How to verify a forex EA’s track record on myfxbook

1. Is it a live account?

On the myfxbook account page, look for the account type. Demo accounts get perfect fills and no real slippage, so their results are always better than live ones. A robot sold with only demo results has not been tested where it matters.

2. Is the track record verified?

myfxbook marks accounts whose trading history it reads directly from the broker as verified. Without it, the history could have been edited. Also check that trading privileges are verified: the owner gave myfxbook the trading password, not only the read-only one, which makes it much harder to pass off someone else’s account.

3. How long has it been running?

A few weeks tells you almost nothing. Several months is the minimum; a year that includes a strong trend and a quiet range is much better. Note the date of the first trade, not the date the account was created.

4. Gain or absolute gain?

myfxbook shows both. Gain is time-weighted: deposits and withdrawals don’t change it, so it is the number to compare between robots. Absolute gain is profit divided by deposits. A large gap between them usually means money was added or taken out along the way.

5. Read the drawdown before the gain

Maximum drawdown is the largest fall from a peak so far. Ask whether you could sit through that fall with your own money, and then assume the next one can be deeper.

6. Compare equity with balance

Balance only changes when trades close. Equity includes open trades. A robot that keeps losing trades open, like a grid or a martingale, shows a smooth balance line while the equity line drops sharply below it. Those drops are the real risk, and they don’t always show in the headline drawdown.

7. Look at the trades themselves

Lot sizes: if they grow after a loss, it is a martingale or recovery system.
Several trades open at once in the same direction: a grid.
Stop losses: are they set? How large are the losses when one is hit?
Number of trades: a high profit factor on twenty trades means much less than on a thousand.

8. Check the costs and the broker

Results depend on the broker, the account type and the VPS. Find out what the record ran on. If yours is different, expect different results, especially for short-term robots.

Try it on my accounts

All three of my robots trade live accounts connected to myfxbook, and every trade is public, the losing ones too. GOLD, SS and NEWS on myfxbook; the same numbers, updated daily, on each robot’s page and in the weekly results.

Risk. Trading with leverage can lose all the money in an account. Past results do not guarantee future results. This article explains common approaches; it is not financial advice.

More guides