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.
Surgetrader Alternative and Comparison, that’s what we’re going to be discussing today in this video. So you can see up the top here, we have the prop firm and the challenge type. We have Traders With Edge Turtle, verse Traders With Edge Hare versus Surgetrader Audition who both offer trader funding to profitable traders and talented traders.
Surgetrader Vs Traders With Edge Maximum Account Size
We’re using a $100K account across the board. You can see the maximum funded trader account size after scaling is $3 million on the Traders With Edge and the maximum funded trader account size is up to a million dollars on the Surgetrader.
Surgetrader Vs Traders With Edge Funded Account Scaling
Most prop firms, if you’re trading well and consistently, they’ll continually top up your trader funding account and add to it so that it grows and you can trade a larger funded trader account. That’s what funded trader account scaling means. Traders With Edge has a rapid scaling plan, which allows you to reach your $3 million account much faster than a traditional type scaling account would.
If you’re on the website, TraderswithEdge.com, go up to challenges. Under scaling plans, you’ll see a page that looks like this. You’ll see organic and rapid scaling descriptions there. If you scroll down, there’s a video that describes both. There are some examples and some graphs to show you just how different the rapid scaling looks compared to a traditional scaling model.
If you scroll down further, you’ll notice we’ve built a calculator there that will help you to compare the different scaling models and how much more you would profit if you have a rapid scaling plan versus a traditional scaling plan.
Surgetrader VS Traders With Edge Account Comparison
Back to our comparison of these two prop firms, if we scroll down, you’ll see the number of phases. For the Turtle and the Surgetrader Audition, they’re both one phase challenges, whereas the Traders With Edge Hare is a two phase challenge.
Challenge Price Comparison: Surgetrader Vs Traders With Edge
The price in US dollars is $750 for the Traders With Edge Turtle, $550 for the Traders With Edge Hare and $700 for the Surgetrader Audition. Keep in mind your funded trader account size after scaling, Traders With Edge is obviously three times larger than the Surgetrader.
Is the fee refundable once you pass ?
Is the fee refundable? On both the Traders With Edge Turtle and the Surgetrader Audition, it’s not refundable because it is a one phase challenge. And as soon as you pass that challenge, you go straight on to live funds. The Traders With Edge Hare, however, it is a refundable fee. So once you pass your challenge and you are eligible for your first payout. When you receive your first payout, you’ll also receive that $590 back.
Trading Rules
Both prop firms offer simple rules for their profitable traders and offer trader funding for these traders.
Profit Target
The first of the simple rules is the profit target. The target for phase one is 10% on all accounts. The target for phase two, well, there is no phase two on both the Turtle or the Surgetrader accounts because you would already be on a funded account by then. The Traders With Edge Hare on the other hand is a 5% target that you need to reach on phase two, before you go onto the funded account.
Drawdown
The maximum drawdown is 5% on the Traders With Edge Turtle and the Surgetrader. It’s 10% on the Traders With Edge Hare. The daily drawdown is 2.5% on the Turtle, 5% on the Hare, and the maximum drawdown on the Surgetrader account is 4%.
Profit Split
Profitable traders can earn a profit share is 80% at Traders With Edge, and the profit share with Surgetrader is 75%.
Trading Days
The minimum trading days on phase one is 10 days for Traders With Edge and it’s zero for Surgetrader. The minimum trading days on phase two is not applicable for the Turtle account or the Surgetrader. The minimum trading days for phase two is 10. The trading period for phase one is 365 days, so you have a full year to pass, and I believe it’s the same with the Surgetrader.
The maximum trading days on the Traders With Edge Hare account is 60 days that you’ve got to complete the challenge. There is no phase two once again for the Turtle or the Surgetrader account, and you’ve got 60 days to pass the challenge with the Traders With Edge Hare account.
Can I use an EA for my Surgetrader or Traders With Edge Challenge?
Can you use EAs? Yes, you can use EAs on all trader funding accounts
Other Rules of Surgetrader and Traders With Edge
Can you hold over weekends? You can hold over weekends on the Traders With Edge Turtle account. You can’t hold over weekends with both the Traders With Edge Hare and the Surgetrader Audition. They both allow signals, yes. They both allow news trading, yes.
There’s no free retry on the Turtle or the Surgetrader account because you’ve got a year to pass them. So there’s no point having a free retry. You do get a free retry with the Traders With Edge Hare account, though. If you’ve traded and the time has expired, you’re in profit, but you didn’t reach the profit target and you haven’t violated any rules, then you will be given a free retry to try that again.
Trading Products offered by Traders With Edge and Surgetrader
You can trade Forex on all accounts. You can trade digital currencies on all accounts. You can trade commodities on all accounts, indices and share and stock CFDs.
Competitions and Giveaways
Do these prop firms have trading competitions? The trading competitions, where profitable traders enter the competition and you trade a demo account, competing with other people online while following simple rules. And at the end of the period, whoever has generated the most profits without violating rules will win a free challenge account typically. Traders With Edge has this available, but Surgetrader currently doesn’t offer this.
