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 this 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 $10,000 profit and you close the trade before the end of the day. At the end of this day your account equity is $110,000 which is carried over to the second day.
The second day your daily drawdown limit is reset with the new High-Water Mark being $110,000. If your daily drawdown limit is 3% on the Turtle account then the lowest your equity can reach is $110,000 – $3,300 = $106,700.
Example 2 (Violation): The day’s starting balance was $100,000. You open a position and it goes into $10,000 profit but you did NOT close the trade before the end of the day. Instead you moved your stop-loss to breakeven. At the end of this day your account equity is $110,000 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 (3% on a Turtle account) on a single day and this will be a hard violation and the account will be closed.
The Maximum Drawdown is static, which means it is calculated based on the initial balance and not the equity.
For example:
The Maximum drawdown of a 100K Turtle account is 6% of the initial balance. This means that the Maximum drawdown level is always 100K minus (100K x 6%) = 94K.
If you violate this rule, the account will be closed.
The minimum time to complete the Turtle Challenge is 10 trading days. There must have been at least one trade opened on 10 different days to successfully pass 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 take as much time as you need to complete the Turtle Challenge, as there is no maximum time limit. You are free to trade at your own pace as long as you do not breach the inactivity period.
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 – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. – Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. – Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
You can add a customization to increase your daily drawdown to 6% and maximum drawdown to 12%.
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 this 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 add a customization to increase your maximum drawdown to 12% and daily drawdown to 6%.
The Maximum Drawdown is static, which means it is calculated based on the initial balance and not the equity.
For example:
The Maximum drawdown of a 100K Hare account is 10% of the initial balance. This means that the Maximum drawdown level is always 100K minus (100K x 10%) = 90K.
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.
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 – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. -Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. -Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
The profit target to reach the next stage of the Instant Standard Account is 10%. Traders are free to make withdrawals from their account which will not affect their profit target to scale.
For example, if you make 6%, make a 6% withdrawal from your account and then make another 4% profit, you are still eligible to scale to the next level.
Aggressive Account
The profit target to reach the next level of the Instant Aggressive Account is 20%. Traders are free to make withdrawals from their account which will not affect their profit target to scale.
For example, if you make 12%, make a 12% withdrawal from your account and then make another 8% profit, you are still eligible to scale to the next level.
The Maximum Drawdown for the Instant accounts are static. This means that no matter the profit you are in, your Maximum Drawdown limit is always calculated from the initial account balance after scaling.
For example, if you have a $80,000 account.
For the Instant Standard Account:
$80,000 – 5% = $76,000 is the lowest equity your account can reach before violating this rule.
For the Instant Aggressive Account:
$80,000 – 10% = $72,000 is the lowest equity your account can reach before violating this rule.
If you violate this rule, the account will be closed.
The minimum time to scale to the next level of both the Instant Funding Accounts is 5 trading days. There must have been at least one trade opened on 5 different days to qualify to scale your account.
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.
All accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account from which you are paid.
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 – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. – Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. – Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the Demo environment.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
Traders may place an average of up to 10 trades per day.
A Trading day starts from 00:00 GMT +2 (+3 depending on daylight savings) and ends at 23:59 GMT +2 (+3). This is the time that is displayed in your Platform 4 / Platform 5.
The stop loss needs to be placed before the order is placed, whether that is a market or limit order, or else the system will close the order automatically.
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 having a stop loss is a soft rule and will not result in you automatically losing the account.
BlackBull Funding, Alternative and Comparison. That’s what we’re going to be covering in this video. So stick around.
Up the top, you’ll see, we’ve got the Prop Firm and the Challenge Type. We’ve got Traders with Edge Turtle, Traders with Edge Hare and BlackBull Funding. You can see we’re using a 100K account, so we’re comparing apples with apples, and the Max Account Size after Scaling. Most Prop Firms will have some sort of scaling plan, not all of them, but most do. So how this works is once you’ve passed a challenge and you’re trading on a live account, if you’re consistent, then the Prop Firm will continue adding funds to your account, so that it grows faster and you can trade a larger account. The Maximum Account Size after Scaling means that, what is the cap that the Prop Firm will fund you up to? So Traders with Edge will fund you up to $3 million. Whereas, BlackBull will fund you up to one million.
Do they have a rapid scaling plan? Traders with Edge has a rapid scaling plan, BlackBull Funding does not. If you’re on traderswithedge.com, you go up to Challenges, Scaling plan. You’ll see a page that looks like this. It explains the difference between organic and rapid scaling. And then there’s a video that talks about the differences, if you prefer video over reading, there’s some examples there of how they work. You can see some charts of just how much faster a rapid scaling plan works, over a traditional or organic type scaling. If you continue to scroll down, you’ll see another video, which explains how to use the calculator that we’ve built for you. So with this calculator, you can put in your metrics, and you can see just how much more you can make with a rapid scaling plan, as opposed to using a traditional type scaling plan.
