Track record - Myfxbook, FX Blue, audit and credibility

A track record is the only language that every path understands - prop, fund, investor, and you yourself 12 months from now. Without a verified track record you are an opinion. With it you are data. The problem is that 90% of retail traders show an MT4 screenshot, which has no audit value. A prop firm and a fund look at 3 layers of verification: whether the account is real, whether the history is complete, and whether the metrics are not inflated by a single trade.

The goal is not a beautiful equity curve. The goal is a curve that is boring, repeatable and explainable. An auditable track record is a product. Myfxbook, FX Blue, cTrader, a broker statement plus your own journal are your production tools.

Lesson goal and what you will measure

After this lesson you will be able to:

• Set up Myfxbook and FX Blue with auto-update and Verified + Track Record Verified status.
• Tell vanity metrics (profit %) apart from risk metrics (Sortino, max DD, profit factor, expectancy).
• Build a 1-page 12M audit PDF report ready to send to a fund.
• Detect 5 techniques of faking a track record and avoid them.

Measures at the end: a Myfxbook account with 2 green checks (verified + track record verified), a table of 12 key metrics, a monthly report, an execution-error log.

What a “verified” track record means

To get both green badges on Myfxbook:

1. Account → Add Account → MT4/MT5 auto-update.
2. In MT4/MT5 install the Myfxbook EA or enable FTP.
3. In the Myfxbook settings enter the investor password (not the master) - this gives Verified - Trading Privileges Verified.
4. Do not delete the history, do not move the account between servers, do not hide deposits/withdrawals.
5. Set the account to public, enable custom analysis.

FX Blue works in a similar way, but it has better correlation and holding-time analysis - it is worth having both for a fund.

The 12 metrics you always show

Do not show 30 metrics. Show the 12 that say everything about risk.

Profit_Factor = Sum(Profit_Trades) / abs(Sum(Loss_Trades))

Expectancy_R = (Win_Rate * Avg_Win_R) - ((1 - Win_Rate) * Avg_Loss_R)
Example: (0.45 * 1.8R) - (0.55 * 1.0R) = 0.81R - 0.55R = 0.26R per trade

Sharpe = (CAGR - RiskFree) / Annualized_Stdev
Sortino = (CAGR - RiskFree) / Downside_Deviation

Position = (Capital * Risk_Per_Trade) / (Stop_Loss_in_USD)

Max_DD% = (Equity_Peak - Equity_Trough) / Equity_Peak * 100
Recovery_Factor = Net_Profit / Max_DD_USD

A Recovery Factor >3 is a healthy system - you earn 3x more than the maximum hole.

Structure of the monthly audit report - 1 page

A fund does not want 50 pages. It wants 1 A4 page.

Header: Name, period, broker, account type, verification link. Equity Curve: with deposits/withdrawals marked. Metrics table: the 12 metrics from the table above. Monthly breakdown:

3 conclusions: What worked, what you broke, what you change. Attachments: Myfxbook + FX Blue links + broker statements ZIP.

How a track record is faked (and how not to do it)

1. Hiding deposits: a deposit after a big loss presented as “zero DD”. Myfxbook shows deposits - it is immediately visible.
2. Deleting history: erasing losing trades on a demo account and leaving only the winners. Track Record Verified detects the gaps.
3. Martingale on a small account: 99 small wins + 1 large loss hidden by holding on. The indicator: avg loss >> avg win, hold time of a loss 10x longer.
4. Copying signals without an edge: 200 accounts with the same position, one curve looks good through randomness. Prop detects correlations.
5. Changing the investor password after a drawdown: it invalidates Verified. Change only the master password.

When the plan says do not trade

• When Myfxbook has not had Verified + Track Record Verified status for >7 days - do not show the track to anyone, fix the connection.
• When you have 2 months of history and want to apply to a fund - do not trade larger capital, get to a minimum of 6 months.
• When your max DD is >15% and you want to go to a prop with a 4% daily - do not buy the challenge, cut risk per trade from 1.5% to 0.5% for 30 days and check the new metric.
• When the recovery factor is <1.5 - do not scale the account. The system earns too little relative to the holes.
• When hiding a trade looks like a “minor correction” - do not trade that day. That is the beginning of losing auditability.

The mistakes that cost the most

1. No investor password. People spend months building history on MT5 and then cannot provide an investor password, because the broker does not allow it. Before you start, check whether the broker supports an IR password and auto-update.
2. Trading on a bonus / promotional account. A bonus distorts the metrics, because it interferes with equity. A fund will reject an account with a bonus. Trade on a raw account without a bonus.
3. Mixing systems on one account. Scalping + swing on the same Myfxbook = no way to evaluate it. Open a separate account per system. One Myfxbook = one logic + one risk.
4. No journal of reasons. Myfxbook will not tell you why you entered. Without a journal (screenshot + setup + emotion + error tag) you will not improve PF. Keep an Excel / Notion with 5 columns: Date, Setup, R, Error, Lesson.

Measurable exercise

7-day task: Audit your own track

1. Set up / fix Myfxbook: 2 green checks. A public link.
2. Export the history from your broker (CSV) and calculate in Excel: PF, Expectancy, Avg R:R, Max DD%, Recovery Factor, Max Consecutive Losses, a simplified Sharpe.
3. Build a 1-page PDF report following the structure above.
4. Identify the 3 most expensive mistakes from your journal (e.g. “moving the SL”, “entering without a setup”, “doubling after a loss”). Count what % of DD they generate.

Formula for Excel:

Risk_R = (Close - Open) / (SL - Open) if long, the opposite if short
Count a win if Risk_R >0

Pass criteria: a verified Myfxbook link + a 1-page PDF + an Excel with the 12 metrics. If you have <3 months of history - start now, you will make the report in 90 days, but the measurement system has to work today.

Check yourself

1. What does the “Track Record Verified” status mean and why is a screenshot not enough for a fund?
2. Calculate Profit Factor and Expectancy: 80 trades, 36 winners at +1.8R on average, 44 losers at -1R on average.
3. Why is avg time loss >> avg time win a red flag for a prop recruiter?
4. How do you recognise a hidden deposit presented as a DD reset on Myfxbook?
5. Which 3 attachments will you send to a fund besides the Myfxbook link?

Frequently asked questions

Which broker is best for a track record? One that gives an investor password, fast auto-update, low commissions, history that cannot be deleted, and CSV export. IC Markets, Pepperstone, Darwinex, cTrader brokers - check the prop rulebook to see whether they accept the broker.

Do I have to show losing accounts? Yes in a conversation, not publicly. A fund will ask “show all accounts from the last 12 months”. Hiding the worst one = a loss of trust. It is better to show 1 weak account and describe the lesson.

Myfxbook or FX Blue? Both. Myfxbook is the industry standard (everyone will check it), FX Blue has better analysis of time, hours, MAE/MFE. For a fund, give both links.

How much history is enough for prop? To buy a challenge: 0. To scale and talk about larger capital: a minimum of 3 months with PF>1.3 and DD<8% on verified. For a fund: 12 months, a minimum of 200 trades, 2-3 quarters.

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This material is for educational purposes only. Past performance does not guarantee future results. Myfxbook and FX Blue are measurement tools, not a recommendation.

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