Recently FXSTAT have re-launched and overhauled their site, which prompted me to check it out. Here’s a quick review.
Probably the easiest way to describe FXSTAT is that it’s like Google Analytics for forex traders. Ok, but what does that mean? Here’s what they claim:
“FXSTAT help traders to analyze their trading accounts by providing them with various statistical and financial tools. It gives a comprehensive detailed analysis on what the traders have done. FX STAT founded by a team of experts who possess a vast experience of trading and investing in international financial markets. They intelligently devised analytical tools to fulfill a common trader’s need for detailed analysis of the trading systems and statements. Most of the traders have to do the hectic job of analyzing their trading statements one by one. FXSTAT doesn’t affect anything on your trading account, but it only analyzes your statements and helps you improve your trading activities.”
Now, the latest version of FXSTAT seems to be even better. They’ve added first real time data analysis and dynamic position monitoring. So there is only a minor networking delay of 2-4 seconds. Now, if you are an account owner, you can check and analyze your open positions without ever refreshing your performance page. Also, in the new version they’ve introduced something called Total Pips Analysis. This new feature actually keeps record of the number of pips you earn or lose on every trade. Total pips feature will be available in the statistic section of the performance page. The aim is to help traders understand the risk associated with their trades by calculating the net pip earnings.
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Obviously they also allow you to publish your live trading stats and share with other traders. I know a lot of sites have been doing this recently, but one thing they have going for them is the use of widgets, which you can use to display your results across the web. Pretty cool.
Another cool feature is the fact that they just don’t support MT4. MT4 is the obvious choice, since it has native support for publishing, but I know a lot of traders prefer for example, FXCM’s Tradestation. They also, perhaps surprisingly, support this.
Perhaps the most useful feature to a lot of traders is the ability to search for the best traders using their “performance tool”. It looks similar to Collective2 and Zulutrade in this regard, where you can see who is trading how well, equity wise, time wise, etc… I suspect a lot of traders will skip most things and head straight here. The fact that you can see who’s trading on demo and who’s trading on live is a must, do not underestimate the importance of this.
Overall, I’m impressed by FXSTAT, and I think it will grow and grow. It’s not a Myfxbook as of yet, but it definitely has potential.