Can we use myfxbook on an account that is copying a MQL5 signal ?

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This will be used to see if the slave account (myfxbook) has the same performance as the master one (mql5). This allow you to spot any significant difference between the two accounts. In case the discrepancy is too big and not in your favor you might want to stop copying the signal. The only purpose of the myfxbook account will solely be analytics. Does it respect/follow the rules (terms and conditions) of the signals service provided by MetaQuotes ?

 
David Pendragon:

This will be used to see if the slave account (myfxbook) has the same performance as the master one (mql5). This allow you to spot any significant difference between the two accounts. In case the discrepancy is too big and not in your favor you might want to stop copying the signal. The only purpose of the myfxbook account will solely be analytics. Does it respect/follow the rules (terms and conditions) of the signals service provided by MetaQuotes ?

If this is your personal acct - you can use myfxbook.

 
Oleksandr Medviediev #:

If this is your personal acct - you can use myfxbook.

The account linked to myfxbook will be mine for sure but the account providing the signal that I'm following will not be mine.
 

The account providing the signal 

  • has the owner (that's his personal account)
  • the owner might have or might not have myfxbook - that's his call (not obliged to share it)
  • myfxbook giving various metrics
  • 1 key metric - the RESULT ($$$ output) everyone can see on MQL5

If you notice substantial difference in RESULT ($$$ output) (might happen for various reasons) - can disconnect/stop subscription, that's your risk. 
 
Oleksandr Medviediev #:

The account providing the signal 

  • has the owner (that's his personal account)
  • the owner might have or might not have myfxbook - that's his call (not obliged to share it)
  • myfxbook giving various metrics
  • 1 key metric - the RESULT ($$$ output) everyone can see on MQL5

If you notice substantial difference in RESULT ($$$ output) (might happen for various reasons) - can disconnect/stop subscription, that's your risk. 
I just want a clear answer, yes or no. If no is the answer, which article/rule of the Signals Service Terms of Use Agreement prohibits this ?
 
David Pendragon #:
I just want a clear answer, yes or no. If no is the answer, which article/rule of the Signals Service Terms of Use Agreement prohibits this ?
Terms of Use Agreement prohibits what? pls clarify.
 
David Pendragon #:
I just want a clear answer, yes or no. If no is the answer, which article/rule of the Signals Service Terms of Use Agreement prohibits this ?

If you subscribe to the signal by your trading account so your results will be related to the mapping:

Means: you will retranslate/retransmit the signals which was already after the mapping (and as I understand: myfxbook does not have this mapping feature).
So, my option: it is useless to use myfxbook to transmit the signals from your "slave account" ... but, anyway - it is up to you.

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About the Rules (Rules of Using the Signals Service) - I found the following:

Resale or free retransmission of Trading Signals is prohibited.
Copying signal with different broker
Copying signal with different broker
  • 2023.10.21
  • Hrusa08
  • www.mql5.com
Hello traders, I wanna copy one provider with a FP markets but the problem is as you can see in attachement. Raw account XAUUSD is XAUUSDr...
 
Sergey Golubev #:

If you subscribe to the signal by your trading account so your results will be related to the mapping:

Means: you will retranslate/retransmit the signals which was already after the mapping (and as I understand: myfxbook does not have this mapping feature).
So, my option: it is useless to use myfxbook to transmit the signals from your "slave account" ... but, anyway - it is up to you.

------------------------

About the Rules (Rules of Using the Signals Service) - I found the following:

Resale or free retransmission of Trading Signals is prohibited.

Hi Sergey Golubev,

Thank you for this detailed and insightful answer.

According to my interpretation of this rule, using signals for personal trading and analytical purposes without redistributing them (impossible to copy the linked myfxbook account) complies with the rule against resale or free retransmission of trading signals.

 
Oleksandr Medviediev #:
Terms of Use Agreement prohibits what? pls clarify.

Does following/copying signals from mql5 on a linked MT5 myfxbook account for personal trading and analytical purposes without redistributing them (impossible to copy the linked myfxbook account) complies with all of the rules of using the signals service (https://www.mql5.com/en/signals/rules) ?

 
David Pendragon #:

Does following/copying signals from mql5 on a linked MT5 myfxbook account for personal trading and analytical purposes without redistributing them (impossible to copy the linked myfxbook account) complies with all of the rules of using the signals service (https://www.mql5.com/en/signals/rules) ?

Your ultimate objectives are unclear.  Are you intending to link your own MT5 account that you have full access to, or someone else's account? Linking another person's MT5 account to myfxbook without his explicit permission would likely violate MQL5's rules (unauthorized account access).
 
Oleksandr Medviediev #:
Your ultimate objectives are unclear.  Are you intending to link your own MT5 account that you have full access to, or someone else's account? Linking another person's MT5 account to myfxbook without his explicit permission would likely violate MQL5's rules (unauthorized account access).
What are you talking about ? How would I link an account to myfxbook if it wasn't mine in the first place ?

I've already mentioned multiple times in this chat that "The account linked to myfxbook will be mine for sure" and "MT5 myfxbook account for personal trading".
Of course I own the account linked to myfxbook, it is just logic.
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