Prop Firm MyFundedFX Withdraws Controversial Consistency Rule Following Strong Trader Backlash
US-based prop trading firm MyFundedFX has abruptly cancelled its recently implemented consistency rule due to strong opposition from clients. The rule, which was in place for only two weeks, was originally intended to combat high-risk trading strategies but was met with widespread criticism from traders.
On July 3, 2024, MyFundedFX owner Matthew Leech announced the implementation of a 50% consistency guideline for funded accounts. This rule stipulated that daily trading profits in the funded stage could not exceed 50% of total profits. While violating this rule wouldn't be considered a breach, traders couldn't withdraw profits until reaching the 50% threshold.
Leech stated two weeks ago: "The last change for the foreseeable future is here. From now on, we're implementing a 50% consistency guideline on all funded accounts. This is purely to prohibit and prevent certain individuals from using maximum leverage in a single trade while encouraging multi-day consistent trading to meet withdrawal criteria."
However, the trading community's reaction was overwhelmingly negative. Traders felt the rule unfairly restricted certain trading styles and strategies, potentially hindering their ability to capitalize on market opportunities.
Facing this strong backlash, Leech issued a statement yesterday (Saturday) retracting the decision.
Leech said, "Over the past few weeks, I've seen your feedback on the consistency rule and understand your frustration as it limited the success of certain specific trading styles. After re-evaluation, we've decided to adjust our approach and will take the following actions before the close of business today."
Three Key Changes Announced:
- The consistency rule is removed for all accounts, both new and existing
- Withdrawal frequency for funded accounts returns to the previous schedule
- Leverage ratios across all platforms and stages will be adjusted to align with regulated CFD leverage requirements
Leech explained that these changes aim to reduce all-or-nothing trading behavior in funded accounts, comply with recently acquired license requirements, and deter malicious trading practices. He also mentioned that lower leverage is expected to increase pass rates in the challenge phase while promoting more stable trading in funded accounts.
The company requested traders to close all positions by 3:00 PM (CST) on the day of the announcement to implement these changes. Trading will resume normally when markets open on Sunday evening.
This rapid reversal of the consistency rule highlights the delicate balance prop trading firms must maintain between risk management and trader satisfaction, as well as the power of collective trader feedback in shaping industry policies.
Reference：Prop Firm MyFundedFX Reverses “Consistency Rule” Just Two Weeks after Implementation
