MyFxPedia.com Review

Myfxpedia are not traders with great money management / risk management, they are Gamblers

Their slogan > Where Traders Become Investors

Real slogan > Where Traders become Gamblers

2013-06-11 1Star this signal provider was making consistent pips until this month they felt AUD was going to regain strength and managed to wipe my account, consistently extending stop loss with a massive gamble on AUD, buying EUR/AUD GBP/AUD and AUD/NZD. most traders suscribed are now flat clean wipped!

I subscribed to this system on myfxbook.com.
- Peformance looked good.
- Equity growth looked good and smooth.
- System had the most followers on myfxbook.com
- Test account performed well

Based on the above, I decided to go with a real account.
Initially had a bit of growth, then the system failed badly.

This system has a number of problems over the longer term.

1. This is essentially a trend following system with a reversal strategy in the trend.
Nothing wrong with the reversal strategy, however with a trend change,
the strategy fails because of the multiple position and stoploss strategy noted below.

2. It uses MASSIVE stoplosses hoping the trend will reverse into it's favour.
This causes MASSIVE equity draw-downs which will sometimes work, other times not.

3. It continues to open reversal trades by adding to the losing position.
This contradicts good trading strategy to cut losses and ride winners.
If the trend continues, then this strategy works & increases profits,
however in the current scenario, it multiplies losses exponentially.
Currently on the GBPAUD we have a collective stoploss of 6285 pips over 5 trades.
(1529.9 pips + 1439.2 pips + 1259.9 pips + 1134.1 pips + 922.1 pips)
On the EURAUD we have a collective stoploss of 2904 pips over 3 trades.
On the AUDNZD we have a collective stoploss of 1564 pips over 4 trades.
This is a total of 10754 pips over 3 currency pairs over 12 trades.

I also had some concerns with the non-disclosure from the provider
1. Open trades from the provider are not visible (this is his choice but not good for me)
2. No updates on this provider's myFXbook page for some time so the graph does not reflect the true drawdown
The graph still looked good but in reality, the MASSIVE drawdown should rather be visible.
3. My account also had 2 losing trades of 525 pips not visible in the provider's myFXbook page.

A number of followers on myfxbook.com raised this non-disclosure
and the provider was removed as an available autotrade system on myfxbook.com

At least this saves future traders from using this system unless they subscribe directy on his website.
I would not recommend thsi system to anyone as I have lost real dollars with this system.

I've already provided a review here but must lower the score for FX pedia as the on-going trade management of losing trades is simply unacceptable for any size investor. It seems the FXpedia manager has a problem with accepting losses and let them get out of hand to an unbelievable degree. Unless he transforms his approach to handling his 'misshots' i strongly recommend to stay away from this service.

2013-06-09 3Star I've had a 2-week trial and thus i may not 'qualify' to leave a review. Still, a few short words. Their strategy in short: guys look at charts to see when a trend is about to change and jump on the bandwagon. If the trend changed, they bag the pips and bob's your uncle. If the trend continues however, like the bullish move in EURAUD and GBPAUD as it happens now (10th of June, 2013) they'll then add to losing positions, and then add more, and more, and more. Their lot is relatively small so they can add till cows come home. However, it kinda contradicts the first rule of professional trader - ride the profits and cut your losses short and quickly. They definitely do NOT cut the losses quickly and let them run. That's why you see such a divergence between the red and orange lines in myfxbook. Always look at the orange line as this is your end of day 'net liquidation value'.

Support is good, though. Direct broker connection technology is also good. The rest is good, what can i say. Just their riding losses and having a hard time admitting to them as part of their strategy is not exactly professional. Guys, wouldn't it be nice if you were today riding a long EURAUD from 1.27 price instead of being stuck with a loss from about the same price. No kidding their open trades is a big secret.

I can't recommend it for a serious 6 digit + investor.

I had no words for this mth performance, totally speechless! I manually closed out 5-6 positions and my starting capital was $23K from just a $5k acct. Their floating dd as reported by many were correct. In fact I remember seeing abt -8000 or even if not mistaken -11000 floating pips (I apologised if I am really mistaken, but 7000-8000 floating dd was correct). Otherwise how do you calculate stopping out a $23K acct? I had 6 trades which were 1 std lot, the rest were mini lots, eg, 0.78, 0.52, 0.31, 0.17 etc

What made me very mad was when I went back to check against my own acct uploaded into myfxbook, they actually have trades that have 175, 130 etc pips positive, b4 the world turns upside down on them

I like HuYen and I would like to continue our relationship. I still felt that given everything, at least myfxpedia was honest in their reporting. So I wrote to him to tell him gently that he shld change his strategy to open ONE pair per trade, then when trend supports it, open another trade same trending (whatever direction the 1st pair was opened).

