Simulated max daily loss is based on the account balance at the time of market rollover for each account.
Upon the 5pm EST day change, we will take the higher figure of either the virtual account balance or account equity and subtract the daily loss % of the higher value as the simulated daily loss limit for the new day.
The daily loss limits are as follows:
1-step accounts are able to lose up to 4% daily
2-step accounts are able to lose up to 5% daily
3-step accounts are able to lose up to 3% daily
The daily loss limit will apply to all phases of the evaluation, and the funded stage.
Example using a 1-step account
On a 1-step $100,000 virtual Account, if at 5pm EST you have an open trade with a virtual floating profit of $2,000, your account equity will be $102,000.
4% of $102,000 will be set as your daily loss limit ($4,080).
With this account, the virtual equity cannot drop below $97,920 during the next trading day. ($102,000 - $4,080 = $97,920)
Example using a 2-step account
On a 2-step $100,000 virtual Account, if at 5pm EST you have an open trade with a virtual floating profit of $2,000, your account equity will be $102,000.
5% of $102,000 will be set as your daily loss limit ($5,100).
With this account, the virtual equity cannot drop below $96,900 during the next trading day. ($102,000 - $5,100 = $97,920)
Example using a 3-step account
On a 3-step $100,000 virtual Account, if at 5pm EST you have an open trade with a virtual floating profit of $2,000, your account equity will be $102,000.
3% of $102,000 will be set as your daily loss limit ($3,060).
With this account, the virtual equity cannot drop below $98,940 during the next trading day. ($102,000 - $3,060 = $98,940)
Reset Time
The simulated max daily drawdown resets every day at 5:00 PM EST. To ensure smooth functionality and avoid potential technical glitches, we advise our simulated traders to not execute trades in between the window of 4:57 PM - 5:03 PM EST when the drawdown is being reset. Once your last simulated balance/equity (whichever is higher) is pulled for the trading day your dashboard will update with your new simulated Daily Breach Level. This is the amount your account simulated equity must stay above in order to not be breached.
Violations
Any violation of the rules above will result in the termination of your simulated trading account and you will not be eligible to move forward in the program with that account. Please note both the simulated daily drawdown and max drawdown breach on an account include simulated commissions, simulated swap fees and simulated dividends as well.