UPDATE (Nov. 13, 2022): This is one of my oldest posts and since I wrote this, I've found much better trading journal solutions. You can see my current recommendations here.
In a recent post, I called the Oanda Metatrader and MyFxBook (MFB) integration an epic fail.
As you know, Oanda is my favorite broker and I believe that MFB has the best free trade reporting system for forex.
Well, today I eat my words because…
…I just discovered that Oanda DOES work with MyFxBook.
The fail lies in the instructions on how to setup the accounts in MFB.
This discovery came after I tried to setup another demo account with a different broker. That one didn't work either…WTF.
Before I get into the solution, here is the Account Setup screen in MFB:
Nowhere on the screen does it say that there are extra setups in Metatrader that are required.
However, upon doing a little digging, I found a page on how to configure Metatrader to publish account information to the MFB server. That page is currently gone, so you'll have to contact MFB directly.
This is a key step that was somehow left out by the website programmers.
If you were also wondering about the link at the top of the page that says something about the Account Addition Wizard, that didn't help me either.
I'm not sure what that is all about.
So here are the steps to getting Oanda to work with MyFxBook:
- Open an Oanda demo or live account (if you haven't already).
- Create a new MT4 sub account in your Oanda Funds Management System.
- Fund the account and download MT4 for Oanda.
- Setup MT4 with your account information so you are getting data and can trade.
- Signup for MyFxBook.
- Login to your MFB account and go to: Portfolio –> Add Account…
- Fill out the necessary information. If you need to reset the Investor password, go to: Tools –> Options –> Server –> Change. Enter your current account password, then select the Change Investor (read only) Password button and enter a new Investor password.
- Then follow these steps to setup and test the Metatrader publish function.
- Enter a couple of practice trades to be sure that everything is working. If everything was setup correctly, you will see Active under Connection in your account list.
- Be patient, it may take a few minutes to start working. Metatrader publishes the account information to MFB every 5 minutes, so you may have to wait for the next update.
Conclusion
That's it! Very easy once you know what to do.
And yes, I did email MFB kindly telling them that their setup instructions suck.
But it's OK because their website otherwise rocks!
If you haven't tried MFB yet, I would highly recommend it.
There is so much that you can find out about your trading by using their website and FREE is the best price I have ever heard of.
There are also other great features that I will write about in future posts.
Worried about privacy and security issues?
Rest assured…
Since they are using an Investor password, that only gives them the ability to see the trades, not actually execute anything.
If you are still having issues with MyFxBook not updating in a timely manner, then try this journaling solution.
