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.
How My Forex Funds Works
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.
With these stats, it’s clear to say My Forex Funds is very lucrative for the few traders that manage to reach their profit splits. If you think you can be one of them, feel free to sign up to support me in making more high-quality videos and articles on the prop firm space. If you’ve had an experience or have an opinion on my forex funds and these stats feel free to comment below.
