The 90/90/90 rule is well-known in the trading community. 90% of traders lose 90% of their capital within 90 days of trading.
With the rise of online prop firms like FTMO and My Forex Funds, many traders aim to get funded and earn a profit split instead of trading their own capital. But just how many manage to achieve this? In this post, we will discuss the My Forex Funds stats of how many traders pass each step of the challenge, and how much the few traders that manage to earn a profit split receive.
In order to have a chance at getting funded, traders can pay to take part in the My Forex Funds evaluation. This process is split into 2 phases. In phase 1, traders have to achieve a 8% profit target in 30 days, while not breaking the 12% total or 5% daily drawdown. If traders finish the 30 days with 6% or more profit but don’t meet the profit target, they are eligible for a 14-day extension and any accounts finishing in other profit are eligible for a free retry.
After passing phase 1 traders move to phase 2, where the target is to make 5% in 60 days with the same drawdown parameters. If they pass this, they will receive a funded account where they are paid up to 85% profits that they make.
How many traders pass the My Forex Funds Evaluation?
31% of traders who start an evaluation pass phase 1
14% if traders pass phase 2
This means around 1 in 7 traders pass the evaluation process.
How many traders earn a profit split with My Forex Funds?
But the success rate in reaching a profit split is much lower. In October 2021 4% of traders who passed phase 2 reached a profit split and in November 2021 the figure was only 3%. We will average this out at 3.5%, as My forex funds didn’t release the latest figures.
When combined with the phase 2 pass rate, only 0.45% of traders who start an evaluation receive a profit split. This is an extremely high fail rate of 99.51%, much higher than the 90/90/90 rule, which makes sense given the drawdown limits that you don’t have on a personal account. This is equivalent to 1 in 204 traders earning a profit split, and $101,796 spent per profit split achieved if every evaluation was a $100k account.
How much have traders earned from My Forex Funds?
In February my forex funds paid out $6,202,217.52
This works out to around $221,500 per day, $9,229 per hour and $153 per minute. With the largest payout of $53,707. And with 2708 total payouts, the average was $2,290.
If you like to use EAs to trade, My Forex Funds is a great prop firm for you. They allow EAs although some types of strategies are banned. These include arbitrage trading, quote stuffing, or EAs that update orders in high volume.
According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time. While this result is not nearly as bad as the one discussed earlier, it still looks bleak for prospective prop traders. But why is the percentage of failure so high?
On Trustpilot, My Funded Fx has 4.6 out of 5 stars, with 1,325 user reviews. They are a Trustpilot-verified company. The company is doing well on this platform.
Although each prop firm operates uniquely, they generally make money from the profits of successful traders. Since prop firms supply traders with funded accounts and simulated capital, they collect a pre-agreed share of the profits made by these traders.
Why was My Forex Funds shut down? The CFTC closed MFF's accounts due to their allegation that MFF was defrauding its clients by actively trying to prevent them from becoming funded traders, while promising the opposite.
The CFTC filed a civil case in August that alleged that “Traders Global is a fraud.” The allegations have not been proven in court. The company's website has been down since the CFTC lawsuit and may never return, according to lawyers for the company and Mr. Kazmi.
The CFTC initially filed the lawsuit against two entities named Traders Global Group, one based in New Jersey and the other in Canada, operating as My Forex Funds, and Kazmi, who controls them as the CEO. With many allegations, the crux of the regulatory lawsuit is that Traders Global is a fraudulent organization.
There is estimated to be a 90% fail rate of traders that take the FTMO challenge. The reason behind this is due to traders chasing the profit target with a time restriction in place.
Profit Split: The average prop firm will offer a 80-20 profit split once you become a funded trader. TFT, on the other hand, gives up to a 90% split, — even as high as 95% in some promotions — the highest in the industry.
Yes.Prop firms do pay out, but the amount of money that a trader can make will depend on their performance and the terms of their agreement with the firm.
Prop trading firms provide a structured path to trading with firm capital after proving your skills in a simulated environment. Here's how you can become a professional trader by joining a prop trading firm. Prop trading firms allow traders to trade with the firm's capital, sharing the profits and sometimes the losses.
When comparing the prop trading firms "My Forex Funds" and "FTMO," there are some notable differences in their fees, costs, features, and supported securities. Starting with fees, My Forex Funds charges a monthly subscription fee of $299 for their evaluation program, which some traders find to be on the higher side.
While the troubled prop trading brand My Forex Funds is fighting the Commodity Futures Trading Commission (CFTC) in court, scammers are taking advantage. A clone of My Forex Funds has appeared, using the name and branding of the now-shuttered prop trading brand.
My Funded Futures is a good platform to look at if traders are looking for a combination of growth potential and a risk-reward balance. I recommend checking out The Trading Pit or My Flash Funding first. They are the best forex prop firms in the market right now.
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