MyFundedFutures (MFFU) is a proprietary trading firm giving traders access to simulated funds for futures trading. Traders can trade without risking their own funds, using the firm’s capital instead.
MFFU shares a business model and framework with its sister company, MyFundedFX. The firm’s history of empowering forex traders, marking it out as a prominent and successful player in the trading world, make its evolution into futures trading an obvious next step.
The MyFundedFutures evaluation process has been thoughtfully streamlined into a one-step challenge, enabling traders to quickly qualify for funding, and setting the firm apart from its competitors who generally offer two-step evaluations.
The evaluation requires traders to prove both their abilities to generate profit and also their risk management skills, over the course of a minimum of one day. Succeeding in this challenge makes traders eligible for funding, so they can begin trading with real money and withdraw their profits once a fortnight.
To pass the evaluation, traders need to meet the following three requirements:
- Profit target: This varies according to the account size. For example, the profit target for a $50K is $3,000 (but single trades that exceed 40% of the target don’t count towards it).
- Consistency target: While the evaluation stage has no consistency rule (and nor do Expert plans), in the simulated funds stage the consistency rule is 40%.
- Daily Loss Limit: Unlike other prop firms, there are no daily drawdown limits. Instead, there is a maximum End of Day (EOD) drawdown of 3%. For example, the max EOD drawdown for a $50K account is $51,600.
MyFundedFutures offers three different account sizes. All come with the option to choose either Starter or Expert accounts, according to your needs. The profit targets for Starter plans are lower, and they offer scaling rules, whereas Expert accounts normally set higher profit targets with no scaling, meaning you can trade the full number of contracts from the outset.
The two plans also differ in that Starter accounts are cheaper when you begin, but they charge an activation fee, which Expert accounts do not. To establish which plan is most suitable for you, read more about them here.
Do note that in the first two months, maximum withdrawals on Starter accounts are capped. In contrast, Expert accounts are not. Take a look at the MFFU FAQ page on their website to find out about this in more depth.
Once you have qualified for funding, you will need to pay the one-off activation fee before you’ll be given your funded account. This costs $149.
If you need to reset your account, for instance because you breach a rule during the evaluation, there’s no need to cancel your account and then sign up again. Instead, you can simply pay an $100 reset fee. This type of reset is distinct from the monthly account resets associated with your subscription. These resets are an alternative for traders who prefer not to wait for a reset until their subscription renews at the conclusion of their billing period
Successfully passing MyFundedFutures’ one-step evaluation will qualify you for funding, and you can start trading with real capital. The first $100,000 you generate in profits is yours to keep in its entirety, and your profit share thereafter is a generous 90%.
Traders placing orders on the exchange with real money have to pay for the real-time data feed, and are accountable for the data fees charged by the exchanges below:
The fee for each exchange usually starts at $116 and reaches as high as $132. As a result, the more exchanges you trade, the higher the associated costs. These expenses accumulate quickly because prop account traders are categorised as professionals. Under the contractual agreement with the exchange, you must pay the exchange fees from your personal account.
In line with industry norms, traders can choose between the Rithmic and CQG (Tradovate) platforms. While there are advantages and drawbacks to both, the differences between the two since NinjaTrader bought Tradovate are minimal. Some traders are partial to using NinjaTrader with a Rithmic connection, but most prop trading firms will recommend the CQG/Tradovate platform to those who are not sure which way to go.
Traders partnering with MyFundedFutures are also allowed to make use of third-party software like Jigsaw DayTradr or Bookmap. These can be connected to both NinjaTrader/Rithmic and Tradovate/CQG, offering traders a range of options.
MFFU provides funded futures trading accounts that facilitate trading across a broad spectrum of futures contracts, including:
- CME Exchange (ES, NQ, RTY, MES, MNQ, M2K, NKD, 6A, 6B, 6C, 6E, E7, 6J, 6S, GE, HE, LE, MBT, MET, M6E, M6A, 6M, 6N)
- NYMEX Exchange (CL, QM, MCL, HO, NG, QG, RB, PL)
- COMEX Exchange (GC, HG, SIL, SI, MGC)
- CBOT Exchange (YM, MYM, ZN, ZW, ZL, UB, ZT, ZB, ZS, TN, ZF, ZC, ZM)
You can read the rules of the MyFundedFutures evaluation in detail on their website, but the basics are:
- No consistency rule – you only need to trade for one day before you can pass
- Don’t breach the End of Day drawdown amount
- For Starter accounts, follow the scaling plan as below
Traders without much experience may find the rules a lot to get to grips with, so we suggest you read through the MFFU FAQ page to make sure you’ve fully understood everything.