His reply was that they WILL NOT follow my suggestion, but may followed my suggestion to manage the trades better and closed when Trends start to turn, so as to minimize losses and keep some profits

Their subscription rate was not expensive, but given that we are now restricted to their lot sizes of micro trades at 0.03lots (or 3000units), we will NEVER be able to afford to keep profits and pay for the subscription. If we increase lot size or use RM (like me) we are all in BIG trouble. Cos even using RM, my capital=$23K, myfxpedia had like abt 7.2K, Using RM=12, I would still had higher lot sizes and with those floating dd, NO acct may survive.

Its just not possible to keep depositing to shore up whats a lost cause. I just dont quite get the logic, why u need to open 3 trades of same pair, same EP and then wait for ONE same TP? Wouldnt it be wiser to open 3 trades at slightly different EP? Eg 1st trade = buy xxxx @ 1.3235 then 2nd trade buy xxxxx @ 1.3235 + 50pips, both as limit orders (myfxpedia actually did limit orders. SimpleTrader can't filter limit orders and filter only when limit orders are hit)

This way it may work better, coz while watching/monitoring u knew abt trends turn and can quickly do a reversal trade is necessary. When trend turns the 2nd buy order will NEVER occur, coz prices are dropping right?

Every trader makes mistakes, lots of it, not admitting those mistakes make one a coward. Not LEARNING and getting smarter abt those mistakes make one an idiot

I am quite glad to say that even though my 6mths subscription is still actually valid, I wont consider to continue. I had abt 1200pips+ after all the manual closed out and stopped out. I had a total of $11+K in wd coz I practice wd abt 60-70% of my gains every mth. This includes a $589 subscription fees

Last but not least, HuYen, I believe you didnt inform me going in nor was there any note in the website, that the max lot size=1 std lot. I survived May and I could have got in with like 1.14lots based on RM=12. But due to this "unknown" restriction, which you also refused to lift, I was not able to. I was at least prepared to earn a fixed $, coz given that I could get average of 500pips per mth, a one lot size would become fix after a while. Still I did 2000+ pips in May, which I have also honestly reported here. I am quite miff that this fact was kept from subscripers that the price we paid for subscription only "entitled" us to 1 std lot sizes

This meant that going forward, even if myfxpedia continues to have stellar performances, my acct's growth will become more and more restricted. It will become a laughing stock whereby a $100K acct may earn only that many pips * 1 std lot * pip value. And the % will just become smaller and smaller.

Quite a nasty wake up call for me at least when I accidentally realised why my acct kept creating 1 std lot and the calcuation was "off"

As for remarks rgds the platform, SimpleTrader had issues with the server module connection cos MT4 v 500 had some major changes (read here in FPA) whereby they REJECT any 3rd party software that tried to connect directly to the client's brokerage server. So its not exactly myfxpedia fault. Although myfxpedia could have done better

I rec'd mail from SimpleTrader since like for 1 wk, I emailed Huyen immediately and forward that mail to ask whether I shld be concern and to switch to use EA instead of direct connection. Simple trader accepts both methods, direct connection or via a trade copier EA. HuYen's reply was everything was running fine.

But I was still cautious and checked my connection everyday at the SimpleTrader platform. I was quite shocked to see that my acct was not having a connection for last 4.5hrs! I had to chat with Nick (SimpleTrader creator and owner) to ask for help (What a rude experience that HuYen didnt took note of that email and tried to help me then)

Nick helped me to download the EA and was patient and clear abt the instructions on how to set this EA. My acct was soon connected. Connection issues were not caused by myfxpedia, this is true, but HuYen, you could have discuss this potential ramifications with Nick and tell us what to do when u rec'd the email I forwarded from SimpleTrader to you

Its all in the past, personally, I still rate HuYen customer attitude as good, patient. He may be over-whelmed with having to manage customers, his traders, etc and running of a company, not to mentioned newbies who may have many questions for him

Just to be clear, Nick is great guy with great customer attitude too! MT4 fiasco of kicking out any so called 3rd party software that used server module to connect directly is still not over. Even biggies like ZuluTrade is now on their hate list

Its a bad mth, Huyen, but see what you can improve on. Everybody pls just moved on. I know the feelings, everybody is disappointed and angry that their acct which they have slowly grown is wiped out in a few days.

If its any consolation, there are always other signal providers around. Its a dog eat dog business, and investors have the right to choose.

May you have a pip filled day

Hello,

aS MANY OTHER HERE I WATCHED MYFX during several weeks before i started trading but me to lost a lot of money with there martingale strategy despite the fact the prommised to evaluate all the trades.

