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.
TopTier Trader Challenge Alternative and Comparison.
That’s what we’ll be going through in this video today.
Up the top, you will see we have the prop firm and the challenge type. We’ve got the Traders with Edge Turtle account, the traders with Edge Hare account versus the TopTier Trader evaluation account. You’ll notice that we’re using a $100,000 account for each one so that we can compare both prop firms evenly.
TopTier Trader Challenge Vs Traders With Edge Account Scaling
Now you look at the max account size after scaling. After you’ve passed your challenge account, and you’re consistently winning, both prop firms will add more funds to your account. Even if you start with a $100,000 account, you could end up with a much larger account.
If you can continuously grow the account both the top tier challenge and Traders With Edge have scaling plans. The maximum for traders with Edge is $3 million. A maximum for TopTier Trader challenge is $2 million. Do they offer rapid scaling? Traders with Edge do offer rapid scaling. TopTier Trader doesn’t. If you’re on the Traders with Edge website, you go to challenges, scaling plans. Then you click over to this page. You’ll see both scaling plans that Traders with Edge offers, and you’ll see the rapid scaling plan.
There’s a video that explains how both plans work. There are some examples there, some graphs. And it shows the difference of just how much faster your account continuously grows with a rapid scaling plan than a traditional scaling plan. Also down the bottom, you’ll see that we’ve built a calculator for you to calculate the difference in your account size if you were to choose the rapid scaling over the traditional scaling account.
Top Tier Trader Challenge Vs Traders With Edge Challenge’s
Back to the Toptier Trader v Traders With Edge comparison. If we scroll down, you’ll see the number of phases. The Turtle account is a one phase account. As soon as you pass that one phase of the challenge, then you’re straight onto a funded account. Traders with Edge Hare account are two phases and upon successful completion you are given a funded account to manage. And the TopTier Trader is two phases as well.
The price for the accounts is 750 for the Turtle account. It’s a little bit more expensive because it is a one phase account. The Traders with Edge Hare account is 590 and the TopTier Trader challenge is 625. Is the fee refundable? It’s not refundable with the Turtle account because it is a one phase account. They’re typically more expensive.
The Traders with Edge Hare account and the TopTier Trader account, are both refundable after you’ve passed your challenge, and then you’ve received your first payout. Both the Toptier proprietary trading firm and Traders WIth Edge offer bi weekly payouts. Payment processing is done via a number of methods including Paypal, digital currencies, bank transfer payoneer and payeer.
Trading Objectives Of Top Tier Trader Challenge and Traders With Edge
For the evaluation phase one of all the accounts the profit targets are 10%. For phase two, there is no evaluation phase two for the Turtle because by this stage, you’re already on a funded account. The target for the Traders with Edge Hare account and the TopTier Trader evaluation account is both 5% for phase two. The maximum loss on the Turtle account is 5%. The profit targets are 10% for the Hare and 10% for the TopTier Trader.
The maximum loss on both the Top Tier Trader and Hare account is 10%.
The daily drawdown is 2.5% on the Turtle. The maximum daily loss is 5% on the Hare and 5% on the TopTier Trader. The profit share is 80% across all accounts. The minimum trading days for the Turtle and the Hare accounts at Traders with Edge is 10. And it’s seven with TopTier Trader. Minimum trading days for evaluation phase two is not applicable for the Turtle. It’s 10 days on the Hare and seven days on TopTier Trader.
The trading period on phase one, the maximum time that you’ve got to pass the challenge, you’ve got one year on the Turtle account. With both the Hare account and TopTier Trader, you’ve got 30 days to pass. Evaluation phase two, not applicable again for Turtle.
And you’ve got 60 days for TopTier Trader and the Traders with Edge Hare. Can you hold over weekends? You can’t hold over weekends on the Traders with Edge Hare account, but you can with both the Turtle and the TopTier Trader account.
