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.
BuoyTrade Alternative & Comparison, that’s what we’re going to be covering today. So up the top you’ll see that we have the Prop Firm, the Challenge type. We’ve got the Traders with Edge Turtle, the Traders with Edge Hare, and the BuoyTrade Standard. The size of the account. We’ve tried to match them up as best we can. Traders with Edge has $5,000 accounts and the BuoyTrade has a $4,000. The maximum account size after scaling. So what this means is all good prop firms that fund traders will top up the account of traders who are consistently profitable. So the maximum account size refers to the maximum cap that the prop firm will fund an individual trader. Traders with Edge, as you can see, fund the traders up to $3 million. While BuoyTrade will fund traders up to $1,024 million. Do they have rapid scaling available? Yes, both companies have rapid scaling available, all plans. If you’re on the Traders with Edge website, you go to challenges, scaling plans.
You’ll see a page that looks like this. Talks about the difference between the organic and the rapid scaling. It’s a video to explain in more detail and some examples. You’ll see some graphs there that show what it looks like and how much faster the rapid scaling account will grow than the traditional type account. Also, down the bottom, we’ve got a calculator there for you. You can go and select your account size. You can play around with the metrics and you’ll see just how much more you’ll make from a rapid scaling account than a traditional type scaling account. So back to our BuoyTrade alternative and comparison, you’ll see the number of phases. The Traders with Edge Turtle account is a one phase account. Traders with Edge Hare account is a two phase account. And the BuoyTrade Standard is actually a direct funding account. So what that means is you’ll receive a profit share from day one. Cost in US dollars is $55 for the Turtle, $95 for the Hare, and $270 for the BuoyTrade account.
Is the fee refundable? It’s not refundable on the Traders with Edge Turtle or the BuoyTrade account. It is refundable with the Traders with Edge Hare account. How the refund works is once you’ve passed the challenge and you’re trading on a live funded account. When you’re eligible for your first payout, we’ll refund that $95 back to you at the same time that you receive your payout. The target for phase one, it’s 10% for both Traders with Edge accounts, and it’s 10% for the BuoyTrade account. If you want to take your profit share. So how it works with BuoyTrade account is, you have to reach 10% if you want to receive a payout split on that. If you don’t want to receive a payout split and you just want to go to the next level, you need to reach 5% and then they’ll scale your account up to the next level.
Target for phase two is only applicable for the Traders with Edge Hare account. And it’s 5% that you need to make. The maximum drawdown is 5% on both the turtle and the BuoyTrade account and 10% on the Traders with Edge Hare account. The daily drawdown is 2.5% on the turtle and 5% on the Traders with Edge Hare and it’s not applicable on the BuoyTrade account. The profit share, so you receive 80% of the profit that you make on any Traders with Edge account. So if you make $10,000 profit, you keep $8,000 of that. With the BuoyTrade account, you keep just 50% of the profits that you make. The minimum trading days for phase one is 10 minimum trading days. And with BuoyTrade, they do it a little bit differently where you need to make one trade a week. Minimum trading days for phase two is only applicable for the Traders with Edge Hare account and you need to make a minimum of 10 trading days.
A trading period, you’ve got a full year to pass the Traders with Edge Turtle account and the BuoyTrade account doesn’t have a limit on the maximum time. And the Traders with Edge Hare account has 30 trading days. The trading period for phase two is only applicable to the Traders with Edge Hare account, you’ve got 60 days. Can you hold over weekends? You can on the turtle and the BuoyTrade account, but you can’t on the Hare account. Then you use EA’s? Yes, you can use EA’s on all accounts. The only thing to consider is seek approval at Traders with Edge, because all Prop Firms have a rule that says you cannot trade exactly the same strategy as someone else. So if you’ve gone to a marketplace and you’ve bought an EA that 10,000 other people have. Someone who’s trading with that same strategy already on the Prop Firm, then you can go and you might pass the challenge, but you’ll lose your account because you’re trading the same strategy as someone else.
That’s why we say, if you’re using a fully automated EA that you contact us and seek approval, because then if you use that EA and you pass, then you know that you’re going to get funded, and you’re not going to lose your account because someone else is trading with the same strategy. Now, on the other hand, if you’re using an EA to manage your trades, to calculate your position size, to trail your stop, or to do a bunch of other things, that’s completely fine. And we actually recommend that you do use a trade manager for your account, because it can improve the accuracy and it can help you manage your risk and become a better trader overall. Are you allowed to trade with signals? Yes, you can trade with signals on all accounts and you trade on news, you can on all accounts.
Do you get a free retry? You don’t get a free retry on the Turtle or the BuoyTrade accounts, because it doesn’t make any sense. Cause you’ve got so long to pass the challenge. On the Traders with Edge Hare account though, how the free retry works is, if your trading period expires. So, say on phase one, you’ve got 30 days to pass the challenge. If 30 days passes and you haven’t reached the profit target but you’re in profit and you haven’t violated any rules, then we’ll give you a free retry to try and pass again. Can you trade Forex? Yes you can on all. Can you trade digital currencies? Yes you can on Traders with Edge, but you cannot on BuoyTrade. Can you trade commodities? You can on all accounts. Indices, you can on all accounts. Share and stock CFDs, you can at Traders with Edge, but you cannot with BuoyTrade.
Do they have trading competitions? Traders with Edge has competitions where you can go, sign up and battle it out with your friends online. Whoever wins the trading competition will win a challenge account that they can use to then get funded. Do they have giveaways? BuoyTrade does not seem to have any giveaways. Here’s an example of a giveaway that we ran recently. You could enter your name and email address to go in the draw to win one of three $50,000 Prop challenge account. We may or may not have this giveaway running at the time that you see this video, but this is a good example of the types of giveaways that we have from time to time. So make sure you subscribe to our telegram channel for announcements. Do they have trader education? Yes, Traders with Edge has education. BuoyTrade doesn’t seem to have education.
Do they have an affiliate program? Traders with Edge has an affiliate program that pays up to 20% for the lifetime of the client. So that means if you refer someone today via your special tracking link, then that person buys in three months from now, we’ll pay you up to 20% for the lifetime of the client. So if they purchase again in a year’s time, then you’ll also receive a commission on that. So it’s kind of like having a recurring or a passive income. BuoyTrade pays 5% for someone that you refer. We’re not sure if that’s one time or lifetime. So that concludes our alternative and comparison for BuoyTrade. If you’ve got any questions, then reach out to us on the live chat on the website, TRADERSWITHEDGE.com. Join the telegram group or leave a comment below the video and have an awesome day.
BuoyTrade is a proprietary firm that started operating in February 2021. They are based in Singapore and offer their traders a chance to work with bigger capital. They are partnered with Eightcap as their broker which is located in Australia.
BuoyTrade was founded under the belief that a future where deserving traders have direct access to significant capital which sure sounds exciting for everyone. They offer 50% profit split when you’re funded.
At BuoyTrade, they aim to build an environment where individuals have the liberty to do what they do best, that is Trading, while they provide them with the capital to kickstart their trading journey.
They are on a mission to find successful traders around the world. They have developed an evaluation process to distinguish and identify an individual’s qualities that they are seeking.
BuoyTrade has a goal also to break barriers into the proprietary online industry. They allow anyone who can show them qualities by displaying their trading skill to trade with their capital.
Their headquarters is located at 7 Temasek Boulevard #12-07, Suntec Tower One, Singapore.