So back to our alternative and comparison of BlackBull Funding. Next is a number of phases. So the Turtle and the BlackBull Funding are a one-phase challenge. The Traders with Edge Hare is a two-phase challenge. The price for each one is 750 for the Turtle, 590 for the Hare and 500 for the BlackBull Funding.
Is the fee refundable? No, it’s not refundable on the Turtle account. It is refundable on the Hare, and BlackBull Funding, you’ve got an option to choose some different parameters with theirs, so you could possibly get a refund with theirs.
How the refund works. Once you’ve passed a challenge, and then you’re on your live trading account, when you’re eligible for your first payout, then you’ll get a full refund of your fee. So, essentially, it doesn’t cost you anything to do the challenge.
The target for phase one is 10% across all, the target for phase two is only applicable to the Traders with Edge Hare account, and that’s 5%. The maximum drawdown is 5% for the Traders with Edge Turtle, 10% for the Traders with Edge Hare and 20% for the BlackBull Funding. The daily drawdown is 2.5% on the Turtle, 5% on the Hare and 10% on the BlackBull Funding.
The profit share is 80% across the board. The minimum trading days is 10 for Traders with Edge and zero for BlackBull. Minimum trading days for phase two is only applicable to the Hare account, and it’s 10 minimum trading days. The trading period is 365 days for the Turtle account, it’s 30 days for the Hare account and it’s 60 days for BlackBull Funding. The trading period is only applicable, again, for the Traders with Edge Hare account, and you’ve got 60 days to pass that. You’ve got 90 days, in total, to pass the Hare challenge.
Can you hold over weekends? Yes, you can on the Turtle, you can’t on the Hare account and you can with BlackBull Funding.
Can you use EAs? Yes, you can use EAs on all. Traders with Edge, we say, seek approval first. The reason is because pretty much every Prop Firm has a rule that says you cannot trade exactly the same strategy as someone else who’s trading for them. So if you were to go and buy an EA from a marketplace, and you have exactly the same strategy as someone else, because someone else has purchased that same EA, then you’ll purchase your Prop Firm Challenge. You’ll pass it and then you’ll have it taken away from you because you’re using the same strategy as someone else. So that’s why we say, you need to seek approval Traders with Edge, because we’ll tell you upfront if you can use the EA or not.
Now, I want to be very clear, on a point here, is you can absolutely use an EA to calculate your position size, to manually enter, to manage your trade, to exit your trade. You can do that without seeking permission at all. What we’re talking about here is using an EA that’s completely automated.
Do they allow signals? Yes to all. Do you allow news trading? Yes to all. Do you get a free retry? You don’t on the Turtle account because you’ve got 365 days to pass, so it doesn’t make any sense to offer a free retry if you’ve got a full year to pass it. You do get a free retry on both the Hare account and the BlackBull Funding. Can you trade Forex? Yes to all. Can you trade digital currencies? Yes to all. Can you trade commodities? Yes to all. Can you trade indices? Yes to all. Can you trade share and stock CFDs? Yes to all.
Does the Prop Firm have trading competitions? Traders with Edge does, BlackBull Funding does not. How these trading competitions work is you can go to the website, you can sign up for a trading competition. It doesn’t cost any money, you trade for a certain period of time. And the winners will win a Prop Firm challenge account.
Does the company have giveaways? Yes, Traders with Edge has giveaways. It seems like at this point in time, BlackBull doesn’t have any giveaways. An example of a giveaway, that Traders with Edge ran recently, whereas you could enter your name and email address to win a $50,000 Prop Challenge account. This giveaway might not be active at the time that you’re watching this video, but this is an example of one of the giveaways that we run from time to time.
Moving right along. Do they have trader education? Yes, Traders with Edge has trader education. BlackBull Funding does not. Have an affiliate program? Traders with Edge has an affiliate program, which pays up to 20% for the lifetime of the client. So what that means is if you refer someone today and they purchase in one year or five years, it doesn’t matter, you’re still going to receive commission for referring that person to us. BlackBull Funding has an affiliate program, which pays 5%.
So that concludes our Alternative to BlackBull Funding. If you’ve got any questions, then please go to the website traderswithedge.com. Talk to us on live chat, join the telegram group, or leave a comment below the video.
BlackBull Funding is a prop firm that was founded by traders for traders. The firm continues looking for talented traders around the globe. It has developed a two-step evaluation process to determine the skills of each trader. Once the trader successfully completes the evaluation, they will be chosen to trade with the BlackBull Proprietary Firm on a demo account, where they can remotely manage funds and continuously grow the account.
Traders are encouraged to trade responsibly and consistently and maintain good discipline. The firm is making sure that traders understand and develop good risk management in an account. The objectives will help traders to understand that you are not just ordinary traders but real traders with experience, consistency and discipline.
Black Bull Funding is located in Avenue De France, Paris