Trading Rules of TopTier Trader and Traders With Edge
Can you use EAs? You can use EAs on Traders with Edge with approval. The reason for this is every prop firm has the rule that you can’t use exactly the same strategy as someone else is using, otherwise you will lose your account.
If you were to buy an EA from a marketplace and then trade without getting approval first, the chance is you’ll likely lose your account anyway. This is not just with Traders with Edge it’s with any prop firm, because they don’t want the concentration risk with their firm. They don’t want 100 traders all using exactly the same EA because it puts them at massive risk as a company.
Traders with Edge do allow EAs. TopTier Trader does not allow EAs. Traders with Edge allow signals. TopTier Trader doesn’t. They both allow news trading. You don’t get a free retry with a Turtle account.
Because you’ve got one full year to pass the account, it doesn’t make sense to offer a free retry. Both the Hare and the TopTier Trader accounts do offer a retry. If the maximum days have finished, but you haven’t reached the profit target and you haven’t violated any rules, then you’re eligible for one free retry to see if you can pass.
Can you trade Forex on all of them? Yes you can on both Top Tier Trader and Traders With Edge.
Can you trade digital currencies on all of them? Yes you can on both Toptier Trader and Traders With Edge.
Commodities. Yes you can on both Toptier Trader and Traders With Edge.
Trade indices. Yes you can on both Toptier Trader and Traders With Edge.
Can you trade share and stock CFDs? You can on Traders with Edge, but you can’t on the Toptier proprietary trading firm.
Do they run trading competitions? The most prolific traders can enter the competition and trade a demo account for a certain period of time. Typically around a month. Then at the end of the month, the toptier traders with the best results who haven’t violated any rules will typically win a challenge account.
Trading Competitions at TopTier Trader Vs Traders With Edge
Both firms do offer this. Giveaways, Traders with Edge do offer giveaways. It doesn’t seem like TopTier Trader does offer giveaways at the moment. An example of giveaway that Traders with Edge has run, the ability to enter is we gave away three $50,000 challenge accounts for people who entered their name and email into a prize draw.
You didn’t have to trade to be in the running. You just simply enter your details and you’re in the running. That’s an example of a giveaway that we do run from time to time.
TopTier Trader Challenge and Traders With Edge Affiliate Programs
Traders with Edge have education for the traders, whereas TopTier Trader doesn’t. The affiliate program on Traders with Edge pays up to 20% and for the lifetime of the client. If you referred someone today and then they make a purchase in three years time, you will still get paid on that purchase.
It’s like a passive income stream. TopTier Trader offers 5% if you were to refer someone to them. That concludes our TopTier Trader comparison and alternative. If you’ve got any other questions, please visit the website and make contact, join our Telegram channel or comment below the video.
Conclusion
If you have found anything that we missed in your review of the toptier proprietary trading firm, send us a message and we will add it to the site.
If you have any questions about any of our prop firm challenges or instant funding plans then reach to our support team who is available to assist with any enquiries you may have.
Top Tier Trader is a new prop firm which started in 2021 and is offering trading services and funding to traders. The proprietary trading firm believes that by providing their quality service to traders, it will help traders achieve their trading goals and their dream lifestyle.
Top Tier Trader also offer digital currency trading services which provide options for traders to use their preferred financial instrument. The company faces fierce competition in the market but as a start up, they vow to give their all to give traders the service they deserve. Having that passion and burning desire to help resulted in the birth of Top Tier Trader.
Top Tier Challenge
As an evaluation company, they determine if traders have what it takes to be part of their community. Much like other prop firms, Top Tier Trader created an evaluation process for traders to test their skills. Upon successful completion, traders are offered funding which they are able to remotely manage funds, and live the lifestyle that they want.
The TopTier Trader is partnered with Vital Markets which provides the trading conditions for their accounts. Having the same mission to provide good service to traders, they managed to create a partnership that will benefit all of the parties involved.
The company’s main office is located in Dover, Delaware, USA.