Sorry for my poor English – this is my full story with MyFXPedia:
I started to follow these guys in April, 2013 on MyFXBook Autotrade. Their performance were brilliant so I contacted to MyFXPedia. I got a week free trial. That was also OK so I become their customer.
The first two weeks were OK but on the third one – in the middle of May 2013 – they opened short positions on GBPAUD and EURAUD. A week later when we had quite high negative pips there they opened a second and third positions there - against the actual trend.
At this point (19th of May) I raised a question to the guys: “Please assure me that you don’t use martingale strategy”.
They moderated out my post from their forum and sent a stupid marketing message in their daily review: “No worries, everything under control, this is part of our strategy, we have risk management, blab la bla”.
At the end of May they celebrated everywhere the 1850 pips they gained in that month – but forgot to tell something about the >2000 pips minus in the actual floating orders…
I also sent a mail to the support and I asked the guys about the actual strategy. Obviously I didn’t get any usable answer. “This is part of our strategy, we have Stop Loss so do not worry…”
I had serious margin problems then to maintain the negative pips. The guys advised to found my account to have enough margin.
I made a mistake because I used relative high lot multiplier to my account size. So I started to found my account to avoid the permanent margin calls. Within a week my account got four times bigger than originally.
However in this week the guys opened two new short positions on both pairs and moved the SL until the moon.
After that I was not able to send any more money but I still had margin calls every second-third day. At that point we had about -6000 pips in the floating orders.
To save my account I started to close and cut my orders - to save some margin. I already lost half of my money when I wasn’t able to anything. Today morning (11.06.2013) I got the final margin call and my broker closed all positions.
I lost all of my money - trust me that was a serious amount, not just several hundred Euros…

At the moment they have 10 open trades on GBPAUD and EURAUD with -9000 pips.
They completely lost the control on the trades. They can not close any positions due to the huge losses, and they are not able to open new ones (e.g. to hedge) due to the high margin requirements.
I think most of the MyFXPedia customers have margin calls or already lost all of their money in these days.

This is the story…

So the consequences:
MyFXPedia is a gambler not a trader. They are using martingale strategy.
You can learn more about this suicide gambling strategy here:
http://en.wikipedia.org/wiki/Martingale_%28betting_system%29
A real trader always control all of the trades and knows exactly when need to close positions to minimize the losses.
A gambler just opening the positions and prays…
Using martingale gamble possibly works for some time but who uses this strategy sooner or later will lose everything for sure. Like us…

Learn from our lesson and don’t deal with MyFXPedia!
If you need gamble buy lottery tickets…

I`m an actual customer of Myfxpedia.com for about a week, believed all the positive reviews before, so I put Myfxpedia signals on a live account with $3000. The first days were really nice, 2 trades opened and went up to a few hundred positive pips, but somehow, the trend and the Aud was rude and turned around, so after 1 week my account SHOWS -1450 floating pips (yes, onethousand-fourhundred-fifty), all they did, they froze the trade platform for almost a full day and THEY ONLY SENT SOME STOPLOSS CORRECTIONS TO ALL OPEN TRADES: RAISE THE STOPLOSS FROM 200 TO 800!!!!!! I kept all those emails regarding the signals and raised stoplosses.

I don`t know,what`s going in the kitchen now, after 1 week I have 4 opened trades floating in A HUGE DRAWDOWN, the trend's still going against us AND NOTHING IS HAPPENING!!! I asked them about this funny nice nuance, they said: "we have to stick to our plans, we hope, it will be...... we never had this drawdown, it is the biggest ever" (it was 16% a day ago, today it raised to 21% and it`s still raising...) and blablabla.

My question is: if this is happening, wouldn`t you just say something? Don`t you have a plan to save this moneypit, all they do is just remain silent and raise the stoploss higher and higher??
What account can survive this, if they suggest a minimum $2500?????????

And the cream on the cake: the total floating of their drawdown in this month (still open trades): -7000 pips.......

There`s nothing I can`t prove, I have all emails and photos about this non-sense, seriously, I`m not against them, just disappointed with their ridiculous performance, their amateur behavior and failing trading strategy, and I miss their emergency plans, what are not existing as all the signs show.


Thank you for the nice adventure, dear Myfxpedia!!!

Hi everybody,

This will be my last result post for myfxpedia. Its been 3 subscription mths and my acct has survived so far. Total pips=2077.50. Since I have re-calculated based on 1st to end of the mth, results are from 1st may till current. There are still abt 10 trading days to go till end May2013, and its been a joy ride so far,

May you have a pips filled day
2013-04-15 5Star Hi Guys & Gals
The frequent talkative poster is back again after 2nd mth with myfxpedia. From Mar 15-Apr14, total of 1704pips! (YES, 1mth and more than 1500pips)!

