My Forex Funds Prop Firm Challenge Blown Up!
My Forex Funds Finished!
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⬆️Here is the video,⬆️
My Forex Funds Prop Firm Challenge Final episode.
In this FX trading vlog, I share my experience trading the prop firm challenge with My Forex Funds. Through the Highs and Lows, what conclusions I come to after trying to pass the My Forex Funds Challenge.
Take a look if you want to know how I found it, taking part in the challenge, and where it has left me on my trading journey.
If you prefer to read about my adventures battling this Prop Firm then read on…
In this episode of My Trade recaps…
Hi everybody and welcome back to my channel! You probably guessed from the title that in this video, I am going to be talking about my experience undertaking the challenge of the Prop firm My Forex Funds.
Before we start; If you want to know more information about the Prop Firm My Forex Funds , as well as the challenge in more detail, then check out this other video that I made. FTMO Vs My Forex Funds – Which is Better? Surprising Results…
Account recap
So, back in November of last year I took on a fifty thousand dollar account challenge with My Forex Funds.
The goal is to make eight percent profit in a month.
– If you can’t respect the rules and end up going into 12% draw down, then you blow your account.
In the first month, you have thirty days to complete the challenge.
– Aiming to hit 8% profit.
If you end the month green then you get a free retake, but you start from 0 again.
My Experience with the challenge.
I finished the first challenge in my account with 5% profits. Onto the first retake.
My first free retake ended in profit. (only just).
Onto the second retake…..
My second free retake ended in profit. (only just again)!
Onto the third retake…..
My Third free retake ended in profit. (only just again, again)!
I had 3 retakes over all.
I have been Green in all of them but not Green enough to pass! 😒
Not to make excuses, but these seemed to be very difficult months to trade. The currencies market was affected by the war in Ukraine, which shifted the financial market in ways I was not able to predict.
Upon reflection, along with my newborn, and my husband being at home, “helping”, these extraneous variables have affected my performance in this challenge. If I am totally honest, I think the best trading decision for me at the moment is SLEEP!
I can tell that the over tiredness from the night shifts with the boy, along with all my other responsibilities as a new mum, are having an effect on the amount of time and energy I can dedicate trading A quality trades.
So for my last attempt I altered my strategy slightly.
I decided to reduce the losing trade damage by halving my risk. (Lose half as much.)
I usually risk 1% per trade. So I was playing it safe and using 1/2% risk. I find this helps dealing with the emotions of trading a challenge account.
It also helps to alleviate some of the extra pressure that you get with these challenges, having a deadline to trade to can lead to the formation of detrimental trading habits. (Which are no good for anyone.)
Due to there being such a tight time frame and having to reach their high targets to pass and complete the challenge; these factors make for potentially a very stressful trading situation.
How did it go this time?
My new strategy to get through these obstacles, reducing my risk, to try to pass this challenge retake.
Did it work??
“No.”
Not to pass.
Final result.
Retake 4….
Finished Red!
🎇Account Blown!🎇
How does it feel to fail the MFF challenge?
Quite good to be honest. It is almost a relief after trying to win the challenge for so long that it is definitely over!
I found the whole experience to be a great lesson to me on how I am going to go about trading in the future.
With that, I am sort of sorry to say that the challenge with My Forex Funds Finished.
For now I am going to rest. Enjoy being a Mum. Start to trade less pairs. Chill.
Going forward I am going to…
Swing trade, around my life.
NOT
Swing my life, around my trades.
Even though My Forex Funds finished, I have learnt a lot of valuable Lessons. These will help me become a more knowledgeable and well rounded trader. Hopefully it will help me to not blow up any more accounts.
Taking note of these hard lessons, holding my head up high, giving myself a pat on the back for sticking with it and moving on, with a positive attitude.
I will keep trading. I will keep learning. I will keep my spirits up so I can carry on!!
Hope sharing my journey helps others out there who are in a similar position.
My new mantra is
” Get Back Up and Battle On!!!!! “
