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My Forex Funds - Discussion/Q&A

  • #641
  • Edited 6:26am Jun 6, 2023 6:00am | Edited 6:26am
Quoting sly497
Hello MyForexFunds. I have contacted your support many times about an issue. Your spreads are really high on SP500 averaging 0.7 points in London and 0.5 points in NY. Other data providers (such as Eightcap) are offering much better spreads (Tradersglobalgroup is not a good data provider) If you have provided a trial account such as user AK386 suggested, I wouldn't have taken your evaluation. Very disappointed with the spreads. I hope there is consideration on improving your data and your chat support is very rude and unfamiliar with trading terms....
Hello sly497,

Thank you for bringing this up.

We will be updating our website to provide our customers a demo, read-only account to check our spreads very soon. Everyone will be able to login at any given time to check spreads.

0.5 points spread on SP500 is pretty good in my opinion considering you are trading live market conditions. Of course there are better spreads, even no spreads out there.

The support service we provide is what we care the most. I am sending you a DM to get your details and check the conversation you had with our agents to improve the quality of the service for sure. We apologize if there was bad manners from our end and we will definitely rectify it internally.

Edit: I went to check the spreads on Eightcap after you referred that they have better spreads than us. Here is 8Cap spreads screenshot from their live server. It is 118 points while ours is at around 4-5 points, 40-50 with 2 decimals.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 13 KB



Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #642
  • Jun 7, 2023 12:43pm Jun 7, 2023 12:43pm
Hey, can u please explain to me about the loses ? I mean I got 20k acc , lets say I won $700($20,700 balance) , I can still lose only $500(Down to $20200)? or I am able to lose what I have won without getting my account lost? (down to $19,500)? because now 5% of 20,700 are more than $500. thanks !!
  • #643
  • Jun 8, 2023 5:12am Jun 8, 2023 5:12am
Quoting vb98
Hey, can u please explain to me about the loses ? I mean I got 20k acc , lets say I won $700($20,700 balance) , I can still lose only $500(Down to $20200)? or I am able to lose what I have won without getting my account lost? (down to $19,500)? because now 5% of 20,700 are more than $500. thanks !!
Hello vs98,

Of course I will gladly explain your questions.

Our drawdown rule is 5% of your starting balance/equity of that day. If we are talking about booking $700 in a day, until that day ends your daily drawdown limit will be $19000. If you book them and start trading the next day with your new balance at $20700, your drawdown limit for that day will be 5% of $20700.

We have a 3rd case scenario. If you hold $700 floating profits at the start of the new day, your EQUITY drawdown will be at 5% of $20700. So If your equity goes below 5% of $20700 at the new day, you will have a drawdown violation.

Although we reply to every question or concern in this forum, you will get faster responses to program questions from our live chat. Our dedicated team is there 24/7 to answer your questions.

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #644
  • Edited 10:10am Jun 8, 2023 9:57am | Edited 10:10am
Quoting MyForexFunds
{quote} Hello vs98, Of course I will gladly explain your questions. Our drawdown rule is 5% of your starting balance/equity of that day. If we are talking about booking $700 in a day, until that day ends your daily drawdown limit will be $19000. If you book them and start trading the next day with your new balance at $20700, your drawdown limit for that day will be 5% of $20700. We have a 3rd case scenario. If you hold $700 floating profits at the start of the new day, your EQUITY drawdown will be at 5% of $20700. So If your equity goes below 5%...

So loses does not compound ? If I lost yesterday $100 , and today $100, doesnt matter as long as I didnt reach the 5% daily ?or now i have -$200 out of -$1200 compounded (20k acc) ? thanks again ! I just must be sure , dont wanna lose another acc xd
  • #645
  • Jun 8, 2023 10:58am Jun 8, 2023 10:58am
Quoting vb98
{quote} So loses does not compound ? If I lost yesterday $100 , and today $100, doesnt matter as long as I didnt reach the 5% daily ?or now i have -$200 out of -$1200 compounded (20k acc) ? thanks again ! I just must be sure , dont wanna lose another acc xd
Hello vb98,

As I said, drawdown limit is 5% of starting equity/balance for that day. It resets everyday. The losses don’t compound.

Example: if you lost 3% in your first day, you will have another 5% of your starting balance/equity as your new drawdown limit. You won’t have 2% limit in the next day, it resets at 5PM EST every day.

I hope this answers your questions.

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #646
  • Jun 8, 2023 12:08pm Jun 8, 2023 12:08pm
To clarify, the losses do compound, since you have a maximum (or overall) draw-down allowance. If you continue to accumulate losses, then you may eventually hit your maximum draw-down allowance and breach the account, even if you are not exceeding your daily draw-down allowance.

Do keep in mind that if you accumulate profit on the account, then you can effectively increase your maximum draw-down allowance. This is not the case with all firms.
  • #647
  • Jun 10, 2023 3:39pm Jun 10, 2023 3:39pm
Hi. Please kindly answer this question
How does IP address policy work? No cellular network in my working place and I'm planning of connecting to the company WiFi networks to open and close trade on my phone
  • #648
  • Jun 13, 2023 5:08am Jun 13, 2023 5:08am
Quoting usernameE01
Hi. Please kindly answer this question How does IP address policy work? No cellular network in my working place and I'm planning of connecting to the company WiFi networks to open and close trade on my phone
Hello,

As long as your IP doesn’t match with anyone else, you have nothing to worry about. We also check the IP during your KYC verification to see if people are using different ID’s to get an account. IE, if you are living in country A and your IP suddenly changes to country B during your KYC, it will cause a discrepancy and our verification team will ask for further proof.

