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.
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 usage on all our accounts. HOWEVER, you must submit the source code of that expert adviser or robot to get approval. Unfortunately this is necessary to prevent nefarious and abusive robots such as latency arbitrage, order spammers and trade copiers of third parties. Users are welcome to copy trades of their own using a trade copier, however, users who are copying someone elses trades will be considered in breach of their account.
Yes. You can use EAs as long as they are not used in the following ways: – copy trading of other persons signals – tick scalping – latency arbitrage trading – reverse arbitrage trading – hedge arbitrage trading – or any use of emulators It is a violation if this rule is broken. Any accounts using these types of EAs will be cancelled, banned and not refunded.
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 or trade copiers will not be accepted. If we notice someone using these services, we will suspend their account. We can tell that this is happening by the magic number on the 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.
If your account encounters a drawdown violation whilst being in profit, you will be eligible for 50% of your end profit. To receive a payout after violation, a trader must have maintained and showcased solid risk management principles such as always using a stop loss, not over leveraging the account, not holding losers longer than winners etc. This rule is to discourage casino like gambling behavior, poor trading practices and risk to the firms’ capital.
If you have reached your profit-split time, firstly, congratulations. Please get in touch with email@example.com. 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
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
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.