In the world of trading today, proprietary trading firms are a big deal, especially for those who want to dive into the market without risking their own cash. Enter MyFundedFutures, hitting the scene in September 2023. It’s a fresh face in the prop trading world, following in the footsteps of its successful sister company, MyFundedFX, which made a name for itself in forex trading. Now, they’re bringing their expertise to the futures market.
What’s really interesting about MyFundedFutures is how they’ve shaken up the usual way of doing things. While most firms have you jump through two hoops to get funded, they’ve streamlined the process into just one step. This quick and straightforward approach is a game-changer, making it faster for traders to get their hands on funding and start trading.
Another big plus is that you can pass their evaluation in just a day, and there aren’t any pesky activation fees to worry about. This makes MyFundedFutures a really attractive option for traders who are eager to get started in futures trading without the usual hassles and delays. It’s clear that MyFundedFutures is all about helping ambitious traders hit the ground running in today’s fast-paced trading environment. Read on to learn if it’s the right prop trading platform for you.
Benefits of MyFundedFutures
Here are the main benefits users can expect from MyFundedFutures:
- Various Account Size Options: Offers a range of account sizes, including Starter and Expert plans, catering to both new and experienced traders with varying initial balance requirements.
- Profit Sharing: Exceptional profit-sharing model where traders keep 100% of the first $10,000 in profits and 90% thereafter, ranking as one of the best in the prop trading industry.
- Futures Contract Variety: Supports a wide array of futures contracts, giving traders ample opportunities to trade in different markets.
- Real Capital Trading: Enables trading with real capital after a one-step evaluation, providing traders with a funded account to start actual trading.
- Fast Evaluation: The platform allows traders to pass the evaluation in just one day, streamlining the process to access funding.
- Multiple Funded Accounts: Offers the ability to use up to ten funded accounts simultaneously, enhancing trading flexibility and risk management.
- Experienced Parent Company: Benefits from the experience of its sister company, a prominent forex prop firm, bringing expertise in the funding sector.
- Flexible Expert Accounts: Expert accounts come without scaling or consistency rules, offering seasoned traders high levels of flexibility and the potential for limitless scaling.
Before choosing a prop trading firm, it is important to make sure their rules are conducive to your preferred trading style. Here are the main rules to be aware of with MyFundedFutures:
- Consistency Rule: In the simulated funded phase, profits from a single trading day should not exceed 40% of total profits. This rule is absent in the challenge phase and does not apply to Expert accounts. Exceeding this limit restricts withdrawals until daily gains fall below the 40% threshold.
- Maximum Drawdown: MyFundedFutures uses a maximum End-of-Day (EOD) drawdown, set at 3% above the initial balance plus $100. This offers a more trader-friendly approach compared to daily drawdowns.
- Contract Sizing: Each account size has its specific contract limits. A $50,000 account allows up to 5 contracts, a $100,000 account up to 10, and a $150,000 account up to 15. These limits apply to both micro and mini contracts, and the Starter plan includes a unique 1:10 scaling for Micros.
- Minimum Trading Days: Set at one day for all account types, this rule ensures active market engagement. While the bare minimum is one day, trading more extensively is advised for skill enhancement and meeting performance targets. This requirement is key across all phases – evaluation, trial, and funded.
Other Prop Trading Firms
So far in this article I have highlighted why MyFundedFutures is one of the best futures prop trading firms, but if you don’t think it is for you, there are other quality choices out there. I will highlight a couple of the other top prop firms:
- TopStepTrader: Established in 2012 by Michael Patak, has made quite a mark in the proprietary trading world. This Chicago-based company really changed the game with its Trading Combine platform, which lets traders practice in a simulated futures market without any risk. What’s interesting about TopStepTrader is its versatility. They support a whopping 14 different trading platforms, so pretty much whatever your style, they’ve got you covered.
- Apex Trader Funding: Apex Trader Funding, established in 2021, is rapidly becoming a go-to platform in the proprietary trading industry, particularly appealing to day traders. Its standout offering is the One-Step Evaluation Process, which simplifies the journey to obtaining a funded account. This platform is especially attractive for its approach to futures trading, allowing traders access to significant capital and offering a notable profit-sharing model. To learn more about them, this Apex Trader Funding review is a valuable resource.
Summing up, MyFundedFutures is definitely worth considering if you’re diving into futures trading. Its quick evaluation process and trader-focused features like a range of account options and solid profit sharing are big pluses. Just keep an eye on the rules, especially around profit consistency and drawdowns, to make sure they fit your trading style.
If MyFundedFutures doesn’t quite match your needs, don’t worry – there are other great options out there. TopStepTrader is a hit for its wide range of supported trading platforms, and Apex Trader Funding stands out for its easy one-step evaluation and appealing profit model.
Ultimately, picking the right prop trading firm comes down to what works best for your individual trading strategy and goals. If you think MyFundedFutures is the right choice for your prop trading needs, Click Here to get started.