MY FOREX FUNDS HAS ONE OF THE SIMPLEST PROGRAM STRUCTURE TO FOLLOW WHICH FACILITATES OUR TRADERS TO GET FUNDING AND START EARNING FROM DAY ONE!
Take it slow. Observe risk management
You have plenty of time to achieve your target and move to the next phase. Take it slow, observe good risk management techniques. Most traders who pass the evaluation quickly fail on their live account. Be one of the few and not the many. Follow your plan and if you aren’t quite at the target at the end of the 30-day period, get in touch, maybe you qualify for an extension or retake!
The Models, Evaluation and establishment phase and targets.
We currently only offer a standard evaluation model. Due to poor success we have removed our aggressive model.
There are two phases you must pass in order to become a funded trader.
First the evaluation Phase (Phase I)
The evaluation phase is to test your trading skills and give us an idea of what type of trader you are.
During the evaluation phase you must achieve a profit target of 8% within 30 calendar days with no other rule breaches.
The establishment Phase (Phase II)
The establishment phase is just to confirm the results of the evaluation phase.
During the establishment phase you must achieve a profit target of 5% within 60 calendar days with no other rule breaches
We do NOT have any negative day rules in our programs.
A trader can choose when they start the evaluation process. The calendar day countdown starts from the time you take your first trade.
Its imperative that you have a trading plan, trading strategy and risk management profile to successfully complete the evaluation.
At My Forex Funds we encourage good trading behavior but do not limit a traders ability to trade in their own style or time.
We ALLOW news trading, scalping, long term trading, short term trading etc. on all accounts.
We do not have a lot size restriction for total open lots on a single account however advise all users to be wary of their risk management profile.
Trading activities that are used to take advantage of the inefficiencies of Metatrader. Gap trading, latency arbitrage, Long short arbitrage, Reverse arbitrage, opposite account trading are all unacceptable trading methods with MyForexFunds. Anyone part-taking in such activities will have their trades adjusted to the executed fill price that we have received from the liquidity pool. Repeat offences will result in account termination.
We constantly are looking for the best products and best conditions for our traders. Currently you can trade FOREX, CFD’s including index CFD’s as well as commodities like oil and metals.
Every now and then the product list may be updated based on the availability of margin, leverage, liquidity, and various other factors.
We adjust our products to increase the profitability of our traders where possible. We may remove a product if there are no users currently passing the phases of the evaluations due to those products.
Crypto trading on weekdays is allowed.
Expert Advisers & robot usage
We allow Expert adviser/robot trading on your accounts. We no longer require you to send us your source code unless there is suspicion of the following:
Tick scalping, Arbitrage, signals from a 3rd party, gap trading, account management services or any other services that break our other rules.
Using third party expert advisers is OK so long as it is not managed or traded by another party. All signals must be your own and based on your own set up.
Prop trading is about your ability to trade and not about using other peoples ability to trade.
Account types, details and house keeping
After program purchase you will receive your login details within 24-48 hours. You are not allowed to change the details of this account under any circumstances. Doing so will be a breach and your account will be suspended.
At My Forex Funds, we are looking for individual traders to grow with us long term. What this means is that we want YOU to be the trader. Its ok to learn your skills from other experts, however, use of signal bots, trade management services or trade copiers will not be accepted. If we notice someone using these services, we will suspend their account.
This rule may not apply if you have submitted your expert adviser or bot for prior approval and approval has been granted.
We are constantly monitoring all accounts to make sure the rules are being followed.
The most important question our traders have is “when do we get paid”. You you will receive your first payout 1 month after you place your first trade in the live account.
The first payment is monthly and every payment after that is bi-weekly.
For the first month of live trading you will be required to trade a minimum of 10 days and first month’s payout will be initiated after one whole month. This minimum day requirement is removed on the second month.
All payout requests must be sent to billing or submitted via our internal back-office system.
Our live accounts are being held on the Traders Global Group server using metatrader 4.
