*** Video transcript ***
I am the creator of the MyMT4Book indicator and also made other trading tools for the Meta Trader platform. I am a programmer with 16 years of experience and also I am Forex trader mostly interested in automated trading strategies.
This indicator was built especially for my customer needs to analyze trading strategies on MetaTrader 4 account.
In the screenshot below, you can see that I am running more than 80 trading strategies and obviously not all of them fit into the screen because there are so many of them but each trading strategy is using unique magic number. I have a different magic number and there are 100s of trades generated for each magic number from those trading strategies.
Learn How To Pick Best Trading Strategies With MyMT4Book Indicator
What this indicator does? This indicator will group those trades by magic number and then it will show your trading results for each of those trading strategies.
For example. I have all the best trading strategies sorted by Return To Drawdown Ratio (Ret/DD Ratio) as shown in the screenshot above, the highest Ret/DD Ratio is 13.63 and then the next one is 6.77 and 3rd one is 5.96 and it goes down and down…
Basically, I am not even interested in anything that is below 5 or 4, for example, we have 4.23 right here in the screenshot and then the next one goes down to 2.93, so I am not interested in something less than those, so none of those records are relevant to me anyway.
So, what I would like to focus right here is on these first six trading strategies. But because they are more than 80 trading strategies running on this account, it would be close to impossible for me to choose and find those six trading strategies that show quite decent trading results.
Moreover, it would not be feasible for me to just go through each of them manually even using MyFxBook. Just look at that screenshot below, which shows that I have the same trading strategies on MyFxBook.
So, how do you think I would possibly able to extract those six trading strategies that are running well on my trading account? There is no way to do that. I could possibly use custom analysis and switch the magic number, but should I just go through and test each of them?
Just try and see what I will get.
Let’s try the first magic number. No, it’s not a good one.
May be I can try the second one and this is not good too.
What about 3rd one? This one is not good either.
If I just select all of them and analyze, this will just look like complete madness of so many equity curves that I will have….
Learn To Choose Right Magic Number From 100s Of Numbers
The best way to do this is by using MyMT4Book indicator. So, here’s how easy it is.
Once I load indicator I have these six strategies up the top.
So I will just go with the first one.
I will just open label or just write down the number (1067553) or just simply copy the first number and go to MyFxBook and then click onto F. This allows me to search for the text. So, here is the magic number (1067553), it helps me to identify it faster.
I enable or choose to show MyFxBook this one number only, and thus choose this trading strategy, and I will also choose custom deposit with $1000 and I click analyse and this strategy shows below in the images:
This magic number 1067553 has been trading since Nov 11, 2015, produced 27.91% and maximum drawdown of 8% only. This produced only 8 trades so there is nothing fancy about that.
So, lets go to another magic number to choose and I can see that 1067553 was with a number of 8 trading strategies. And another one 798862 has 14 trading strategies. I will skip the trading strategies that has low numbers.
I will just focus on these two (1985623 & 1516037). So, (1985623) this one has 66 trades and let see how it will look like in MyFxBook. When I will select (19865623) magic number and analyze, here’s what we get…
I have 66 trades that are all generated on euro dollars, the trades from longs and shorts, both are in profit. The total strategy generated is 60.28% and it has been trading since Oct 22, 2015. So, basically has been trading for four months already, not that long, but it is quite promising. If we switch to drawdown, we can see the maximum drawdown of 19%.
Let’s take another strategy (1516037), it will be with 69 trades. Let’s see how this one looks like in MyFxBook.
This has produced 41.68% profit, maximum drawdown of 19% and very similar trade from 23 Oct, 2015. This looked very similar to the previous one, but that one looked much better.
So, this is how you can easily identify trading strategies that are running well.
Why Should You Run Different Trading Strategies On One MetaTrader Account?
Now, you guys must be wondering why the hell I am running 80 trading strategies on my one MetaTrader account. I have MT4 accounts that are running more than 100 trading strategies. Let me show you an example of such trading strategies.
This account as shown in the screenshot, has the row that shows 124 trading strategies. Basically, it’s not a strategy, but it is a portfolio of many trading strategies.
Everyone tries to create one trading strategy in their old way. They create strategy, then they launch it on their one account and run them maybe for 3, 6 or 12 months, if it doesn’t work they will shut down the trading strategy.
