My Forex Funds is a prop trading firm that was founded in 2020 with a focus on providing traders with a variety of account options to meet their specific needs. As a leader in the industry, they offer a comprehensive Evaluation Program that caters to traders of all experience levels. With account sizes ranging from $5,000 to $300,000, this program is designed to help traders grow and succeed in the world of prop trading. Whether you are a seasoned professional or a beginner looking to get started, My Forex Funds has something to offer.
To pass phase 1 of the evaluation process with My Forex Funds, traders must achieve a profit of 8% while maintaining a maximum drawdown of 12% or less. This can be a challenging task, as it requires traders to carefully balance risk and reward in their trades. However, those who are successful in passing phase 1 will be eligible to move on to phase 2, where the requirements become slightly more relaxed.
In phase 2, the maximum drawdown remains the same as in phase 1, but the profit target is lowered to 5%. This allows traders to take on a bit more risk in their trades while still working towards a reasonable profit target. The minimum number of trading days is 5, and there are no restrictions on position size or trading during news events.
For those who are able to successfully pass phase 2, My Forex Funds offers a series of payouts with increasingly favorable ratios. The first payout has a ratio of 75:25, while the second payout is 80%. All subsequent payouts are 85%. This is a great incentive for traders who are able to consistently perform well and meet the evaluation criteria. Overall, the evaluation process with My Forex Funds is designed to be challenging but achievable, and to provide traders with the opportunity to succeed and grow as prop traders.
As a client of My Forex Funds, you will have access to a simple and straightforward client section. This section is designed to provide you with the essential information and tools you need to manage your account and track your performance.One of the main features of the client section is the Dashboard, which provides a real-time view of your current performance. You can see how your trades are performing, track your profits and losses, and get a sense of your overall progress. The Dashboard is easy to use and provides valuable insights into your trading activity.If you are fortunate enough to reach a payout threshold, you will be prompted to provide your payout information. This process is straightforward and designed to ensure that you receive your profits in a timely and efficient manner.Overall, the client section of My Forex Funds is designed to be simple and straightforward, with a focus on providing you with the information you need to succeed as a prop trader. While it may not have all of the bells and whistles of other trading platforms, it provides a solid foundation for you to build upon as you develop your skills and grow as a trader.Here are some screenshots from Clients Section
On December 29, 2022, we conducted observations of spreads during the EU and US trading sessions. Our analysis included a thorough review of the bid and ask prices for various assets, including currencies, indices, and stocks. We took detailed notes on the spreads that were present at that time, and used this information to inform our trading decisions.
The following table showcases the spreads that we observed on December 29, 2022:
|Instrument||Bid price||Ask Price||Spread|
As can be seen, the spreads for EURUSD, GER30/40, and SPX500 on December 29, 2022 were 0.00005, 0.1, and 0.1 respectively. These spreads indicate the difference between the bid and ask prices of a particular asset.
High spreads can be indicative of a more risky trading environment, as it can be more difficult for traders to make profits when the spread is large. It is important for traders to carefully assess the risk-reward ratio of their trades and consider the potential impact of spreads before entering the market. By conducting regular observations of spreads, traders can gain valuable insights into market conditions and make informed decisions about their trades.
We love low spreads because they allow us to potentially make larger profits on our trades. This is especially important for traders who are looking to maximize their returns and minimize their risk.
After successfully completing both phases of the evaluation process with My Forex Funds, traders will be required to sign a contract in order to receive their live account. This is a standard procedure that ensures that both parties understand the terms and conditions of the account.
We were pleased to find that the process of signing the contract and receiving our live account was completed in just two days. This is a testament to the efficiency and professionalism of the My Forex Funds team, and we were grateful for the speed at which our account was activated.
Having a live account is an important step for traders, as it allows them to start trading with real money and potentially earn profits. We appreciate the quick and smooth process that My Forex Funds has in place for enabling live accounts, and believe that it is a key factor in the company's success as a prop trading firm. Overall, we were extremely satisfied with the speed and efficiency of the account activation process, and look forward to continuing our trading journey with My Forex Funds.
OUR FINAL RATING: 8.5/10
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