Trade with pleasure
It is important that you are comfortable and happy when trading. Try not to stress yourself, have a trading plan in place and earn without risking your own capital. Psychological well being are important in any trading plan. If you are not enjoying yourself whilst trading, perhaps make it your plan to rest on days you are unhappy. Its important to have fun and enjoy your trading experience. Our program has some rules that if you stick to them it may increase your profitability and also increase happiness. Stick to the rules and have fun.
Trading Frequency & Consistency
We want you to succeed and not be glued in front of your screen 24/7. That being said, you must enter a minimum of 1 trade per day for a minimum of 3 days a week. This will enable us to filter and assess your trading skills (while you earn money) and graduate the traders who are serious about trading to bigger opportunities.
As you enter one trade per day on at least 3 days a week, we want to remind you to ensure to follow risk and account management closely (see below).
Only fully executed trades will count towards this requirement. This does not mean you must open AND close a trade. If you have placed a trade and it has executed, it will count towards your daily target of 1 trade. If you do not meet the minimum trades per day requirement, your account will be flagged for violation and you will not be eligible for further payouts.
We will use your broker’s time zone to determine opening and closing of each trading day. You must follow the minimum days a week rule regardless of your P&L. For example, if you make profit on your first trade, you cannot abruptly stop trading for that week. You must enter 3 trades on 3 different days to meet your minimum trade requirement. Any indication of “gambling” or erratic behavior change (i.e. increase in LOT sizes, trades per day, risk per trade etc.) will result in account termination with no payment being made. The following will apply to consisteny enabled accounts. A safe way to increase or decrease your risk parameters is to keep within +/- 200% of your average or deviation by a factor of 2. Two main KPI we use here are trades and lot size. Each week, we will take an average of mentioned KPIs and place a ceiling (avg x 2) and floor (avg / 2) for the trades. Any trades outside these parameters will raise a flag on an account and be a possible violation. Example:
|Day||Trades (#)||Lots traded (#)|
|Max (Avg x 2)||7||16.5|
|Min (Avg / 2)||1.75||4.125|
In the above example, lots traded fall outside of our minimum based on the average based min required. This will cause a flag/violation. Between weeks, we would like our traders to stay consistent as well. Like the rule above, we allow for a deviation by factor of 2. For example, if week # 1, an average for number of trades and lots traded are 10. The following week, you may increase your average to 20 (avg x 2) or reduce it to 5 (avg / 2). Any more or less will be considered a violation in consistency. This calculation is only done by using the current and prior week averages. Any flags in above consistency rule will not cause suspensions, however trader will not be paid for that particular pay period. The profits made during the period where there were consistency flag(s) will not count towards any future payouts as well. Furthermore, any profits made in the account during this period will not count towards live account deposit. For example, if a trader’s account value is at $9,500 and he/she trades in an non consitent way and brings account balance to $10,500. Not only they will not be paid, but their account value will be reset to $9,500 (or the value it was before the inconsistent trading week(s)). If a trader is consistently falling outside of his/her trading pattern, that may raise a violation which will cause account suspension. If you plan to change your style and trade more aggressively or moderately, you must inform us at least 48 hours before and obtain an approval in writing from My Forex Funds.
Trading Behavior and FOREX trading Expert adviser / robot usage
At My Forex Funds our goal is to encourage you, the trader to remain consistent and hopefully profitable so that you can earn from your talent. We recommend you to refine what you know and keep a trading plan and abide by that plan. Our goal as a company is to find profitable, successful traders and encourage up and comers to become more consistent and profitable and form a long-term partnership. There are no rules or restrictions on your trading style so long as you are consistent in what you do throughout your pay cycles. You provide us with a plan, you must follow it. We allow a deviation factor of 2 however anything beyond 2 will be considered a violation.
NB: This rule is for CEA accounts My Forex Funds does not implement any restriction on products that you can trade so long as it is available in the trading platform, Metatrader 4.
Drastic changes in lot sizes, risk percentage per trade and other variables will be flagged and may lead to pay suspension for that month. Frequent violations will lead to termination. Expert Advisors/bots are allowed. We do not allow arbitrage trading, quote stuffing or EA’s that update orders in high volume per hour. We must protect our infrastructure, and this is the only way we can do this. Trade copying of your own trades is allowed, however, copying a third parties trades is not allowed and if discovered will be considered a breach. We recommend against usage of FOREX signal providers when participating as a prop firm trader.
Account Types details and house keeping
We will be providing you with login details after you sign up with us. You are not allowed to change these details under any circumstances.
Furthermore, you are not to add or decrease any funds from your account. If we detect any changes (password, account size, etc.), we will suspend your account and cancel any profits that are to be made to you.
You have to trade yourself. You may learn from experts, but should not use any signals or bots for trading. How do we check? If we find a “magic number” on your trade, or any other indication that you have been copying trades, your account will be subject to suspension.
You accounts will be monitored for performance, analytics and to ensure all above rules are being followed.
Trader’s earning (2 WAYS TO EARN!)
First way to earn (aka your Expertise Earning or “EE”)
Consistency Enabled Account (CEA) – On an account that you sign up for – you will be paid 12% on a bi-weekly basis. Your earnings will depend on being successful and not committing any violations in the trading period. Consistency rule (see rule #2) apply to CEA accounts.