They will again launch new strategy and run another one and so on. May be they can run 2, 5, 10, 20, 50, or 100 trading strategies at the same time. They will run about 100 MetaTrader terminals and 100 accounts and get VPS services that has to be quite powerful and expensive.
The services will cost $200-$300 a month to run such servers that can run that many MetaTrader terminals. This is just insane.
But I am running this MT4 on a VPS server for $20 a month. Yes, it cost me $20 a month. I am running 3-5 MetaTrader accounts and each account is having around hundred or even more Expert Advisors running on the same trading account.
In this way, in just 4 months, I was able to test many trading strategies on my demo account. I was testing hundreds of trading strategies. And there was a moment, when I had more than one thousand trading strategies.
It took me a while to go through each one of it to check out how well they were running. Trust me. Each of those trading strategies was chosen to trade on a live environment only because they could produce quite good back test results. And yet, we just saw that there were so many failing strategies.
If a trading strategy produced bad backtesting results, it is not worth to test it on MetaTrader account just to see if it’s working. It’s best to create 100 trading strategies that would generate good backtesting reports and run them on the account. By using MyMT4Book indicator you can analyze those trading results and also group them by magic number, trade comment, or currency symbol.
Learn How To Group Several Trades?
Let’s take a look what this indicator show and then I will show how it works on grouping trades by different currency pairs.
First, let’s take a look at the first column, a magic number, it represents each separate trading strategy.
Then we have this “Buy Trades” section, it shows, trade count of Buy Trades, Profits/Loss and Pips, and then it’s the same for Sell Trades: counter, Pips, Dollars. And then there is “Total Trades” section having counter, pips, P/L dollars including trading costs.
Then there is another column “swap + commissions” that represent trading costs, so that we can also see how trading costs are different for each of those trading strategies.
Then, we have a column of winning ratio, maximum drawdown dollars, Return to drawdown ratio, profit factor.
Next we have largest winning trade of a single trade, and we have largest loss as well.
We have “weeks trading” and also “weeks since the first trade”. Those tell the difference between the first trade generated by the strategy and the last trade generated by the same strategy.
Here is a good example, as shown in the last screenshot about weeks trading 2 and weeks since first trade 28.
It means that strategy was actually trading for just 2 weeks and it generated 4 trades total. This also means that this strategy doesn’t generate that much trades. So, basically it is not a good trading strategy.
It was making trades just for 2 weeks, but since the first trade, it has passed 23 weeks. It also measured the difference between the first trade and the trade till the current date.
Let’s switch to another trading strategy, this one uses a different currency pair. So, I will switch my indicator to group my trading records by currency pair. Not very nice results, though. Don’t mind them. But just take a look at how each of those trades are grouped by currency pair. There are a total of seven different currency pairs and we have different statistics for each of those currency pairs.
Return to drawdown ratio is my favorite section and I sort records by this one so that I can get the best strategies at the top.
So, if I have a good trading strategy, I will immediately know, no matter how many trading pairs of the strategies I have running on my account.
I will always have the best ones on the top. It gets really easy to spot the best trading strategies. Hope you guys are enjoying it so far…
Let me show how easy it is to use the indicator. Once you have downloaded and installed it, you will find it under a Navigator window. But if you don’t have a navigator window you can easily access it by going to view and navigate it right there! As shown in the screenshot below.
If I scroll down to MyMT4Book, I will just open another chart and I will drag the indicator there. Then I will choose the strategy name as ABC and then I want to group my trade records by symbol and sort them by total profit and loss, and sort in the direction highest to lowest.
Also we have additional variables but these are optional, you can just use four main variables. So, start doing it by setting and grouping and sorted them.
When I click OK, immediately the indicator will be loaded with all my statistics.
You can see that these statistics are not visible due to the small screen. You can just press F11 and it switches meta trader to full screen mode.
If you still don’t see all the formations, you can go to properties to change the font size to make it smaller, also you can change column spacing and row spacing, for example as shown in the screenshot, the column spacing of 8.0 will move all the columns to the left by few pixels.
Now, I can easily read all the numbers on the screen.
This indicator will analyze results of any trading strategy. It’s very easy to apply and I hope you will enjoy this blog post.
Using this indicator to get an instant analysis of MetaTrader history is something that helps you every day. You don’t have to waste time installing Expert Advisor and necessary .NET libararies on your computers or VPS servers. You don’t have to upload trading history statements to other websites just to analyze them.
If you want instant analysis of trading results just get the MyMT4Book indicator and use it on your own. I am sure you will love it!