This update from MyFundedFX introduces a new rule specifically targeting news trading within their live simulated accounts.
What Does the New Rule Entail?
The crux of the rule lies in the treatment of positions opened or closed within a 3-minute window surrounding high-impact news releases relevant to the traded asset. Any profits generated from such positions will be nullified.
Key Points:
- Focus on Profits: This is considered a “soft breach,” meaning the account itself won’t be terminated, only profits accrued during the restricted window.
- Swing Traders Take Note: MyFundedFX acknowledges swing trading strategies. However, for now, exiting positions within the 3-minute window will negate any profits. They are exploring ways to potentially accommodate swing traders with a consistent track record in the future.
- USD News Impact: During significant USD news releases, trading of all USD-correlated assets is prohibited. This includes popular pairs like EURUSD, XAUUSD (Gold vs USD), and major indices like SPX, NASDAQ, and DOW.
- JPY News Impact: News events affecting the Japanese Yen (JPY) will restrict trading of JPY-correlated pairs like EURJPY and GBPJPY.
Impact on MyFundedFX Traders
This new rule aims to create a more controlled environment for simulated live accounts, potentially reducing the influence of short-term, news-driven trading strategies. Swing traders, however, may need to adjust their exit strategies to avoid the 3-minute window surrounding high-impact news releases.
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