No Consistency Account (NCA)– On an account that you sign up for – you will be paid 12% on monthly basis. Consistency rule will NOT apply to NCA accounts.
Second way to earn (aka your “Funded earnings or FE)
For every dollar you earn on your simulated account, we will match and put it in your trading account for up to 3.5% of your account size (i.e. Maximum of $350 allocated to Funded Account on a $10,000 account). You will be able to access this trading account when you reach 10% of the account you signed up for. The live account will be worth 10% (all funds transferred) of the original trading account size. If you have signed up for different tiers (we will use 10% of the combined tier). Minimum time that you can start trading your FE account is 3 months. Furthermore if you violate any drawdown rules, your funded account will reset. This ensures that our traders are consistent over a period of time (minimum of 3 months) before being made responsible for company funds.
Our live accounts are on our own server from an institutional technology provider with multiple liquidity sources connected to it.
The bonus from your accounts will be paid on a bi-weekly basis via one of our payment options. You can request your payout via Cryptocurrency or DEEL, If you wish to receive your payout in Cryptocurrency, then you can receive BTC, LTC, ETH and USDC. With Deel, you will be able to withdraw your payouts with Wise, Paypal, Bank transfer, Payoneer, Revolut, Mercury etc.
On the account you sign up for – you will make 12% of all profits you make while trading. There is no profit sharing in this case as you will be trading on a simulated account. This payout is considered an expense for us in-order to find top traders that can manage our funds.
For Consistency Enabled Accounts, if you make $5,000 on your $100,000 account, you will be eligible for a $600 pay out. This is a bi-weekly payout and does not reset after the end of 2 weeks. If you make another $5,000 in the following two weeks, you will be paid 12% of 10,000 = $1200 , as the account does not reset between pay cycles in the same month. However, you will need to make a profit per pay period (this could be as little as $1.00) to get paid in pay period. For No Consistency Accounts, you will be paid 12% of all profits you make during that month. The profit amount is derived by the lower value of the realized or unrealized equity of the account.
A month is considered 4 weeks. You will be given your payout dates upon registration.
On a funded account you will receive 50% of the profits you make in the first month. This goes up to 65% during your second month and 80% during the third month onwards. Keep in mind, you will not be allowed to withdraw the capital on this account as that will be funded by our firm and those funds are considered our invested capital.
Risk and Account Management
In any account size, you must not have a drawdown of 5% or higher in a trading day (floating drawdown – calculated with equity, or balance, at any given time). This will be monitored closely and if violated will result in account suspension.
Drawdown % = [1 – (lowest equity or balance for the day) / (starting equity or balance for the day) ] X 100
Furthermore, you must not have a drawdown of 12% or higher overall throughout your pay period.
These two rules (5% and 12% drawdown), along with consistency (Rule #2) will be monitored closely and if violated will result in account suspension. Account suspensions can be reset by paying account sign up cost minus 20% (i.e. for 10K account – account sign up fee is $99. Reset fee will be $95).
No trader at My Forex Funds is liable for any financial losses. We only request that you adhere to proper risk management techniques and maintain the capital as best you can. At no time will you ‘owe’ any money to our company as a trader.
At My Forex Funds our goal is to encourage you, the trader to remain consistent and hopefully profitable so that you can earn from your talent. We recommend you to refine what you know and keep a trading plan and abide by that plan.
Our goal as a company is to find profitable, successful traders and encourage up and comers to become more consistent and profitable and form a long-term partnership.
Reset Refresh and Monthly Fees
Reset – If an account incurs a violation, that account will be suspended and will not qualify for any future payouts. If a trader would like to continue with the program, s/he will have an opportunity to continue at a discounted price. This re-registration fees is referred to as “Reset” fees as you will obtain a brand new account.
For $10K account, it is $79.20. For $20K account, it is $151.20. For $50K account, it is $319.20. For $100K account, it is $599.20.
Refresh – At any time, if a trader would like to bring their account balance to original amount, , the following fee will apply. For $10K account, it is $64.35. For $20K account, it is $122.85. For $50K account, it is $259.35. For $100K account, it is $486.85.
Refund of your Registration fees
100% Refund of Account Registration – Your registration fee will be fully refunded along with your first payout on Rapid Live. The refund of the fee will be against the most recent fee of the account with which you qualified for the live account.
Example: If you got to live account phase on your first $10K account, you will be refunded the $75 dollar registration fees. However, if you had to reset it in the middle, you will only get the refund on the last fees that you paid towards getting your account. In this case, it will be $60 that you paid towards resetting your account.
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.
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.
Account Credential Safety
You are responsible for making sure your account credentials are safe. We do not reinstate accounts that have been hacked or distributed to third parties for trading and lost. If your account has been hacked, get in touch with our team so we can lock the account and change the password and run you through security protocols. No reinstatements of accounts will occur so it is important for you to get to us as quick as you can if your account has been hacked.
A note from the MFF team.
The My Forex Funds family wish you the best of luck with your trading. Remember, maintain your plan, keep proper risk management protocols, take your time and earn whilst you learn. Our team are here to help you achieve your goals with trading. If you are struggling drop us a line and we will try to assist. Remember, your success is our success.