Being a successful FX trader is not something that is acquired in short term. At MyForexFunds we strive to provide a fair trading environment to all our traders and give them the fuel to skyrocket their forex journey.
The FX prop trading opportunity we offer is built to enable skilled or aspiring traders to obtain more capital and progress into a fruitful trading career.
In order for a prop firm to analyze each trader’s skills, the trader must exhibit skills that belong to them so that they can be properly analyzed and so that the prop firm’s capital is being allocated to a particular trader’s style and method.
When traders use third party services that copy an individual’s trading or an EA that is identical to every other user of the EA’s trades it is against the rules for a number of reasons. Here are some:
1) Variance of trading – Inability to measure the risk of ruin
Most users who have come through the My Forex Funds trader book and using copy services have changed strategy within a month to another third-party service. Thus, they did not pass the evaluation trading the same way they are trading live. This creates a capital risk to the prop firm. Increased risk to the prop firm’s capital hurts the traders who are operating legitimately. The evaluation’s purpose is to measure the trader’s skills and give us an idea of who we are allocating capital to.
2) Liquidity risk
If a large number of trades are opened at the same time and ultimately will be closed at the same time, there is a chance that there is not enough liquidity to fill the trade (mostly on the close) and massive slippage and charting spikes can occur. It would make a price feed look abnormal, but the sheer number of same price requests would cause liquidity to either lessen or disappear altogether as the orders flood into the close. Remember, a stop loss is a stop order which is a market order, not a limit.
3) Reputation risk
A lot of these third-party vendors sell an unrealistic situation. We do not know of any that has had any long term success trading. Recently, we have had reviews, emails, and chats of people blaming us because the third-party service that said would pass their evaluation and make them loads of profit instead wiped out their account. Since they used our branding in their promotion, the customer blamed us. If you are wondering which companies these came from, think of any company that advertises these services on Facebook, assume it’s them and you will likely be accurate.
In conclusion, accounts with this type of trading which are not abide by MyForexFunds rules and policies will be terminated to preserve the integrity of our services for those who truly understand the prop trading opportunity and what it takes to be a funded trader.
The best route to success with trading is taking the time to learn how to trade, learning from your mistakes and always tuning your skills.