Scaling plan for Starter accounts (Expert accounts don’t have a scaling plan):
$ Profit Made:
$1,500 – $2,000
$2,000 – $3,000
$3,000 – $4,000
$4,001 and over
The overall rules for funded accounts are listed below. You can find further information on the withdrawal rules in Withdrawal section of this review. In short, Starter accounts have a scaling plan and Expert accounts don’t. However, for both accounts, the End of Day drawdown is limited to your initial balance plus $100. To illustrate this, suppose you have a $50K account. Your max allowable EOD drawdown would be $50,000, regardless of how much profit you generate.
- End of Day drawdown is restricted to your initial balance plus $100
- Scaling rules also apply to funded accounts (you can see the scaling plan in the Evaluation rules).
- Profits from a single trading day cannot exceed 40% of your total profits.
- End of Day drawdown is restricted to your initial balance plus $100
- No scaling rules
- No consistency rules
- Funded account fees are charged
There is an $149 activation fee for each Starter account, irrespective of the evaluation size, while Expert accounts do not have this fee. When deciding on your account, consider that while Starter accounts have a smaller sign-up fee, you’ll incur the activation fee upon passing the evaluation.
In this section we examine the most important rules. These may take newer traders a bit more time to grasp, so we suggest you read through MyFundedFutures’ FAQ page to give you the best possible chance at succeeding.
A consistency rule of 40% comes into effect once you start the simulated funded phase (there is no consistency rule before this in the challenge phase). It stipulates that the profits generated from a single trading day should not exceed 40% of your total overall profit. Do note that Expert accounts don’t have a consistency rule.
Traders who breach the consistency rule can’t withdraw any profits. Although your account won’t be terminated, you’ll have to keep trading and making more profits until each of your trading days is worth less than 40% of your overall profits.
A major drawback of many prop trading firms are the daily drawdowns they impose, which can be stressful for traders to have to continuously keep in mind. MyFundedFutures removes this pressure, using a maximum EOD drawdown instead. This is set a 3% and kicks in at the initial starting balance plus $100.
- For a $50K account, the max EOD drawdown is $51,600
- For a $100K account, the max EOD drawdown is $103,100
- For a $150K account, the max EOD drawdown is $154,600
There’s a restricted number of contracts available for buying or selling at any given time for each account size, as outlined below:
- $50,000 account – 5 contracts
- $100,000 account – 10 contracts
- $150,000 account – 15 contracts
The limits apply uniformly to both micro and mini contracts, across both contract types. It’s essential to note that this sizing doesn’t include scaling. Additionally, the Starter plan incorporates a 1:10 scaling option specifically for Micros.
Minimum Trading Days
MFFU require a minimum number of trading days, which is set at one day across all account types. This guarantees that every trader is committed to trading and actively engaging in the market. We explain this in more detail below:
- Account types: MFFU provides different account sizes for traders, catering to a range of requirements and objectives. Whichever account you choose, you have to trade for the specified minimum number of days.
- Phases: The firm’s programs comprise three phases: evaluation, trial and funded. These appraise your performance as you progress. The minimum trading day requirement stays the same throughout.
- Minimum trading days: In order to ensure traders maintain active participation and commitment to the trading process, MyFundedFutures demand a minimum of one trading day. To meet this requirement, you need to trade for at least one day on your account.
Prop firms generally use minimum trading day requirements to motivate traders to actively engage in markets, analysing, executing trades and showcasing their abilities. It also gives traders the opportunity to assess their strategies and make any modifications needed to enhance their performance.
It’s important to be aware that while the minimum trading day requirement is set at one day, MFFU recommend traders trade more than this so that they gain experience and can hone their skills and strategies, thereby increasing the likelihood they can meet MFFU’s performance targets.
Traders partnering with MyFundedFutures can have up to ten accounts simultaneously. This does not include accounts for which you do not pass the evaluations. To illustrate this, if you have ten accounts and fail one, you’ll be able to open another account.
You are limited to having a maximum of three simulated funded accounts and one live funded account simultaneously. If you successfully complete another evaluation when you already have the maximum of three simulated funded accounts, the new account will be created only when one of your existing simulated funded accounts either transitions to a live account, or fails
For the initial 60 days of Starter funded programs, withdrawals are limited based on your starting balance and the maximum drawdown percentage. For instance, a $50K account with a 4% maximum drawdown can only request withdrawals of up to $2,000 every two weeks. After the initial 60 days, there are no restrictions on withdrawals, allowing uncapped payout requests. Unlike most other prop trading firms that limit withdrawals based on your drawdown for 90 days, MyFundedFutures sets this initial limit for the first 60 days only.
