My Prop Firm Log – My Forex Funds

Funding model: $2k Accelerated 

Initial thoughts: My Forex funds in a well established firm which has a active discord community and a good selection of plans. I was looking to open an account with direct to live funding and MyForexFunds offers this in its “Accelerated” funding model. Their scaling model increases your account every 10% profit you make (At least 5 days between as well) so I opted for the cheapest option, being the $99 $2000 conventional account. 

Sign-up process: Since I chose the accelerated model it meant I had to complete my KYC verification before beginning trading. I paid for the plan Sunday night and my account was ready for Tuesday morning. This is within the 48 hours they advised, so no complaints here. 

Rules:

The trading rules are relativity simple and easy to understand. The drawdown rule is based on the initial balance and does not trail and there’s no daily drawdown.  The main rules for this account are:

  • Profit Target – No target per sei as its a live account as appose to a challenge, but scaling occurs every 10% profit.
  • Max drawdown – The max drawdown is set at 5% of the initial balance, which doesn’t trail.
  • Daily DrawdownNo daily draw down!
  • Minimum/Maximum Trading days – Since its a live account there’s no min/max trading days. 
  • Profit split – The profit split is 50/50, which is rather low, but the fast scaling should balance this out.
  • Leverage – The leverage on the account 1:50.
  • Other rules – Trading the news is ok, as is overnight trading. All trades must be closed for the weekend. 
MyForexFundsRules

Week 1

My first day with MyForexFunds started with a bang! There was some great volatile in the USD markets surrounding the news and I caught a couple great bull runs. By the end of the London session I was only ~$50 shy of hitting the 10% profit target, so I completed a few scalp trades to end the day at 10.01% profit! I have to wait until next week to have my account upgraded to $4k, so I have started another challenge with the new prop firm Trader With Edge, which I will trade on the the rest of the week. 

Week 2

After 5 days I received my new $4k account and was paid my profit share from the prior account. The withdrawal process was simple and after a few hour the money had hit my bitcoin account! 

 

Tuesday (31st May 2022):

I have now been trading on my new account for 2 days and I’m currently sitting at just below $300 profit. I am putting this down to the 4/5 hours extra practicing and back testing my strategy over the weekend.

I have also optimized my risk management plan, so after the trade hits 1:1 risk-reward-ratio, I reduce risk by 50%. Once the trade has hit 2:1 risk-reward-ratio I move the stoploss to breakeven. This strategy has helped me mitigate my losses and does not seem to have too big an impact on my profitable trades.

I have 2 trading days left this week as I am heading away Friday for a music festival. My plan is to continue to follow my strategy and I hope to hit the $400 target by the end of the London session on Thursday. 

Wednesday (1st June 2022):

Today was not a good day. My first 2 trades were losers which seemed to effect my mindset for the day. I dug deeper and deeper into a hole and threw all my hard work away in a matter of hours. 

  • Revenge trading
  • Not Following strategy rules
  • Poor risk management
  • Chasing losses
  • Emotional trading

I done all the above and then some. I ended the day back at my original $4000. I hope that I learnt something today. I am going to take the rest of the day away from trading and try and regroup, assess and formulate a way to overcome these shortcomings. Tomorrow I will do better. 

Thursday (2nd June 2022): 

Today went better than yesterday. I managed to work my balance back up to $4240, making up for most of the losses from yesterday. Whilst there was a definite improvement from yesterday phycology wise, I was certainly not on top form. I guess the losses from yesterday had a lingering effect. I am going to put some of the success today down to luck. 

I am taking a few days away from the screen for some R&R and plan to return Sunday to review and analyze the week behind me and to plan for the week ahead. 

Key areas I feel I need to work on are: 

  • Sticking to my strategy, religiously 
  • Keeping my lot sizes consistent 
  • Respecting my stop losses (and ensuring their on every trade)
  • Keep emotions in check
  • Try not to overtrade, See the trading days/profit below
My Forex Funds Update

Week 3 – The End

Monday (6th June 2022)

KaBoom! This account is no more. I spent the morning trading and hit my 400$ profit target. I was then given my $6k account. I should have accepted the win and taken the day off. But I didn’t. I traded the end of the NY session and hit 3 losses in a row. I then engaged in “revenge trading” and promptly lost the remainder of the drawdown limit. 

I can’t say I’m not disappointed, but I hope to learn and grow from this experience. I did a lot of things right this time round, as well as a few things wrong. 

For this account I paid $100 and I have withdrawn a total of $294. So from that standpoint I will accept a small victory. 

For now, I’m going to attempt to regroup, and concentrate on my Traders with Edge challenge. I will do a full write up on my experience here in due course. Best of luck in the markets all!

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