Don't Be A Fantasy Trader: Avoid The Dead Ends Of Virtual Trading

Don't Be A Fantasy Trader: Avoid The Dead Ends Of Virtual Trading

| Rich Clifford | Blog
Sometimes, luckily not too often, our team gets confronted with someone telling us:
"I have been trading since 2007. If you desire I can send a PDF of an account where I turned $3000 into $5.600.000 in two years with zero losing months and an 89% win rate. I am happy to provide you with myfxbook account password if we get that far."

This would not only make the sender of the email the greatest fund manager in the history of trading, but he certainly wouldn’t be emailing us to solicit an investment. We would be emailing him for the opportunity to invest.

Of course these claims can't be taken serious. But why do these emails proliferate in the first place. Let’s get to the source of it. Let's talk about “myfxbook”.

Myfxbook started in 2009 as a way for traders to track and analyze their own trading activity. It’s software where you can process a transaction (not a trade), view the result and keep a record of it. It’s free and easy to use.

But, and this is important, myfxbook is not connected to any exchange, brokerage, bank account or live capital of any kind. It’s all hypothetical. Yes, you can press buttons to mess with any (or most) instruments. But calling that “trading” is like calling fantasy football…. Actual football. It’s just not the same thing.

Viewing someone’s “trading page” shows one result while ignoring the 400 thousand other attempts that individual made to show a profit. That “trading page” is an iceberg… which makes it impossible for you to see what’s below the surface.

When we are asked to share a myfxbook page to “verify results” (as if that’s how results are verified) the irony is that myfxbook (and others like it) are the exact opposite of verified results. They’re complete fiction and entirely hypothetical. On top of that, we’re not going to waste our time processing fake trades when we’re already spending our time processing real ones.

If you ever get emails like this… run away.