Description
If you’re a trader who loves scalping on a small account, this is the perfect account for you – the 5K Hare Standard Challenge MT4. This is a small size account with a one-time participation fee of $69. Its affordable price is one of the most competitive prices you can find in the industry. 60 days for Phase 1 and 60 days Phase 2. Plus you can opt to increase your maximum days on phase 1 by an extra 60 days.
This account is designed specifically for scalpers, and it comes with some great benefits. For starters, you’ll get access to MT4, the world’s most popular trading platform for forex traders. And because this is a Challenge account, you’ll be able to trade with a demo account. Once you pass this, Traders With Edge will provide you with the capital you need to trade successfully.
That means no risk for you and the potential for big rewards if your strategy is successful. So if you’re ready to take your scalping to the next level, sign up for the 5K Hare Standard Challenge MT4 today.
Take on the 5K Hare Standard Challenge MT4 and show everyone that you’re the best scalper around! you’ll get competitive spreads on all major currency pairs as well. And to add, you can trade with a leverage of 1:30. So if you’re looking for a scalp-friendly account with faster phase trading that is more forex-focused and designed for CFD forex instruments, the 5K Hare Standard Challenge MT4 is a perfect choice for you.
Hare Trading Rules
The profit target on the stage 1 account is reached when the account equity reaches 10% gain above the initial starting equity.
The profit target on the stage 2 account is reached when the account equity reaches 5% gain above the initial starting equity.
There is no profit target for stage 3 funded accounts.
You are able to remove your Daily Drawdown limit by purchasing the customization.
We calculate the daily loss limit based on the previous day’s end of day equity. This is calculated at 5PM EST, so ensure you know what time of day this is in your location.
All of the below is calculated for you automatically inside your traders dashboard in real time, so you don’t need to calculate any of it, but you do need to understand it.
Example 1:
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit and you close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
The second day your daily drawdown limit is reset with the new High-Water Mark being $106,000. If your daily drawdown limit is 5% on the Hare account then the lowest your equity can reach is $106,000 – $5,300 = $100,700.
Example 2 (Violation):
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit but you did NOT close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
On the second day the trade goes back to breakeven and is closed by your stop loss. Even though the individual trade did not lose from the balance, you have lost more than the allowable amount (5% on a Hare account) on a single day and this will be a hard violation and the account will be closed.
If you violate this rule, the account will be closed.
You can increase your Maximum Drawdown by 50% by purchasing the customization.
The Maximum Drawdown is the maximum your account can drawdown from the highest balance.
For example:
If you have a $100,000 account and make $5,000 in closed profits on your account. Your High-Water Mark is now $105,000. Your account’s minimum equity is calculated by $105,000 minus the maximum drawdown percentage.
$105,000 – 10% = $94,500 is the lowest equity your account can reach before violating this rule.
If you violate this rule, the account will be closed.
The minimum to complete each phase of the Hare Challenge is 5 trading days. There must have been at least one trade opened on 5 different days to successfully pass each phase of the Challenge.
A trader may not reach the profit target with one large trade, then use significantly smaller lots to pass the minimum trading days. When the account is reviewed if there is a large difference in lot size used to pass minimum time rule the Challenge will be failed.
Trades must be fully executed trades, they can not just be opened and closed.
Pending orders do not count towards the total.
You can double the maximum time limit on the Hare challenges Phase 1 to 120 days.
The maximum to complete the Hare challenge is 60 days. If the profit target is not reached within this time and the account is in drawdown it will be closed as failed.
If the profit target is not reached within this time and the account is in profit and no other violations have been incurred, then you will automatically be issued one free retry.
All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
- Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
- Arbitrage.
- Hedging between accounts.
- Delayed or frozen data feeds.
- Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
- Allowing others to trade your account.
- Copying others trades.
- Lot size manipulation – can not use one big trade to pass the profit target then minimum lot size to pass the min days. The lot size deviation can not be more than a factor of 5. Example 1) If your smallest lot size is 1 and the largest is 5 okay. Example 2) If the smallest lot size is 0.10 and the largest is 5, not okay.
You can remove the stop-loss requirement on your funded account by purchasing the customization with your challenge.
For funded accounts only, a visible stop-loss is required with every trade.
If you enter a trade without a stop-loss then our software will automatically close out the trade at the current price. This will most likely result in a small loss, and you will receive an email from us notifying you of the fact the trade has been closed.
Not placing a stop loss is a soft rule and will not result in you losing the account.
You can purchase the customization to hold trades over the weekend on your funded account.
For funded accounts only, trades can be held overnight, but all trades must be closed before the weekend.
All open or pending trades will be closed automatically by our trading server at Friday at 5PM EST as a back stop if a trader has forgotten to close their trades.
This will be done at market price at the time and you will receive an email from us notifying you of the fact the trade has been closed.
Not closing trades for the weekend is a soft rule and will not result in you automatically losing the account, though we recommend you close the trade at a suitable time to optimize the potential of it.
