Two tools, two different purposes
Myfxbook and Trading Monitor aren’t direct competitors. They’re complementary tools that solve different problems. But if you can only choose one, or if you need to decide which fits your situation better, this comparison will help.
The short version: Myfxbook is excellent for historical analysis and community. Trading Monitor is designed for real-time protection and drawdown monitoring for prop firms.
Let’s look at the details.
What is Myfxbook
Myfxbook is a free trading analysis platform that’s been around for over a decade. It connects to your MetaTrader account and offers:
- Detailed statistics: profit factor, historical drawdown, Sharpe ratio, mathematical expectancy, and dozens more metrics
- Public verification: you can share your results with other traders in a verifiable way
- Active community: forums, trade copying systems, and rankings
- Economic calendar: integrated with your trading history
- Backtesting: tools for comparing strategies
It is, without a doubt, the most complete and well-known analysis tool in the MetaTrader ecosystem. And it’s free.
What is Trading Monitor
Trading Monitor is a real-time risk monitoring platform, designed specifically for traders who operate with prop firms or need to control their drawdown proactively. It offers:
- Syncing every 60 seconds with your MT4/MT5 account
- Portfolio and strategy drawdown (by magic number)
- Configurable alerts when approaching drawdown limits
- Automatic exclusion of deposits and withdrawals from calculations
- Mobile app designed for quick monitoring
- Multi-account: monitor several prop firm accounts simultaneously
Detailed comparison
| Feature | Myfxbook | Trading Monitor |
|---|---|---|
| Price | Free | Free (basic plan) |
| Syncing | Periodic (minutes-hours) | Every 60 seconds |
| Portfolio drawdown | Yes (historical) | Yes (real-time) |
| Strategy drawdown | No | Yes (by magic number) |
| Drawdown alerts | No | Yes (configurable) |
| Daily DD vs Max DD | No differentiation | Yes, both separated |
| Excludes deposits/withdrawals | Not automatically | Yes, automatic |
| Advanced statistics | Extensive (50+ metrics) | Focused on risk |
| Community / social | Yes (large and active) | No |
| Public verification | Yes | No (roadmap) |
| Backtesting | Yes | No |
| Native mobile app | No (responsive web) | Yes (Flutter) |
| Prop firm focus | General | Specific |
Where Myfxbook is better
Let’s be honest: there are areas where Myfxbook simply has no competition.
Deep historical analysis
If you want to analyze your trading over the last 6 months with 50 different metrics, Myfxbook is unbeatable. Profit factor, Sharpe ratio, average trade duration, distribution by currency pair, by time of day, by day of the week… it’s all there, free.
Trading Monitor doesn’t try to replicate this. Its focus is on the present and near future, not historical analysis.
Verification and credibility
Need to prove to investors or a community that your results are real? Myfxbook is the industry standard for verification. Their direct broker-read verification system is widely recognized and respected.
Community and learning
Myfxbook’s community is huge. You can follow other traders, compare your metrics with theirs, participate in forums, and discover new strategies. If you’re in the learning phase, this social ecosystem has tremendous value.
Cost
Myfxbook is completely free. No paid plans or functional limitations. For a trader who’s just starting and doesn’t trade with prop firms, it may be all they need.
Where Trading Monitor is better
Trading Monitor’s strengths are in areas where Myfxbook simply wasn’t designed to help.
Real-time drawdown alerts
This is the fundamental difference. Myfxbook tells you your historical drawdown. Trading Monitor warns you before you breach the limit.
Imagine this situation: you trade with FTMO and the daily drawdown limit is 5%. It’s 3 PM, you’ve had several losing trades, and your daily drawdown is at 3.8%. Without alerts, you open another position and the market moves against you. By the time you check Myfxbook (which may also be slow to sync), your daily drawdown has already passed 5% and you’ve lost the account.
With Trading Monitor, you would have received an alert at 3% and another at 4%, giving you time to close positions or reduce size.
Strategy drawdown (magic number)
If you use multiple EAs or strategies with magic numbers in MetaTrader, Myfxbook shows you the general account results. Trading Monitor breaks down drawdown for each individual strategy.
This is critical because one EA can be at 7% drawdown while another compensates with gains. The total account drawdown looks acceptable, but you have a strategy that’s out of control. When the winning strategy stops compensating, the total drawdown spikes suddenly.
To understand more about this specific risk, read our article on common drawdown mistakes in evaluations.
Max DD vs Daily DD differentiation
Prop firms manage two types of drawdown with different rules. Myfxbook calculates a general drawdown. Trading Monitor separates and monitors both independently, with independent alerts for each.
Automatic deposit and withdrawal exclusion
When you deposit or withdraw funds, your real trading drawdown gets distorted if you don’t exclude these operations. Trading Monitor does this automatically. In Myfxbook, deposits and withdrawals can affect drawdown metrics. We have a complete guide on how to calculate drawdown correctly where we explain why this matters.
Native mobile experience
Trading Monitor has a native mobile app built in Flutter, designed so you can check your drawdown in seconds from anywhere. Myfxbook has a responsive web version, but not a native app optimized for quick risk monitoring.
Who should use which
Use Myfxbook only if…
- You trade with your own capital (no prop firms)
- Your priority is historical analysis and strategy improvement
- You need public verification of results
- You want to participate in a trading community
- You don’t use multiple EAs with magic numbers
Use Trading Monitor only if…
- You trade exclusively with prop firms
- Your biggest risk is breaching drawdown limits
- You use multiple EAs and need per-strategy monitoring
- You need real-time alerts (can’t wait)
- You want a mobile app for quick monitoring
Use both if…
- You trade with prop firms AND want detailed historical analysis
- You need public verification AND real-time protection
- You want the best of both worlds
Our recommendation: Myfxbook for analysis. Trading Monitor for protection. They’re not mutually exclusive.
The prop firm trader’s perspective
If you trade with a prop firm, the question isn’t really “which is better” but “which do I need to not lose my account.”
Prop firms eliminate you for two drawdown-related reasons:
- Breaching maximum drawdown (10% at FTMO, 8% at The Funded Trader, etc.)
- Breaching daily drawdown (5% at most firms)
To learn the exact rules for each firm, check our prop firm drawdown rules comparison.
Myfxbook wasn’t designed to prevent these violations. It’s a post-hoc analysis tool: it tells you what happened, but doesn’t warn you before it happens.
Trading Monitor was designed for exactly this: fast syncing, precise calculation of both drawdown types, and alerts before you cross the limit.
Try both tools
You don’t have to choose just one tool. But if you trade with prop firms, we recommend complementing Myfxbook with a real-time alert system.
- Myfxbook: Sign up free at myfxbook.com and connect your account
- Trading Monitor: Create a free account and set up your drawdown alerts
- Calculator: Use our free drawdown calculator to verify your current situation
The combination of deep analysis (Myfxbook) with real-time protection (Trading Monitor) gives you the complete coverage you need to trade with confidence.