The problem is that inside a DataTemplate, the DataContext is the item itself, not your ViewModel. So when you say {Binding MyButtonActionClick} the binding is looking for a command called MyButtonActionClick on the item which I'm guessing is just a simple object and doesn't have command properties of its own.
As a side note, you may want to consider using the ButtonBaseExtensions class when associating commands with your buttons. This class can be found in the GalaSoft.MvvmLight. Command namespace in the GalaSoft.MvvmLight.
WP7 assembly.
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