MyFxbook can be cheated and there is no real third-party you can trust in Forex￼
You wonder how you can have Forex account with 1000% of ROI without having our(s) street(s) full of young and beautiful new millionaires?
Indeed, you can easily check the top dashboard of MyFxbook and see that there is like a problem
The First Account is a PAMM account (!) with a 7472% of gain and a 75% of Drawdown. It’s the top one….
In 3 months, the guy only did 6557% in the month of March 2019…we will see later in this article how it’s possible and how it’s dangerous but let’s continue.
MyFxBook has a “certified” mirror trader program. It means that you can copy the signals “of the best” and you need to be approved to be part of this.
They claim then you need to be approved by the board of myfxbook. It’s true indeed.
You are approved and there is a selection but after it’s another history.
All the account are REAL but it means nothing.
Indeed let’s take the first one “GPS Robot …”
Indeed you can have REAL account that do not send the order(s) to the REAL MARKET.
You are playing in black-box which stay only the broker’s server.
To do that, you just need to team up with a broker who will setup you a Live account in called “B-BOOK” system: they give you a fake balance of “real-view” account.
It means that MyFxbook will connect to them thinking that is real but in fact, it’s just a “demo-like” account.
And I think there is a big chance that it’s the case for this “top provider”.
Nobody will risk money with such a curve that shows there is no trades closed in negative finally and/or very few.
The Average Winning Trade is around 1 to 2 pips with very high lots played. It means big risk.
With this 1 or 2 pips average winning trade, with the latency, every broker following this feed will only produce you negative trades on your account if you have a higher spread and/or a latency copying the trade.
And you will have latency and your spread can vary also if there is mobile spread then this account is not an account to be followed by anyone who wants to gain money.
In the meantime, it’s the first one in the MyFxBook system.
Do you begin to copy the trick?