Lately I’ve been receiving quite a few emails from the Forex community asking about a specific statement sharing service, FXStat. There are quite a few different services like these, the provide traders the opportunity to host their trading statements and make them available for the whole world to see. Recently, I’ve seen quite a few users taking advantage of the service, so I’d like to see how it stacks up against other services like Myfxbook.
The about page states that the Stat service has offices in the UK, Russia, Saudi Arabia and Jordan. We do not have the exact locations for these offices, but email support can be contacted via firstname.lastname@example.org. You can also find the email addresses for general inquiries partnership inquiries and press inquiries all on the contact us page.
As I go through the webpage, it’s quite apparent that the FXStat sharing service is much more expansive than I first thought. At first, I thought this was simply a statement sharing service, but they also provide a social traders network, a copy trade feature, and an auto trading solution. Many of these features are aimed towards traders that want to have more of a hands-off approach to Forex trading. Personally, I like a hands-off approach, but I prefer trading robots over following humans because of the consistency of artificial intelligence, over emotion.
For a list of top performing automated trading robots that work with FXStat, go here.
The social network is an interesting concept. The purpose of this network is to connect individual traders and brokers to crowd source the trading experience. In doing so, FXStat hopes that traders can connect with each other and find like-minded individuals that share similar trading strategies and personalities. Just like other social networks you can publish your trades publicly and your friends can react to your wins and losses.
One of the most effective elements of this service, is the ability to discuss different news events and trading approaches.
Statement Sharing Performance Page
The original purpose of FXStat was to provide traders with the ability to connect their trading account to a set of tools with more than 200 statistical measures. So, not only can you share your results with the Forex community, but you can actually get something out of it. Traders that are more aware of how they are trading, and the reasons behind their trades are more likely to be successful in the long and short term. The developers of this service believe that every element and analytical measure they provide will “help you choose the most profitable path in your trading endeavors.”
FXStat vs. Myfxbook
The market leader in statements sharing services is arguably Myfxbook, but from what I’m seeing here today, FXStat shouldn’t be ignored. Personally, I like the visualization of Myfxbook more, but it certainly doesn’t hurt to upload your trading account to multiple services to take advantage of all the different analyses.
Here are a list of some of the statiscal measures you can expect from FXStat.
- Daily Win %
- Monthly Win %
- Absolute Drawdown
- Maximum Drawdown
These are some of the basic elements, and there are much more but I’m not going to list every single one of them and waste your time today.
The bottom line is FXStat is a legitimate statement sharing service but it also provides auto trading, social networks and other ways for traders to be more successful in the Forex market. So please let me know what you think about this service, and if you have a favorite between Myfxbook, FXBlue, MT4live, or any of the other services currently available. I’ll be doing reviews of each of these different services and letting you know if they are safe to use or not.