Going forward we hope to share with you as much information as we possibly can to help you make the right decisions when you approach this Forex trading prop firm opportunity with My Forex Funds.
Lets start with some stats!
My Forex Funds currently has 5911 live accounts which are a combination of Accelerated and evaluation live accounts (approximately a 50/50 split).
- In August, 12% of traders passed with phase 1 evaluation.
- 18% of that 12% passed the evaluation before the 10 minimum trading days. On average it took 20 calendar days for traders to pass Phase 1.
- Our largest payout to go out for the month was $27000 USD.
- There were more than 10 $20000+ payouts for the month.
- Over 5,500,000,000 USD notional volume was traded in August.
- The 40% of live evaluation accounts make it to profit split stat remains true.
With our trading conditions and trader support it seems that our traders have really paid attention to their risk management and kept things sane whilst trading and earning a good profit. The vast majority of traders who are trading their live evaluation accounts profitably are using a stop loss in 80% of orders or more.
Now some fun facts.
Other than using stop losses, the most successful traders had a risk per trade of no more than 2% on average.
The most profitable asset was US30 and 37% of traders who received a payment had at least 1 trade of US30.
The largest losses were from the XAU/USD pair with more people losing their account trading that pair exclusively than any other pair.
The majority of traders who earned over $1000 USD for the month did not hold a trade over the weekend.
The majority of traders who had an order open during the FOMC and NFP announcements lost money during August.
No one made a significant payout trading super exotics and the majority of super exotics traders lost their account when the market became volatile.
With this information we hope that you are able to adjust from what the losing traders are doing, to what the winning traders are doing and become a profitable trader in the long term.
Our bullet points from this
- Always use a stop loss
- Be careful of XAU/USD
- Stay away from news
- Don’t hold trades over the weekend
- Trade pairs with liquidity and not super exotics which can move very far very fast.
- Don’t risk more than 2% at any given time
This data can change month by month and we will look to update it every month and watch the evolution of our traders in real time.
Hopefully you find these facts helpful or at the very least interesting.
All the best with your trading!