I decided to look up some statistics surrounding traders and I stumbled upon some that were released from MFF (MyForexFunds). Today I want to go over a few of them with you very quickly.
The Most popular funding account size is $10,000 and the least popular is $200,000 - Suggesting traders either are using their last bit of disposable income to pay for a challenge or that these traders just need capital of $10,000 to trade. The former is probably the case however….
MFF currently has 37,000 active accounts (as of Feb 2023) with the split between MT4 and MT5 being 61/39 Respectively
MFF has paid out over $14,000,000 in February alone!
Phase 1
Phase 2
The Most profitable pair was EURUSD and the Least profitable pair was US30, in fact of all the traders who passed and got the live account but failed before the first payout had at least 1 (one) trade in US30!
Traders who received payouts amounting $20,000 and over mostly trading FOREX and METALS!
Gold traders made more money when the gold markets were slow but not dead
Forex traders made more profit when they held trades on average for more than 6 hours
There are no long term profitable traders on record who trade news events (Aligning with what I say as well, I can accurately predict what the news will do, however I never trade the events myself!)
Most traders who saw success from one news event lost their entire account on the very next one
Traders who had the biggest payouts trading significantly less than everyone else
Of the traders who had payouts amounting to more than $20,000, 20% of them didn’t use a stop loss (this was really surprising to me!)
Of that 20% that don’t use a stop 95% of them closed losers early
Of the 80% of traders who had a stop loss, 99% of them had trades closed in a loss before it hit their stop
Traders who exclusively trade GJ (GBPJPY) gave back their profits within about 5 trades or so
The more exotic the pair the higher likely it was for that trader to lose
I hope you can take this information and be able to use it in your own trading moving forward! God speed!