* HuYen told me that they track from 1st to end of calendar mth, but thats coz myfxpedia started their own live acct monitoring at myfxbook from beginning of calendar mth. So to be fair to both parties, I track based on my own subscription period, which most signal providers based on. Huyen always wanted to beat his own records, and wanted fans results of at least 1000pips in order to make better profits for his subscribers. WELL, HuYen, here's proof. U HAVE BEATEN your own records!

There were 5 trades closed on 15/Apr, otherwise it would have been a total of 1833pips! WOW! myfxpedia really impressed me again with their stellar performances. After a total of 2 mths of subscriptions including trades closed on 15/Apr=2475pips

* I also make a poo-poo regards my fb contact. fxeasy75 was my fpa moniker, my fb=elizabeth leong. If u search for this, please compare images too. its a plum cute looking bear eating cookies. Thats me in person sorta. I am not sure whether FPA will boot me out if I placed my skype here, but if you are referred by me, myfxpedia also give u a small discount on your subscription. Drop by my fb soon and let me know if u need some help

*** Reminds me why I forgot my fb name that I used. A mouthful of baptised Christian name can be hard to remember.

If u are hesitant, dont worry, I have already made friends with a few FPA members here (names will be protected for privacy). We chat on skype sometimes to update on what we are using for FX trading. Its too bad skype doesnt allow all to view ongoing chats between "whitelisted" friends or some such nifty functions. It would be nice if there is such function. Of coz, nothings beats FPA forums and reviews. But its still great to "talk" personally off FPA with each other.

PS: Hmmppphhh...I can consider another "alternative" job, that of a tour guide. The few FPA members all tell me "I heard good things about Singapore, U are from Singapore, I want to visit!"

Great to have you on board, either reading my numerous long-winded posts or in Singapore! Come around May-Aug, and try Durians. Its a must die for ritual of visiting Singapore! keep your luggage "clean" though, no drugs (except prescribed medicine), weeds, guns, knifes, etc prohibited items. Check online (google for this) on the immigration and visiting rules in Singapore.

The bad news: Its an island, u only get so far
The good news: Its an island, u can get that far faster!

C you next month!

2013-03-15 5Star I am now officially their VERY HAPPY customer for ONE month (I started on Feb/15/2013). I was truly amazed by their sincere helpful customer attitude. My friend Sharon (for the last 10years) was here yesterday (15/Mar/2013) to ask me to show her how the system works and to understand first hand on how I did the risk settings. I showed her how to click on "View Activity" to show her that myfxpedia has given us such a nifty platform that there was TRULY no need whatsoever to download the MT4 (even though I did at first. I have stopped opening it and looking into it). Imagine my and her surprise when both of us saw my floating P/L was USD3566+ and abt USD1700+ already earned (ie trades were closed). That meant on the USD5000 starting capital on Feb15, my P/L (including floating) is abt USD10,300 (USD5,000 starting capital + closed P/l USD1700+ Floating P/L USD3566+)!

ONE CALENDAR month and DOUBLE the capital! Did myfxpedia get results as promised? 588pips after 1 month, and my package was for 500pips/mth!

Still waiting huh?! if you need some help to set risk or a simpler way to understand how this system works, goto my facebook, search for "fxeasy75" and message me there with your email, so that I know I have your permission to share with you.

Cheerios, all, and will post again on 14/Apr

PS: If I continue posting every mth with good results, maybe HuYen can consider giving me a small discount on my subscription rate?
Ha.....ha... *-)

2013-03-015Star I started with this signal service on 15/Feb/2013. I bought the 500pips package. I was not expecting results so soon, and was expecting that I would get a decent 100-200pips per month, since the 500pips package was for 6mths.

You just simply cant judge a person by his/her looks, neither should you judge a signal by just its history. I was really very surprised when by end of Feb/2013, I got 404.80pips, and its only TEN (10) trading days since I have started.

When I took a look at my MT4, I noticed that the trader was very risk prudent to add positions only when older positions have closed. Even with ONE loss position, the lost was small enough and it was soon recovered. The risk/reward ratio was really good, and the trader really had good control of his trades

I got 2 great customer service staff and I just LOVED the "platformless" client area, which allows me to adjust my own risk settings. I could even see my trade activity within my own client area! ALL without downloading MT4, and certainly without having to foot for a VPS, or get charged for using a trade copier (Although most signal providers provide this for free)

The idea of having my subscription deducted through my account with Axitrader is really NEAT! My trading acct is in USD and this method of deduction really saved me the hassle of possibly paying commission, and registering as a customer of Skrill/liberty.

