permissions to trade on your account. For fund safety, please strictly use the "Investor Password" only.
- Wrong Server: His broker was IC Markets, which has dozens of real servers (e.g., IC Markets-Live 01, IC Markets-Live 02...). His account was on "IC Markets-Live 03," but he habitually selected the first one on the list, "IC Markets-Live 01."
Verification Successful! The First "Pitfall Avoidance" Guide for Beginners
Congratulations! When you see data starting to appear on Myfxbook, you have completed the first step. But before you rush to analyze, please establish one most important correct concept.The "Vanity Metric" that Misleads Beginners: Gain
In the most prominent spot on the dashboard, you will see a big green number for "Gain." Beginners are often immediately attracted to this number, thinking the higher, the better. But the truth is, high profit is often a trap because it doesn't account for the risk taken to achieve those profits.The First Number You Should Look At: "Drawdown"
In contrast, you should pay more attention to the "Drawdown" (DD) number. It represents the maximum drop in your account from its peak to its lowest point, directly reflecting your "risk control" ability. An account with high Gain but also extremely high Drawdown is like driving on the edge of a cliff. The lower this number, the more robust your strategy.Pro View: Don't Be Blinded by 1000% Gain
When we evaluate a Myfxbook report, beginners are often immediately attracted to the "Gain." But remember, Gain is a "Vanity Metric."I have seen too many accounts with Gains as high as 1000% or even 5000%, but when clicked, their "Drawdown" was as high as 90%. What does this mean? It means that to earn 10 times the profit, they exposed their account to the risk of "blowing up" at any time. This is not trading; this is gambling.
A professional trader prioritizes "Drawdown." An account established for 3 years with 30% annualized return but only 15% Drawdown is far more valuable than an account established for 3 months with 300% profit but 60% Drawdown.
Before you understand how to analyze "Profit Factor" and "Expectancy" (which we will explore deeply in the next article), please focus on one thing: Control your Drawdown. A strategy that cannot control risk, no matter how high the profit, will eventually head to zero.
Conclusion: Let Myfxbook Be Your Honest Coach
Connecting Myfxbook is not just installing a tool; it's accepting an attitude of "honesty with yourself" in trading.In this article, you have learned how to complete the critical "Account Verification" step and mastered the most important "pitfall avoidance mindset" when viewing data—no longer blindly pursuing high Gain, but learning to respect risk (Drawdown).
This is just the first step. In the next article, we will delve into the true meaning of professional data on the dashboard (such as Profit Factor, Expectancy) and teach you how to use them to truly optimize your trading strategy.
- How to Optimize Your Forex Trading Strategy Using Myfxbook Data
Hi, We are the Mr.Forex Research Team
Trading requires not just the right mindset, but also useful tools and insights.Here, we focus on Global Broker Reviews, Trading System Setup (MT4 / MT5, EA, VPS), and Forex Trading Basics.
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