I guess almost everyone involved in the currency markets, especially at a retail level, has heard of Myfxbook. It’s a good (and free) way to get a lot of statistics on your trading account that you can use to improve your trading method. It can also be used as an independent third-party audit tool for your performance.
Despite these positive features, I believe Myfxbook has money-losing propositions as well, and I’m referring here to the AutoTrade Program. Judging by their FAQ it’s a win-win situation for subscribers, who get access to ‘successful trading systems’ and traders who can make some extra money with no extra effort. But as one popular song goes, I believe that actually there’s too much rain over paradise. 
Let’s start by looking at the top system by a number of subscribers, Axitrader, 1976 subscribers as of this writing. Firstly, there’s a huge discrepancy between Gain – 888% and Absolute Gain – 24%. How can that be? Easy, the guy’s been gaming the Gain tab with a pattern of deposits and withdrawals that makes no economic sense. We can see that by checking the History tab.
Axitrader history
Secondly, this account uses a custom start date for its track-record, conveniently skipping the first 3 months of the account’s existence. Why is that? Because it had a 94% loss during those 3 months. When we select to see the entire track-record, instead of that illusory performance of 888% with 36% DD showcased by the AutoTrade program, we get the hard, cold reality of 22% with 95% DD.
Is that what passes for ‘successful trading systems’ nowadays?
I don’t have the time, nor do I see the point in closely examining the other 40 or so systems in the list. I glanced quickly over a few of them and noticed the same ‘game the Gain’ approach. More importantly, though, the way this program is structured to pay the trader creates the massive conflict of interest between him and subscribers. Instead of getting a percentage of the profits made for subscribers, he gets paid based on the number of winning trades per month. Right there, this leads to over-trading and not exiting the losing positions in the hope they come back and can be closed as winners.
Although a few checks have been put in place (like the max 50% drawdown), which would create the appearance of professionalism, there’s a lot left to be desired. To conclude, it’s my belief that this program is incompatible with serious traders.
As for potential investors? They might just as well do this: