MyFundedFX recently unveiled a new strategy aimed at optimizing trading approaches, particularly during significant news releases. This initiative is geared towards enhancing trading effectiveness for live simulated accounts.
Specific Guidelines for MyFundedFX New Rule for Optimization
The essence of the new rule revolves around excluding any trades initiated or concluded within a 3-minute timeframe surrounding major news releases related to the traded asset from profit calculations. Termed as “soft breaches,” these measures ensure that profits from trades executed within this specified window are not considered, without affecting the trader’s account status.
Recommendations for Swing Traders
For swing traders, specific recommendations have been provided to navigate these regulations efficiently. It is advised to close positions outside the 3-minute window to avoid triggering the new guidelines. MyFundedFX is actively exploring ways to accommodate swing trading strategies, including the possibility of allowing TP (Take Profit) and SL (Stop Loss) closures during the designated window.
Mitigation of Correlation Risk
Additionally, traders are prohibited from participating in trades involving assets correlated with currencies affected by the news event. This restriction aims to reduce correlation risk and safeguard trading capital, especially during volatile market conditions.
Proactive Communication Efforts
To ensure transparent communication and widespread understanding among its trading community, MyFundedFX is proactively updating its FAQs, sending out emails to all traders, and revising website details to reflect the new guidelines.
Commitment to Trader Success
These proactive measures underscore MyFundedFX‘s commitment to fostering a conducive trading environment that promotes profitability and prudent risk management. As the company remains dedicated to innovation in the proprietary trading landscape, traders can expect further updates in the future.
About MyFundedFX
MyFundedFX offer leverage up to 1:100, no minimum or maximum trading day requirements, and a scaling plan. With maximum daily drawdown scaling reaching 8% (or 6% with the One-step Challenge) and maximum drawdown scaling reaching 14% (or 12% with the One-step Challenge), they prioritize risk management. Additionally, they provide the first payout after 14 days and subsequent bi-weekly payouts.
For further details, delve into our in-depth MyFundedFX review. Apply the exclusive code SHINY5 (5% off). For enhanced trading success, explore our website and get the latest forex and prop firm news.