With just 500pips guarantee of 6mths worth of subscription, I am already more than half way there!!! Why not join me? If its one thing you will regret, perhaps it will be NOT even giving yourself a chance to try their services,

I shall post again end Mar/2013, and together we will see how well my acct has "survive"

PS: The only con was that MyFxPedia did not have % of account balance as risk control. I used Lot multiplier and had to calculate the risk based on the master account lot size. But the "platform" which is just a web-based client area, is really simple to understand and used. Hope Huyen will consider this addition soon,

2013-02-12 No Rating I really wished myfxpedia had come across my attention earlier. With my extremely horrible experience of arbitrage FX, this become a "too good to be true" until I saw their REAL LIVE trading accts at myfx site. OK even with myfx, the services can still be bad, much like ForexSocialNetwork's results from 500+pips to negative 500+ during my 2 FULL mths with them

At least the saving grace that ForexSocialNetwork is their fave and quick to respond customer service, and Arbitrage Fx is just a load of cxxx and a bunch of jxxx

I just opened an acct with Axitrader today and will be reporting on their results soon. I hope this is really a ONE in a million "SAINT" among the devils and demons of FX (whether signals or managed accts). Personally, I felt using Axitrader to be easiest as it works on SAME price feed thus same confirmation of pip count, P/L etc. A BIG plus which makes me sign up is the fact that with Axitrader, I can pay for their services (which is in the form of manual generated trade signals) using direct deduction from my Axitrader acct then using Skrill or National Liberty. Its very helpful as I live in Singapore and if I used Skrill, I need to transfer sufficient SGD so as to pay them the cost for that plan that I chose. I wont know how much coz ex-rate changes all the time, so when subscription is due, its either I transfer more (maybe assume USD to SGD=1.5 which it never attain for past 4-6years), so as not to be disconnected from their profitable signals.
Skrill allows me to connect to my local bank accts as a way of confirmation and validation, so the amt is in SGD. They do have visa confirmation, but that takes another 3 days and requires me to pay abt USD2-3 for the one time confirmation charged (non refundable)

Also what I liked most was that the manager assigned to me told me that they never take $ first, (for MAM) and charged only when thats performance at end of period and will deduct against my P/L from Axitrader acct. This is so non fuss for me, as I dont have to worry abt paying commission, transferring sufficient $ from my bank etc etc just to pay them. And since its MAM, no performance NO charges, than wait for their rebate of subscriptions fees. NEAT!

I shall report back soon and hopefully have some good news to share. (It does seem that I am only sharing bad and horrible news so far). Diligence in checking out any managed funds can still result in horrible results esp that managed fund used a lot of high tech tricks to make you believe!

First of all, I want to state that I am a REAL trader. I live in N. California near Sacramento. I have been trading for about 10 yrs. I am always looking for ways I can leverage my time.

I wanted to leave some feedback about my experience MyFXPedia. I signed up for the automated Trade Copying service that adds a little to the cost as compared to SMS/email signals, but having my time free to focus on my personal trades is totally worth it.

My time with MyFXPedia has been only one month, but so far I am sincerely impressed.

MyFXPedia operates out of Australia. They seem to keep an eye on a wide variety of pairs, including GBPNZD and USDSGD (surprisingly there hasn't been a single transaction in my account on GBPUSD or EURUSD yet so far). If I were reading this, the first thing that would cross my mind is concern for the spread cost. So far it hasn't been unusual for a position to be held for 150+ pips. With a pip gain that large the spread cost becomes fairly insignificant.

Not counting the 4 positions that are currently open (3 of which are ITM and net very positive, the losing position is down only 10% of the aggregate gain) I have had TWO positions close in the last month at a loss and 21 close as winners. I wish I could upload images here, as I'd upload my transaction history.

I'm speculating here, but it would seem they keep their losses pretty tight and certainly let the profits run.

I fully acknowledge that my experience has been over a short period of time, but so far I am jazzed. I have their Trade Copier running on a small account at 50:1 leverage. The MOST margin I’ve seen being used in my account is ~50% of the available, and my ENTIRE account is currently up 29.9% in a slightly less than a month.

As for the customer service it has been very helpful and has a very fast response time on email.

This is single handedly the best Forex service I've had the pleasure to work with, Ever. I've made WAY more pips in a week than they advertise to provide in a month. The customer service is patient, informative and polite, and the software is solid and very easy to use. I would recommend MyFXpedia to anybody from Beginners to Experts. Thank you!