Topic: Using MyFxBook to analyse strategy entry and exit accuracy
Hi I am sharing the advantages i get from using MyFxBook to analyse my strategies performance.
Using MyFxBook advantages when u enter your MT4 account details (investors password) into your portfolio
it has extensive tools to analyse your trading account and what i liked best is the features that can analyse trade
or strategies (using magic number) according to entry and exit accuracy (under the "more" option, you can select to add or delete which features you want. entry and exit accuracy and magic number are not in the default list, so you need to "tick" and select these features.
analysing strategies entry and exit accuracy help me to
1. identify good strategies from the bad ones
2. identify the weakness of the strategy eg bad entry (bad FSB opening conditions) or poor exit (poor FSB closing conditions)
3. assist me in knowing which strategies to discard (those with low entry accuracy) and which strategies to improvise (high entry accuracy but poor exit accuracy).
in the past i select or discard strategies based on overall profitability but now at least i can pinpoint better why my strategies worked or didn't work. Without entry or exit accuracy analysis, I could have discard strategies (in the past) that were not profitable due to poor exit accuracy but high entry accuracy. Now, I know which strategies to keep and work on to improve over trade performance.
Currently most of my strategies have high entry accuracy between 70%-100% and i need to work on the closing conditions to improve the exit accuracy. if anyone has any suggestions or tips or general rules of thumb on how to improve closing conditions, do share your expertise.
It's easier to set high accuracy opening conditions than closing conditions.
Opening conditions - I try to be as "strict" as possible so that when it enter into a trade, higher accuracy.
However, I can't apply such "strict" rules to closing otherwise, by the time all the "strict" conditions are met, the market has turned around hundreds of pips and the strategy isn't "responsive" enough to close with high accuracy. Too "sensitive" or laxed closing conditions would result to pre-mature closing and losses.