Do these prop firms giveaways? Yes. Traders With Edge has regular giveaways. This is one of the giveaways that we had recently, where we gave away three $50,000 prop challenge accounts. All you had to do was enter your name and email address to enter the competition. This type of giveaway may be still available when you see this video and it may not. It just depends on the giveaway that we have going at the time.
If we scroll down, do they both have trader education? Yes, they do.
Affiliate Program Comparison
Not a profitable trader? That’s not a problem as these prop firms offer affiliate programs that pay up to 20%. A Traders With Edge affiliate program pays up to 20% for the lifetime of the client. So if you referred someone today and they signed up and they purchased an account in six to 12 months time, you would still be paid on that referral.
That’s kind of like having a passive income. That concludes our Surgetrader versus Traders With Edge comparison.
Conclusion
If you’ve got any questions, then please comment below or visit TraderswithEdge.com and talk to us on live chat. Alternatively, you can join the Telegram group. Thanks for reading. Have a great day.
The SurgeTrader is a proprietary firm headquartered in the heart of downtown Naples, Florida in the United States of America and was started on September 3, 2021. The project was born from the experience of seasoned Forex traders, brokers, and venture capitalists who believe that all a talented trader needs for success are capital and opportunity. Accelerating trader funding and helping profitable traders capitalize on their success was their mission.
The SurgeTrader origin story began with an innocent conversation in a Naples sushi restaurant between an FX broker, institutional trader and venture capitalist. The conversation, as it often does, turned to the markets and business and, finally, a discussion around why most speculative traders fail. The group realized that the reason is not lack of talent or poor risk management, but the need to over leverage trading accounts to make a meaningful return for the time invested by the trader.
SurgeTrader encourages its traders to succeed in their trading careers. It values and fosters trust with the trader community, and it aspires to transparency and openness.
SurgeTrader is backed by significant venture capital through their partner Valo Holdings. One of their missions is to make a difference through their philanthropy which is giving back to their communities and to provide service for anyone that needs a helping hand across the globe. They believe that thriving communities can change the world. Thus, enabling them to invest in time, funds and resources in social impact programs.
How does surgetrader work
Surge Trader is a proprietary trading firm that helps traders who wish to become full-time traders by providing them with education as well as funding so that they can quit their day jobs.
On their website, Surge Trader states that their purpose is to “help people fulfil their aspirations by offering education and finance to establish successful careers in trading.” Surge Trader provides evaluations to their traders which is a chance for traders to demonstrate that they have the necessary trading skills as well as well established risk management measures.
Traders who are successful in Surge Trader’s review procedure are eligible to get funding and becom. Those traders who are successful in passing the evaluation are given the opportunity to trade using Surge Trader’s funds and are given permission to keep a share of the earnings they generate.
What is Surge Trader
Surge Trader is a proprietary trading firm based in the United States. The firm offers funded trading accounts up to $1,000,000 with no monthly subscription fees, and traders are eligible for up to 90% profit payouts. Surge Trader aims to help profitable traders capitalize on their success by accelerating funding.
They have integrated their technology with a broker called EightCap, which is an ASIC-regulated broker in Melbourne, Australia. The firm has been reviewed positively, and the trading conditions being offered are described as “brilliant”. Surge Trader offers six types of evaluation packages with trading capital ranging from $25,000 to $1,000,000. The audition process is just one step, with no minimum trading days, and there are no restrictions on trading rules or strategies.
Overall, Surge Trader is a proprietary trading firm that offers simple and straightforward rules with a wide range of financial instruments. It is suitable for both seasoned forex traders and newer traders, and its unique funding options make it an attractive choice for those looking to take on additional capital.
Surge trader Reviews
SurgeTrader is a prop firm that offers traders access to a variety of markets, including forex, stocks, and cryptocurrencies. But with so many trading platforms available, it can be challenging to determine if Surge Trader is the right choice for you.
To help you make an informed decision on which prop firm to trade with, we have scoured the internet for reviews from real SurgrTrader traders. Here’s what we found. Many traders praised the platform’s user-friendly interface which maked it easy to navigate and find the information that they need to trade with confidence.
Other traders noted that the quality of the trading tools provided, such as charting and technical analysis tools, allowed them to make more accurate trades. However, some traders expressed frustration with the customer support provided by Surge Trader.
Traders reported long wait times when trying to contact customer support and receiving unhelpful or vague responses to their inquiries. Another common complaint among users was the high fees charged by the platform. Some users reported feeling that the fees were too high and ate into their profits, making it more challenging to achieve their financial goals.
Despite these concerns, the overwhelming majority of users reported having a positive experience with Surge Trader. Many noted that they appreciated the platform’s commitment to providing quality resources and tools to help them succeed as traders. In conclusion, SurgeTrader appears to be a solid choice for traders looking for a trustworthy prop firm. Although some traders have expressed concerns about the slow customer support and the high fees of the accounts, these concerns appear to be outweighed by the many positive reviews from satisfied traders.