However, if you are worried about using 2 different IPs (your phone and wifi at work) thwt won’t cause any problems.

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #649
  • Jun 14, 2023 3:07am Jun 14, 2023 3:07am
Hello
Is there a way that i could add the Ctrader platform to my Forex factory account? Thanks
  • #650
  • Jun 15, 2023 6:48am Jun 15, 2023 6:48am
Quoting Hrfxsignals
Hello Is there a way that i could add the Ctrader platform to my Forex factory account? Thanks
Hello,

I am not sure if there was a typo but if you are wondering if you can use Ctrader with MyForexFunds, we are in the process of updating our dashboard. You will be able to use the Ctrader with our new dashboard when it is completed.

After the testing of course.

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #651
  • Jun 23, 2023 2:40pm Jun 23, 2023 2:40pm
Hello, MyForexFunds.

I’m Anderson Eustache Bossa. I’ve been wanting to work with MyForexFunds for so long now and I’m so excited to be here.

But please, unfortunately for me, I bought the Evaluation $20.000 account on MT5 platform instead of MT4. This was a big mistake from my side.

I need your help. If you can please transfer the details of my account from MT5 platform to MT4 platform, I’ll be very grateful.

I can send you my account details as well as my order ID.

If you have any questions or concerns, please let me know. I’ll gladly answer them.

Many thanks.
  • #652
  • Jun 23, 2023 7:09pm Jun 23, 2023 7:09pm
Quoting AndersBossa
Hello, MyForexFunds. I’m Anderson Eustache Bossa. I’ve been wanting to work with MyForexFunds for so long now and I’m so excited to be here. But please, unfortunately for me, I bought the Evaluation $20.000 account on MT5 platform instead of MT4. This was a big mistake from my side. I need your help. If you can please transfer the details of my account from MT5 platform to MT4 platform, I’ll be very grateful. I can send you my account details as well as my order ID. If you have any questions or concerns, please let me know. I’ll gladly answer them....
My issue was resolved quickly. Thanks MyForexFunds.
  • #653
  • Jun 29, 2023 11:39pm Jun 29, 2023 11:39pm
Hi, how could I get the funds from myforexfunds? Please help me in getting the 100k account.
Do I need to pay for getting this account?
  • #654
  • Jul 2, 2023 6:36pm Jul 2, 2023 6:36pm
Quoting nagstn
Hi, how could I get the funds from myforexfunds? Please help me in getting the 100k account. Do I need to pay for getting this account?
Hello nagstn,

You can always contact with our website live chat to get help on your purchase. Our agents will happily guide you through the rules and checkout process.

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #655
  • Jul 3, 2023 3:19am Jul 3, 2023 3:19am
Hi, is there a consistency rule on Evaluation program?
  • #656
  • Jul 4, 2023 5:52pm Jul 4, 2023 5:52pm
Quoting impltv
Hi, is there a consistency rule on Evaluation program?
Hello impltv,

The consistancy rule only applies to CEA (consistency enabled account) Rapid model. We do not have consistency rule in our evaluation model.

Edit: typo

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #657
  • Jul 6, 2023 6:17am Jul 6, 2023 6:17am
Hello fellow Traders,

We wanted to share a blog post we recently wrote titled "The Benefits of Trading with a Prop Trading Firm." Trading can be quite challenging and competitive, but we believe that partnering with a prop trading firm can significantly enhance your trading experience. In this post, we highlight the various advantages of trading with Prop firms and why you should consider exploring this option.

You may find the blog here.

Happy trading,

Marketing Team
myforexfunds.com
  • #658
  • Jul 17, 2023 11:52am Jul 17, 2023 11:52am
Hello, I was wondering how's the consistancy rule works?!!
  • #659
  • Jul 31, 2023 4:57am Jul 31, 2023 4:57am
Quoting RioChao
Hello, I was wondering how's the consistancy rule works?!!
Hello Rio,

We only have consistancy rule in our Rapid CEA (Consistency Enabled Account). I am dropping a link below for you to read the program rules with examples. You may also check FAQs from our website. If you still have further questions regarding to our Rapid CEA model, please contact with our live chat so one of our agents can help you out swiftly.

Please check rule #2 from the link below.
https://myforexfunds.com/rapid-acc/

Sincerely,
Yavuz Karadeniz
Director - Customer Care
www.myforexfunds.com
  • #660
  • Edited 1:16pm Aug 5, 2023 12:15pm | Edited 1:16pm
Hello.

I have a system with 2.34% monthly return and 6.65% maximum drawdown. I want to use Evaluation account. Will it fit me - or otherwise should I use rapid account?

Should I have self confidence for the Evaluation account?

In additin to that, in the rapid account we will have 100Kx3 accounts in the 100K option. Will it be 300Kx3 or 300Kx2 accounts in the 300K option of Evaluation?

Thank you!...
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