How many phases are there?
One. You pass a single challenge, then move to a simulated funded account.
What is the profit target?
2%, calculated on your starting balance. It is the same on every account size. On a $50,000 account that is $1,000.
What is the daily loss limit?
4%, balance based. Balance based means it is measured against your balance at the start of the trading day, not against your highest equity during it.
What is the maximum drawdown?
6%, and on the challenge it is static. Static means it is set from your starting balance and does not move as you make simulated profit. On a $50,000 account your floor is $47,000 for the whole challenge, wherever your equity gets to.
What happens if I breach a loss limit?
Breaching either the daily loss limit or the maximum drawdown is a Major violation and the account is cancelled. There is no warning stage and no soft breach.
Is there a consistency rule?
No. There is no consistency rule during the challenge.
Is there a minimum number of trading days?
No.
Is there a time limit?
No. Take as long as you need.
Is there a maximum risk per position?
No, not at launch.
Can I trade the news and hold over the weekend?
Yes. News trading, weekend holding and weekend trading are all permitted. News trading remains governed by the FT+ News Trading Policy.
What happens when I pass?
You are notified that you have met the objective. You pay the activation fee, and your simulated funded account is issued.