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.
E8 Funding Alternative and Comparison with Traders With Edge
We are going to be comparing two different proprietary trading firms, E8 Funding and Traders With Edge. You’ll see up here, we have the Prop Firm and the Challenge account type. The size is all 100K. Today we’re comparing the Traders With Edge Turtle, Traders With Edge Hare, the E8 Funding Standard Account and the E8 Funding Elev8 Account.
E8 Funding Vs Traders With Edge Maximum Account Size
Let’s jump straight into it. The maximum account size after scaling for these prop firms, once you’ve completed your challenge and you’ve become a funded trader, and then you’ve scaled your account, the maximum limit for Traders With Edge is $3,000,000 account, with E8 Funding Standard Account it’s $300,000, and with the E8 Funding Elev8 Account, it’s $1,000,000.
E8 Funding Vs Traders With Edge Account Scaling
Rapid scaling, Traders With Edge has a rapid scaling plan unlike most other prop firms, which I’ll cover very briefly now. If you go to the website, under challenges, you click on scaling plans, you’ll see a page like this.
This gives you an overview of the different scaling plans that Traders With Edge has for when you become a funded trader, some examples and then it gives you some graphs of what the different scaling plans look like. And then down the bottom, you’ve got a calculator that you can calculate which scaling plan is better for you and how much difference there will be to your funded account size at the end of 12 months.
Back to the comparison. Unlike most other prop firms you’ll notice that E8 Funding Standard doesn’t have any funded account scaling, while the E8 Elev8 does have a scaling plan which is different from the Traders With Edge one.
Challenge Price Comparison: E8 Funding Vs Traders With Edge
The Traders With Edge Turtle Account is a one-phase account, meaning you’ve got to pass one phase and then you go straight onto a funded account. Traders With Edge Hare, and both the E8 Funding accounts are a two phase account meaning you’ve got to pass two phases to obtain a funded account.
The price in US dollars for all of them, the price for the Turtle Account is $750. The Traders With Edge Hare is $590, $588, which is quite similar with the E8 and the Elev8 Account from E8 Funding is $888.
Is the fee refundable? For the Turtle Account with Traders With Edge, it’s not refundable because it’s a one phase challenge. The Traders With Edge Hare, it is refundable and so are the E8 accounts. Once you have passed your challenge and you’ve received your first payout, that’s when you get your refund.
Trading Rules
Profit Target
The target for phase one on both the Turtle and the Hare during your evaluation process is 10%. The E8 Funding for both accounts is 8%. Target for phase two, well, there is no phase two in the Turtle because you’d already be on a funded account. The Trades With Edge Hare Account is 5% as with both E8 Funding accounts.
Drawdown
The maximum drawdown for the Turtle is 5%. The maximum drawdown for Traders With Edge Hare is 10%. And for both the E8 accounts, it’s 8%.The daily drawdown for the Turtle Account is 2.5%. For the Traders With Edge Hare Account, it’s 5% and same with both E8 accounts. Remember, it is important to manage risk during both your evaluation process and on your funded account when trading at a prop firm.
Profit Share
After you have passed the evaluation process and have become a funded trader, the profit share on all accounts is 80%. The only difference is with the E8 Elev8 Account after you’ve been trading for some time and you’ve got accounts scaling then it could increase that to 90% potentially.
Trading Days
The minimum trading days for both Traders With Edge accounts is 10 days to obtain your funded account. The minimum trading days for the E8 is one day. Minimum trading days for phase two, not applicable for the Turtle, 10 days for the Hare and one day for each of the E8 accounts.
The trading period, you’ve got 365 days to pass the Turtle Account and become a funded trader, so you can take your time with that. For the Traders With Edge Hare and both E8 accounts, it’s 30 days each to hit your profit target. The trading period for phase two is not applicable on the Turtle once again. Hare and both E8 accounts, you have 60 days to obtain your funded account.
Can I Use An EA?
You can use EAs for all accounts including your funded account on Traders With Edge and E8 Funding. For Traders With Edge, you better seek approval before trading.
You’ve got to remember, every single prop firm has a rule that states you can’t use the same exact strategy as someone else. If you’ve bought an EA off a marketplace and you went and traded with any prop firm and someone else is already trading with that, then your funded account will be closed because you’ve been using that EA or that exact same strategy as someone else.
Other Rules
You can hold over weekends for all accounts including your funded account except the Traders With Edge Hare Account. Both E8 Funding and Traders With Edge all allow signal and allow news trading. You don’t get a free retry on the Traders With Edge Turtle Account because you do have a year to pass it so there’s no point in having a free retry.For the other three accounts, if you are in profit and you didn’t violate any other rules, when the time runs out, then you will get one free retry.
