Dear ............................... (YOUR NAME AS THE CLIENT / CHALLENGE PURCHASER)
This is a list of the requirements you need to meet to pass the Challenge:
Live Trading Strategy
We restrict trading during the Live Trading Strategy sessions, which run for an hour Monday through Friday. You cannot open positions during those times.
Phase 1 – Profit Target
The profit target for Phase 1 is 10%, the Evaluation phase. After meeting this profit target and the other requirements, rules, and regulations for the QuickTrade Challenge, you will progress to Phase 2 of the Challenge, the Verification phase.
Phase 2 – Profit Target
The profit target for Phase 2, the verification phase, is 10%. After meeting this profit target and the other requirements, rules, and regulations for the QuickTrade Challenge, you will be recommended to become a funded trader.
Maximum Daily Loss
Our daily loss limit allows you to lose 4% of your initial account balance on any given day. Please note that your Maximum Daily Loss is calculated based on your FLOATING BALANCE, also known as unrealized Profit and Loss or floating P&L. This balance is the profit or loss held in open positions. It equals the profit or loss realized if all open positions were closed immediately. The floating balance continuously fluctuates with the current market prices.
This means you breach the requirements when your floating balance drops by 4%, even if you have not closed the positions. For example, if you have a $10,000 account, the maximum daily loss limit is $400, and you are not allowed to lose more than $400 on any given day. Because your Maximum Daily Loss is calculated on your FLOATING BALANCE, you lose the Challenge when the value of your trading account drops by 4%. The system will close you out and restrict further access to the Challenge account.
Maximum Overall Loss
The Maximum Overall Loss limit allows you to lose 7% of your initial account balance. Please note that your Maximum Overall Loss is calculated on your FLOATING BALANCE, also known as unrealized Profit and Loss or floating P&L. This balance is the profit or loss held in open positions. It equals the profit or loss realized if all open positions were closed immediately. The floating balance continuously fluctuates with the current market prices.
This means you breach the requirements when your floating balance drops by 7%, even if you have not closed the positions. For example, if you have a $10,000 account, the Maximum Overall Loss limit is $700, and you are not allowed to lose more than $700. Because your Maximum Overall Loss is calculated on your FLOATING BALANCE, you lose the Challenge when the value of your trading account drops by 7%. The system will close you out and restrict further access to the Challenge account.
Drawdown Type
At QuickTrade, the max daily drawdown is calculated based on your equity. If you have trades running when a new trading day starts, the equity at that time will be considered for the Daily drawdown calculation, not the balance.
Equity-based drawdown is a real-time trading risk management method considering your current account balance, including profits and potential losses. It is continuously updated, unlike balance-based drawdown, which is similar to a snapshot at the beginning and end of the day. Equity-based drawdown measures the percentage decrease from the highest equity level to the lowest point experienced. It provides traders with a better understanding of the potential losses they may face.
Time Limit
There is a time limit for QuickTrade Challenges. Phase 1, the Evaluation phase, runs for 30 days, and Phase 2, the Verification phase, runs for 30 days. This time restriction is deliberate. Our traders want to get funded as soon as possible, so they requested the removal of a “no-time” limit. The sooner you pass the Challenge, the sooner you can be recommended for a funded account and start sharing profits.
Minimum Trading Days
A trader must trade for at least ten days in each Evaluation and Verification phase, but these trading days do not necessarily need to be consecutive.
Minimum Trades
A trader must open and close at least five positions on the ten trading days, totalling a minimum of 50 trades.
Profit Split
Once you are a funded trader, TurboTrade.Fund will, depending on certain conditions, offer a profit share of between 50% and 80% to recognize your skills and efforts.
Trading Leverage
The trading leverage for Phase 1, the Evaluation phase, is 1:100, and for Phase 2, the Verification phase, it is 1:30.
News Trading
We do not allow trading during News events.
Weekend Holding
You can keep your positions open over the weekend.
IP Address
The Challenge is restricted to a single IP Address. This means that you can only access and utilize the trading platform from one specific IP address at a time. This ensures the integrity of the Evaluation and Verification and prevents fraud.