MYFX Trading Console is a powerful forex trading tool used by forex traders on the Metatrader 4 forex trading platform. MYFX Trading tool is proving to be a valuable addition for forex traders to help or assist the traders in their daily trading activity. In this article, we’ll explain the various features of the MYFX forex trading console and the benefits or values it provides to traders.
MYFX Trading Console – Details
With MYFX trading console traders can leverage the power of the MetaTrader4 forex trading platform and expand on it by using MYFX’s Trading Console. This MYFX application installs on the background of the MetaTrader platform.
The current MYFX console version is v.2.8 and is nicknamed Vanessa and is a stable version that connects to the MT4 forex trading platform. The most notable features of the MYFX console include:
- Better connectivity with MT4
- Modify Pending Orders screen introduced
- Improved Online Error Reporting
- Enhanced Net Position Feature
- Updated Account Grid for better performance and memory management
- Improved support for more Broker Symbols
- User Interface updates
Trading Features of MYFX Console
MYFX Console – Trade Execution
MYFX forex trading tool offers quick access features with ‘one click’ making it fast for excuting your trades but at the same time keeping the entire process simple and easy. MYFX trading platform is easy to use irrespective if you are a novice or an experienced forex trader. Below are the features of the MYFX consol trade exuction.
- 1 click trade execution
- Default trade TP / SL
- One click break even
- Default lot size
- One click close trade
- Close all trades button
- Customisable symbols list
MYFX Trade Console makes it easy to manage your trading risk portfolio, allowing traders to set risks as a percentage and automatically calculates the lot sizes. With MYFX trading platform, traders can easily see the risks involved in every trade as well as the aggregated risks involved, thus making it easy to manage your trade strategies. MYFX’s display of risk management makes it easy for traders to understand their risk levels and thus make more informed trading decisions.
- Display of risk per trade as $
- Display of risk per trade as %
- Time trade opened
- TP & SL in pips
- Percent to target
- Profit / Loss as pips
- Magic number
MYFX Console – Trade Management
MYFX’s trade management tools form an essential aspect for traders who use the MYFX tool. MYFX trading console provides forex traders with the ability to plan and execute their trade management strategies easily. With the MYFX trade console, traders can be able to partially close trades with predetermined levels, activate trails once the targets have been achieved, move stops and manage risks with the help of the easy controls provided.
- MYFX Trade Manager
- Inbuilt customisable news & websites
- Different look & feel themes
- Inbuilt knowledgebase & help
- Account floating P/L as %
- Account summary view and mandate
Introduction to MYFX Console
MYFX Console – Pricing Details
MYFX Console can be purchased as a stand alone tool at a cost of $249 for a one year license. However, ECN Forex brokers such as ThinkForex offer the MyFX Trading console for FREE when you open a live trading account with either of them.