Purchasing the customization to remove the required stop-loss will remove the maximum position size.
For funded accounts only, there is a maximum position size of 2%. If a position is opened that is greater than 2% risk per trade it will be automatically closed.
Maximum total open risk equal to the Max Drawdown. If the Max Drawdown on the account is 10%, the trader can not open more than 10% risk.
Example:
If there are 5 trades with 2% risk each, another trade can not be opened until one of the trades has been closed, or when the stop-loss is moved to breakeven on one of the other 5 trades.
In the event that you put on too many trades with risk, then our system will liquidate the latest trade placed.
Hare Trading Rules
The profit target on the stage 1 account is reached when the account equity reaches 10% gain above the initial starting equity.
The profit target on the stage 2 account is reached when the account equity reaches 5% gain above the initial starting equity.
There is no profit target for stage 3 funded accounts.
You are able to remove your Daily Drawdown limit by purchasing the customization.
We calculate the daily loss limit based on the previous day’s end of day equity. This is calculated at 5PM EST, so ensure you know what time of day this is in your location.
All of the below is calculated for you automatically inside your traders dashboard in real time, so you don’t need to calculate any of it, but you do need to understand it.
Example 1:
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit and you close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
The second day your daily drawdown limit is reset with the new High-Water Mark being $106,000. If your daily drawdown limit is 5% on the Hare account then the lowest your equity can reach is $106,000 – $5,300 = $100,700.
Example 2 (Violation):
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit but you did NOT close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
On the second day the trade goes back to breakeven and is closed by your stop loss. Even though the individual trade did not lose from the balance, you have lost more than the allowable amount (5% on a Hare account) on a single day and this will be a hard violation and the account will be closed.
If you violate this rule, the account will be closed.
You can increase your Maximum Drawdown by 50% by purchasing the customization.
The Maximum Drawdown is the maximum your account can drawdown from the highest balance.
For example:
If you have a $100,000 account and make $5,000 in closed profits on your account. Your High-Water Mark is now $105,000. Your account’s minimum equity is calculated by $105,000 minus the maximum drawdown percentage.
$105,000 – 10% = $94,500 is the lowest equity your account can reach before violating this rule.
If you violate this rule, the account will be closed.
The minimum to complete each phase of the Hare Challenge is 5 trading days. There must have been at least one trade opened on 5 different days to successfully pass each phase of the Challenge.
A trader may not reach the profit target with one large trade, then use significantly smaller lots to pass the minimum trading days. When the account is reviewed if there is a large difference in lot size used to pass minimum time rule the Challenge will be failed.
Trades must be fully executed trades, they can not just be opened and closed.
Pending orders do not count towards the total.
You can double the maximum time limit on the Hare challenges Phase 1 to 120 days.
The maximum to complete the Hare challenge is 60 days. If the profit target is not reached within this time and the account is in drawdown it will be closed as failed.
If the profit target is not reached within this time and the account is in profit and no other violations have been incurred, then you will automatically be issued one free retry.
All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
- Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
- Arbitrage.
- Hedging between accounts.
- Delayed or frozen data feeds.
- Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
- Allowing others to trade your account.
- Copying others trades.
- Lot size manipulation – can not use one big trade to pass the profit target then minimum lot size to pass the min days. The lot size deviation can not be more than a factor of 5. Example 1) If your smallest lot size is 1 and the largest is 5 okay. Example 2) If the smallest lot size is 0.10 and the largest is 5, not okay.
You can remove the stop-loss requirement on your funded account by purchasing the customization with your challenge.
For funded accounts only, a visible stop-loss is required with every trade.
If you enter a trade without a stop-loss then our software will automatically close out the trade at the current price. This will most likely result in a small loss, and you will receive an email from us notifying you of the fact the trade has been closed.
Not placing a stop loss is a soft rule and will not result in you losing the account.
You can purchase the customization to hold trades over the weekend on your funded account.
For funded accounts only, trades can be held overnight, but all trades must be closed before the weekend.
All open or pending trades will be closed automatically by our trading server at Friday at 5PM EST as a back stop if a trader has forgotten to close their trades.
This will be done at market price at the time and you will receive an email from us notifying you of the fact the trade has been closed.
Not closing trades for the weekend is a soft rule and will not result in you automatically losing the account, though we recommend you close the trade at a suitable time to optimize the potential of it.
Purchasing the customization to remove the required stop-loss will remove the maximum position size.
For funded accounts only, there is a maximum position size of 2%. If a position is opened that is greater than 2% risk per trade it will be automatically closed.
Maximum total open risk equal to the Max Drawdown. If the Max Drawdown on the account is 10%, the trader can not open more than 10% risk.
Example:
If there are 5 trades with 2% risk each, another trade can not be opened until one of the trades has been closed, or when the stop-loss is moved to breakeven on one of the other 5 trades.
In the event that you put on too many trades with risk, then our system will liquidate the latest trade placed.
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