Reading a Myfxbook or FX Blue record

By Otto Research 3 min read Article 85 of 95

Myfxbook and FX Blue both connect to a MetaTrader account and publish its trades. Both are widely used by EA vendors, both are far better than a screenshot, and both need reading with the same care as an MQL5 signal page.

What each verifies

Myfxbook connects either through the account's investor password or through a small publisher program running in the terminal. It shows two verification badges. One confirms that the trades shown match the broker's records. The other confirms that the person publishing the account has trading access to it. A record with the first badge and not the second is real trading that may belong to someone else. A record with neither is unverified. FX Blue connects through a publisher program and shows equity, balance and trades; it does not offer the same badge system, so the question of whether the trades match the broker is answered by the connection method rather than a label.

What to read

On either service, the equity chart rather than the growth chart, since growth is balance-based and hides floating losses. The deposits and withdrawals list. The drawdown figure and whether it is measured on equity. The trade list, for stops, holding times and the concentration of profit. The account type, demo or real, and the leverage. And the start date of publishing against the start date of the account: a record that begins after the account's early history has been trimmed.

The traps

A custom date range that starts after a bad period. A closed-trades view that hides open positions. Growth figures that include deposits. Widgets embedded on a vendor's site that show a chosen metric in isolation. A record that has been deleted and republished from a clean point. Each is visible on the service's own page to anyone who looks past the headline.

Worked example

A vendor's site shows a Myfxbook widget with 160 per cent growth. On Myfxbook itself, the account is real, has the trades badge but not the ownership badge, began publishing eight months after the account opened, shows a 41 per cent equity drawdown four months in, and has a £15,000 deposit in the month the growth curve steepened. The widget was accurate. The record was not what the widget implied.

What this means when an EA is trading

Treat a Myfxbook or FX Blue link as an invitation to read the full page, not as a badge. Check both verification marks on Myfxbook and the connection method on FX Blue, then read the equity, the deposits, the drawdown and the trades in that order. The MQL5 signal page and the verification-service pages cover the same questions for the other services, and the answers are the same: a verified record is evidence only once it has been read.

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