So, you’ve received an alert from Myfxbook Autotrade that your strategy meets their criteria and is eligible for their signal copying platform. That dream of working full time as a trader is now a little bit closer!
Or is it?
Myfxbook introduced Autotrade several years ago, coat tailing other pioneers of the trade copying space (such as yours truly). Traders seem to prefer trading for themselves. Now that you’ve had a quick history lesson on the origins of Autotrade, the question begs – How much can you actually make offering your strategy on their platform? Not as much as you might think… One of the questions I always ask is how much they’re currently earning from the platform. Remember, as a trader you’ll only earn commission on profitable trades, which is then shared with the Myfxbook. Doesn’t sound too bad? But here’s the rub…
If you have dreams of becoming a professional trader, listing your strategy on Autotrade is one of the worst things you can do for your future career prospects.Once your account is listed, there is no way for potential investors to contact you. As a recruiter, I regularly search through hundreds of strategies looking for specs of gold, but if I can’t contact the trader of a strategy, then I move on. Your Myfxbook statement is your biggest asset as a trader. It’s essentially a public CV, with verified proof of your abilities.