Today I’m looking at a popular Forex statement-sharing service built to help their clients analyze trades from multiple platforms, FX Blue. There are quite a few statement-sharing services in the Forex marketplace, and today I’ll be reviewing what this service has to offer, and where they stack up against their competitors. This isn’t my favorite service, but I’ll make sure to give them a fair shake as I do for any other developer.
Previously known as www.mt4i.com, the developers recently changed names to ensure that traders are aware that their services can accommodate more than just one platform. In fact, their analysis now works with MT4, MT5, cTrader, Oanda fxTrade, xOpenHub, Vertex FX, and FXCM TS2. The company has been providing these services since 2009, but I can’t seem to find any information on who is behind this service, and where they are located. Traders can get in touch with support by filling out a contact form on the website.
FX Blue Review
There’s no reason to be critical in our review of FX Blue, because these services are offered to the community for free, and do allow traders to analyze their results and share them with others. The service allows traders to connect their trading account with this platform, in order to better understand their own trading process. The tool is very useful for companies or individuals that want to analyze their trades with a little more depth.
This type of tool is perfect for picking out trends and even identifying trading habits that are starting to form. When it comes to automated expert advisors, or manual trading if you look at different data sets, you can start to see points of interest.
For example, if you have a specific trading approach that is failing you, you can take a look at multiple areas to see where the issue is propagating. A service like this will allow you to see your winning percentage with every single pair that you trade and even tell you the average length of trade for winners and losers. These types of elements can help traders avoid the pairs or lengths of trades that are more common in their losses than their wins.
- Type: Statement Sharing Service
- Price: Free
- Competitors: Myfxbook, FXStat, MT4Live
Forex Robot Trading Results
One of the main aspects of the FX Blue service is the sharing aspect. While I believe that the tool is very effective for analysis, it is not my favorite service when it comes to sharing the results of automated trading systems. Over the years, I’ve found that this platform is less reliable when it comes to verifying and validating the results of certain Forex robots. What I mean by this is, that there have been multiple cases where I’ve seen trustworthy Forex robot developers choose this statement-sharing service in particular for one reason or another.
This doesn’t mean that this tool is not effective, I just believe that when it comes to purchasing an automated trading system, you should be looking at other statement-sharing services like Myfxbook, MT4Live, and FXStat.
This is not a slight in any way shape or form, but an observation and one that can help people make better decisions when it comes to the trading products that they are interested in signing up with.
FX Blue provides more than just analysis and statement sharing. They also provide access to a trade mirror which is a “free service for sending trading signals over the Internet to other computers.” They are currently offering this only to the meta-trader 4 community, but they claim that it is widely used by traders all over the world.
In using this application, a trader would run an expert advisor on their account, and when they place trades this would automatically broadcast this trading activity to the rest of the people that are interested in following the signals.
This is a very interesting tool that they provide and one that I wouldn’t mind looking into further myself when I have a little more time.
While it’s quite clear that FX Blue isn’t my main choice when it comes to statement sharing, I still believe that they provide an extremely effective tool for trading analysis. If you are looking for holes in your current strategy, or you just aren’t performing as well as you’d like to, I recommend that you upload your statement and see what you can learn from the in-depth analysis provided by this tool.
Thank you for stopping by, and please leave your questions and remarks below the article now.