News event trading is allowed in the MyFundedFX Simulated Challenge. However, in the Live Simulated Funded Accounts News trading is no longer allowed.
As mentioned last week, April 14th marks the change to news trading here at MyFundedFX. We take pride in providing the best trading experience to the largest number of traders and this change will allow us to do just that. Continued volatility and the rise in news only trading behaviour has necessitated the below change.
As of now on ALL plan types, news trading is no longer permitted on the simulated funded stage. News trading remains unaffected for all accounts in the challenge phases.
Any trade opened or closed 3 minutes before or after a Red Label/High Risk news release will result in the removal of any profits made on all applicable trades in violation. It is important to note that this is a soft breach and will not result in the termination of your account. You are also free to continue holding news trades through the 3 minute violation window. Closing a trade 4 minutes after a high impact news event is not a violation of any rules and you are permitted to do so. To understand which news events are applicable please visit https://www.forexfactory.com/calendar which will align with our restrictions filtered by “red label.”
Only the affected currencies are restricted during the news event correlating to the affected pair. For example, all news events affecting USD will result in the restriction of USD denominated pairs such as EURUSD GBPUSD XAUUSD SPX NAS DOW etc. Forexfactory includes the affected currency for each news event for reference.
Pending orders added but not executed during the news window will not be affected in any capacity as they are not a buy or a sell order. We do understand this somewhat limits long term swing traders and are exploring options to allow this under certain conditions.
Please familiarize yourself with this calendar and the dates of Red Folder news events.
We hope that this will promote good risk management and more consistent trading behavior within our trading community and will help clients establish a good consistent trading pattern.
All references to past news trading as being allowed are null and void.
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