In order to receive 50% of your profits if you have violated your account and it is in profit you must comply with the following 3 parameters:
1) You must have a stop loss on every trade
2) You must not be “all-in” on your trades and violate from a single trade or single batch of trades
3) You must have traded 10 trading days.
Note: If you have compiled all 3 rules mentioned above, you will have to contact with us in 7 days after the violation for the profit split. Any request about the 7 day period will be rejected.
If you have reached your profit-split time, firstly, congratulations. Please get in touch with firstname.lastname@example.org. You can request your payout via bank wire, transferwise, cryptocurrency or paypal.
Scaling up (To the moon)
My Forex Funds offers a competitive scaling up plan so that we grow with you. If you have achieved a profit of 10% or more within a 4 month period and 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size.
At the time of scale up request, trader should be breakeven or positive with the account balance.
In any of the My Forex Funds evaluation programs you must not have a daily drawdown of 5% of equity OR balance on any given day. This is monitored closely by an automated system, includes open trades at the time of roll-over and any breach is shown in your account dashboard. Please be mindful of your trading and be sure to check your available drawdown at 00:00 server time every day.
On top of the daily drawdown, we have an overall account drawdown of 12% for any pay period. Breaching this will result in a termination of your account.
If you breach your daily drawdown rules whilst in profit. A review will take place to determine whether you followed proper risk management practices (no excessive position size, trade numbers etc.) and we may, at our discretion, issue you your profit share at the time of termination. If, however, you participate in risky trading and breached the daily drawdown, you will not receive payout of your profits for a breach of the daily drawdown whilst in profit.
If you receive an account suspension or termination, you may reset your account for program cost -10%.
No trader at My Forex Funds will be liable for any trading losses. All being said, we encourage you to practice good risk management practices and engage in a trading plan to maximize your chances of not incurring a loss
Retakes and extensions
My Forex Funds are always encouraging traders to practice good, safe trading. Those that do, shouldn’t be punished.
If your Phase I 30 day limit is reached and you are in profit without any breaches on the account you are entitled to 1 free extension of up to 30 days OR a unlimited free retakes.
Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded.
If you find that you have breached one of the rules, you are entitled to a discounted reset of that account. Mistakes can happen, and we understand that. We want you in our team so if you have breach the rules enjoy the following discounted prices:
10k – $75.60
20k – $125.10
50k – $269.10
100k – $449.10
200k – $881.10
All traders who pass Phase 1 and Phase 2 will receive a refund of their fees when they reach their first profit-split period at the end of the first month on their live trading account.
Account Credential Safety
If your account is inactive for 30 days it will be automatically breached. If you do not inform us within 10 days of the breach the reason for the inactivity, the account will be permanently suspended.
This rule is to prevent us having thousands of hedged trades on abandoned accounts. If you are planning to be away for a prolonged period of time, please inform us and we will make sure your account continues.
Clarification on the use of third party software/vendors for trading
As our original rule suggests, it is vital that all trading activity with MyForexFunds is your own. This means that every decision made, every trade made comes from your creation and not the hands of others. Since this rule has been causing requirements for clarity, we have decided to include this rule as an addition to make sure there are no grey areas.
Anyone using any vendor that promotes the passing of a prop firm evaluation or challenge will be banned. These vendors generally do not work, and their usage has resulted in many problems with our liquidity providers and their customers who have failed using these services affiliating us with them in some way. Therefore, any third-party vendor selling any service, whether its account management or an EA, that promotes usage on any prop firm, is forbidden.
The market does not function in a manner where every user can trade the same and it remains efficient. Having pending orders bigger than the market does nothing but ruin the prop firm opportunity for everyone else and so use of such services is prohibited.
We are here to provide capital to aspiring traders and we want this opportunity to last a long time. We will not allow the actions of a few to ruin the experience for the majority of traders who come to us for funding.
With the My Forex Funds evaluation account, it is important that you have a plan to increase your chances of success. We encourage you to keep a trading journal, practice sound risk management practices, take your time and be sure to always maintain healthy psychology when trading. The vast majority of traders that fail, fail because they don’t have a plan.