My Funded FX Prop Firm Review – Rules you need to know.

MyFundedFX is a proprietary trading firm offering traders the opportunity to manage simulated capital through various evaluation programs. Understanding the firm’s rules is essential for success and compliance. Below is a comprehensive guide to the key rules and conditions of MyFundedFX’s funded trader programs.

1. Evaluation Programs

MyFundedFX provides multiple evaluation programs, each with distinct rules and objectives:

• 1-Step Challenge:
  • Profit Target: Achieve a 10% profit on the initial account balance.
  • Daily Loss Limit: Do not exceed a 4% loss in a single day.
  • Overall Loss Limit: Maximum drawdown of 6% from the initial balance.
  • Minimum Trading Days: 1 day.
  • Trading Period: Unlimited time to reach the profit target.
  • Leverage: Up to 1:100.
• 2-Step Challenge:
  • Phase 1:
    • Profit Target: 8% profit.
    • Daily Loss Limit: 5%.
    • Overall Loss Limit: 8%.
    • Minimum Trading Days: 1 day.
    • Trading Period: Unlimited.
    • Leverage: Up to 1:100.
  • Phase 2:
    • Profit Target: 5% profit.
    • Daily Loss Limit: 5%.
    • Overall Loss Limit: 8%.
    • Minimum Trading Days: 1 day.
    • Trading Period: Unlimited.
    • Leverage: Up to 1:100.
• 3-Step Challenge:
  • Phase 1:
    • Profit Target: 6% profit.
    • Daily Loss Limit: 4%.
    • Overall Loss Limit: 8%.
    • Minimum Trading Days: 1 day.
    • Trading Period: Unlimited.
    • Leverage: Up to 1:50.
  • Subsequent Phases: Details align with Phase 1 but may vary; refer to MyFundedFX’s official guidelines for specifics.

2. Risk Management Rules

Adhering to risk management protocols is crucial:

• Daily Loss Limit: The account’s equity must not decrease by more than the specified percentage (e.g., 4% for the 1-Step Challenge) in a single trading day.
• Overall Loss Limit: Total drawdown must not exceed the set percentage (e.g., 6% for the 1-Step Challenge) from the initial account balance.

Violating these limits results in disqualification from the evaluation.

3. Trading Conditions

• Leverage: Ranges from 1:50 to 1:100, depending on the chosen program.
• Minimum Trading Days: Each phase requires at least one trading day.
• Trading Period: No time constraints; traders have unlimited time to meet profit targets.
• Trading Instruments: Includes forex pairs, commodities, indices, and cryptocurrencies.

4. Prohibited Trading Practices

To maintain a fair trading environment, certain practices are prohibited at this prop trading firm:

• High-Frequency Trading (HFT): Not allowed due to replication challenges.
• Commercial Expert Advisors (EAs): Use of pre-programmed trading tools is restricted.
• Hedging Across Accounts: Prohibited to prevent manipulation.

Engaging in these practices can lead to account termination without refunds.

5. Scaling Plan

MyFundedFX offers a simulated scaling plan to increase account size over time:

• Balance Increase: Every 3 months, the simulated balance increases by 25%, provided specific conditions are met.
• Criteria: Achieve a total simulated profit of 12% or more within the 90-day period before requesting a scale-up.

This plan rewards consistent profitability and effective risk management.

6. Violating Challenge Rules

Non-compliance with challenge rules has serious consequences:

• Daily Simulated Drawdown Rule: Ensures traders do not exceed the daily loss limit.
• Maximum Simulated Drawdown Rule: Prevents excessive losses throughout the challenge.

Violations can result in immediate disqualification from the program.

Conclusion

MyFundedFX provides structured evaluation programs with clear rules and objectives. Success requires strict adherence to profit targets, risk management protocols, and trading conditions. Understanding and following these guidelines are essential for progressing through the evaluation phases and achieving funded trader status.