MYFX – Optimize MetaTrader

Posted on 29. Jul, 2010 by Jakob in Random Noise, Review

MyFx is software which connects to your metatrader platform and helps you to manage trades in several different ways. First of all, it should be mentioned that this is a commercial program which is sold here for $250. However, you can grab a free trial to test it and this is what I have done; now I am seriously considering buying it. Although the price is a bit high, it is a one-time fee and you got a software which I really think can enhance your trading. Let´s cover some of the features in MyFx.

One-click execution on MT4: This is simply an awesome feature and something which I think a lot of people will find beneficial. I often look for specific price action move which determines if I enter a trader or not and here it can be a real pleasure to have a one-click execution option. This is also a must have, for people who like to trade the news.

5 Partial Profits Levels: MyFx will allow you to set up to 5 take profit levels. Once these targets are reached MyFx will automatically close the orders on your MetaTrader platform. With MetaTrader, partial profits have to be taken manually, but with MyFx you can simply set a %-size of the trade that should be closed when a certain level is reached. So if you use partial profits, you don’t have to sit in front of the computer the entire day, in order to way for a certain level to be reached.

Hide Stop Loss and Take Profit: Needless to say that the creators of MyFx are not the first ones to come up with this idea, but that doesn’t make it less useful. The stop loss and take profit levels you put in your MyFx software will not be place on MetaTrader directly but they will be activated once the level is reached. This is particular useful for those who want to minimize the chances of stop loss hunting.

In addition to these aspects mentioned above, it has some detailed analytic features and a bunch of other cool elements. You can grab a free trial and watch the videos on their site to see how it works. Check it out here.

Related posts:

1. MetaTrader 5 – First Impression
2. Oanda on MetaTrader 4
3. Optimize Trading Strategies

Tags: MetaTrader 4, MyFx, Partial Profits, Trading Forex