You can trade all forex pairs on all of the E8 Funding and Traders With Edge Challenges. You can trade digital currencies on all of the E8 Funding and Traders With Edge Challenges, you can trade commodities , indices and share or stock CFDs on all of the E8 Funding and Traders With Edge Challenges. Traders With Edge has both competitions and giveaways.
Competition and Giveaways
A few prop firms have competitions running for traders. You can enter competitions with Traders With Edge and battle it out against other traders online by trading forex pairs or other assets. Over a period of time, whoever wins at the end of the period typically wins a free challenge account or some other prizes, maybe large discounts.
As for the free giveaways once again, not many prop firms have giveaways. Traders with Edge is currently giving away 3 $50,000 prop challenge accounts where you can trade forex pairs along with all other assets. It may or may not be still available by the time you watch this video, but that’s an example of some of the giveaways that we have.You don’t have to actually trade for it.
You just enter the competition with your name and email, and you could be a lucky winner. Trader education, so both firms Traders With Edge and E8 both have trader education.
Affiliate Program Comparison: E8 Funding vs Traders With Edge
Traders With Edge is a prop firm that has an affiliate program that pays up to 20% for the lifetime of the client. That means if you refer someone and they make a purchase today, you’ll receive a percentage commission for that referral. Then if they purchase again in one year’s time, you’ll also receive commission for that referral. So it’s kind of like a passive income stream.
As for E8 funding, they are a prop firm that don’t disclose what their current affiliate program pays, so we’ll leave that as a question mark for now.
Conclusion
That concludes our prop firm comparison between E8 Funding and Traders With Edge. If you’ve got any questions, comment below the video or visit traderswithedge.com and talk to our support team on live chat.
E8 Funding is a proprietary trading firm incorporated on the 5th of November in 2021. It started with a desire to provide services to traders built under their strong will and passion for identifying hidden talent in the community. Their ultimate goal is to serve their clients and provide them with access to top tier liquidity, opportunities with a user friendly experience and create unique funding opportunities.
E8 funding believes in the idea that trading is the ultimate form of freedom, but just like anything else, attaining this ultimate freedom requires a plan with rules. Having built in that idea, they encourage their clients to maintain discipline, manage risk and pursue the life of their dreams.
The prop firm is based in the heart of the USA. Their headquarters are located in Dallas, TX 75201, United States. They pride themselves as being one of the first USA based, remote, proprietary trading firms offering their services world wide.They also have offices located in Prague, Czech Republic with a trading floor expansion planned for Miami, Florida.
They are partnered with a liquidity provider who gives direct market access as their broker. They accept clients from many countries including the USA and Europe. They are seeking traders around the globe who are at least 18 years old.
What is E8 Funding
E8 Funding is a dynamic proprietary trading firm that provides traders with the opportunity to advance their careers and profits. The advanced trading platform of the firm provides access to a variety of instruments, including stocks, futures, and options, which are backed by the firm’s capital. The profit-sharing model of E8 Funding ensures that traders keep a portion of their earnings while the firm provides advanced analytics and risk management tools.
E8 Funding, as a performance-driven firm, evaluates trader performance on a regular basis in order to optimise trading strategies and ensure traders maximise profits. E8 Funding, with a focus on community, provides traders with a collaborative environment for networking, knowledge sharing, and skill enhancement.
E8 Funding provides traders with the resources they need to thrive and succeed in today’s competitive trading industry through a structured approach to trading.
E8 Funding Rules
E8 Funding is a proprietary trading firm with strict rules that all traders must adhere to. The firm uses a structured trading approach to minimise risk and maximise profits. One of the firm’s rules is that traders must trade with the firm’s capital. This eliminates the need for traders to use their own funds while also ensuring that the firm retains control over the trades.
Another requirement is that traders adhere to the firm’s risk management policies, which are intended to protect both the firm and the traders from significant losses. Traders must also adhere to the firm’s rules for trade execution and reporting. These rules assist in ensuring that all trades are executed fairly and transparently, as well as that the firm’s performance evaluations are accurate.
Furthermore, the firm has rules governing conduct and professionalism that traders must follow at all times. Overall, E8 Funding’s rules are intended to provide all traders with a fair, transparent, and secure trading environment.
Is e8 funding Legit
E8 Funding is a legitimate proprietary trading firm that provides traders with the potential to be successful with funding, technology, and support. The company has a straightforward profit-sharing model in which traders keep a percentage of their profits and the rest goes to the company.
E8 Funding gives traders access to its proprietary trading platform, which includes advanced analytics and risk management tools, and traders can use the firm’s capital to trade a variety of instruments. The firm has a good reputation among traders, and there are numerous testimonials from successful traders who have used the firm’s resources and support.