There are no withdrawal limits at all for the Expert plans, except that withdrawals can only be requested once every two weeks.
100% of the initial $10,000 generated by the trader is theirs to keep. After this, the profit share is 90/10.
For Starter accounts, the withdrawal amount is limited to the account’s maximum drawdown during the first two months. Taking a $50K account as an example, the maximum drawdown is $2,000, so withdrawals cannot exceed $2,000 for the initial 60 days. Payout requests thereafter are unlimited.
Withdrawal amounts for Expert accounts are unlimited, with no restrictions and no cap. You can request a payout from the day you start as a funded trader.
Both Starter and Expert Accounts:
Withdrawals can be requested once every two weeks.
- Pass the evaluation in just one day
- The entire first $10,000 is kept by the trader
- 90% profit share after this
- Use as many as ten funded accounts at the same time
- MFFU’s siter company is a prominent forex prop firm, meaning they have significant experience in the funding sector
- Expert accounts have no scaling or consistency rules, giving traders a high level of flexibility and the possibility to scale endlessly
- Only futures trading offered
- Funded traders are classed as professionals, so monthly fixed costs for exchange data feeds are higher
- The educational resources and customer support provided are limited
When measured against other leading firms in the prop trading industry, MyFundedFutures stands out as a convincing choice. It caters well to experienced traders in need of substantial capital to advance their trading careers, as well as aspiring traders seeking a reputable firm with fair prices. MyFundedFutures provides traders with a range of trading platforms and the potential to manage up to $600,000 in capital.
In summary, MyFundedFutures has established itself as a professional futures prop trading firm, offering excellent conditions in the ideal trading environment.
Futures trading entails the buying and selling of contracts, called “futures contracts”, in financial markets. This can be done both by individuals and institutions.
These contracts represent agreements between two parties to buy or sell a specified quantity of an underlying asset at a set price on a predetermined future date. The assets range from financial instruments (like currencies and stock indices) to commodities (such as agricultural products or precious metals), and even include interest rates.
The premise of futures trading is speculating on potential price movements of the underlying assets. Traders will take either a long or short position based on how they think the value of the asset in question will change. For example, a trader who thinks the price of gold may fall will take a short position, i.e. they will sell the contract.
We take a more in-depth look at how futures trading works below:
- Choose an asset and contract: Based on their market analysis and outlook, traders select which underlying asset they are interested in trading. Every asset is paired with its distinct futures contract, each having uniform specifications, including the contract size, expiration date, and tick size (minimum price fluctuation).
- Opening a position: Traders can start a position by either buying (going long) or selling (going short) a futures contract. They adopt a long position when expecting an asset’s price to rise and a short position if expecting a price decrease.
- Margin requirement: In contrast to buying stocks outright, to trade futures you have to post a margin, which represents a portion of the total value of the contract. This margin acts as a performance bond, ensuring the commitment of both parties to fulfil their respective obligations.
- Monitoring market movements: As market conditions shift, the contract’s price changes. Traders need to track these movements carefully, as they directly influence the value of their positions.
- Exiting the position: Traders can exit their positions at any time before the contract’s expiration. Closing the position secures profits if a trade is progressing favourably and minimises losses in adverse trade situations.
- Settlement: Futures contracts can be settled either with cash settlement or with physical delivery. The former is more frequently used, and involves settling the contract’s value in cash, calculated using the difference between the contracted price and the market price upon the contract’s expiration. Physical delivery entails the actual transfer or receipt of the underlying asset.
- Contract Expiry: Futures contracts have predetermined expiration dates. Traders can choose whether to exit their positions prior to the expiration date, roll over their contracts to a later date, or settle their contracts with either physical delivery or cash settlement.
- Risk Management: Due to the leverage inherent in futures trading, effective risk management is imperative. Traders use a range of tactics, including hedging and stop-loss orders, to help minimise potential losses.
It’s crucial to be aware that futures trading comes with substantial risk because of its inherent leverage. Managing a larger position with a comparatively smaller margin can yield significant profits, but it can also lead to bigger losses. This being the case, aspiring futures traders must ensure they have a comprehensive understanding of the market, establish a robust trading plan, and perhaps take guidance from financial experts.