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.
Ultra capital alternative and comparison. That’s what we’re going to be covering in this video.
So up the top here, you’ll see we’ve got the prop firm and the challenge type. We’ve got Traders with Edge Turtle, Traders with Edge Hare, Ultra Capital Ultrasmart, Ultra Capital Ultrafast. You’ll see the size of the account is a hundred thousand dollars, so we’re comparing apples with apples. And the first thing we’ve got on the list is the maximum account size after scaling. So, most good prop firms will fund a trader ,and then they’ll continue to top up the account when the trader is consistently profitable. That’s what this is referring to here. It’s what’s the maximum cap that the prop firm will fund the trader up to. Traders with Edge will fund traders up to $3 million, Ultra Capital Ultrasmart is $2 million, and Ultra Capital Ultrafast is up to $1 million. Do they offer rapid scaling? Yes. They all offer rapid scaling. If you’re on Traders with Edge website, you go to challenges, scaling plans, then you’ll see a page that looks like this.
We go through, what’s the difference between an organic type scaling or rapid type scaling. There’s a video that explains it, some case studies and examples there that show just how much faster your account can grow with rapid scaling as opposed to a traditional prop firm scaling account. We’ve even built a calculator here for you that you can go through. You can put your inputs, and you can see just how much more money you would make with a rapid scaling than with a traditional type scaling account. So back to our ultra capital alternative and comparison. The next thing that you’ll notice here is the number of phases. So the Turtle account is a one phase, Traders with Edge Hare is a two phase, the Ultrasmart is a one phase, and the Ultrafast is a two phase.
So essentially the Traders with Edge Turtle is similar to the Ultra Capital Ultra smart, and the Traders with Edge Hare is similar to the Ultra Capital Ultrafast. Price for each account is $750 for the Turtle, $590 for the Hare, $460 for the Ultrasmart, and $459 for the Ultrafast. Is the fee refundable? It’s not refundable on the Turtle account. It is refundable on all the other accounts. Target for phase one. There’s a 10 percent target for phase one on the Trades with Edge Turtle and Hare, 6 percent on the Ultrasmart, and 8 percent on the Ultrafast. Target for phase two for the Hare is 5 percent. Target for phase two on the Ultrafast is 4 percent. The maximum drawdown is 5 percent on the Turtle, 10 percent on the Hare, 8 percent on the Ultrasmart, and 10 percent on the Ultrafast.
The daily maximum drawdown on the Turtle is 2.5 percent. It’s 5 percent on the Hare, and it’s 5 percent on the Ultrafast, and it’s not applicable on the Ultrasmart as I think they use the maximum drawdown. Profit share percentage. Traders with Edge, you keep 80 percent of the profits. So if you make $10,000, you keep $8,000 of it. With Ultra Capital Ultrasmart, it says up to 65 percent. You actually start on 50 percent profit share, and then over time, if you meet the milestones, they’ll increase it up to 65 percent. With the Ultrafast account, you start with 60 percent profit share, and then they’ll increase it up to 80 percent as long as you’re meeting those milestones. Traders with Edge, you keep 80 percent straight out of the gate. Minimum trading days for phase one is minimum 10 trading days for both the Traders with Edge accounts and for the Ultrafast account. And the minimum trading days for the Ultrasmart is minimum 30 trading days.
Minimum trading days for phase two is not applicable for both the Turtle account or the Ultrasmart account, because they’re one phase challenges, so you’d already be on a live funded account by that time. Minimum trading days for the Hare account is 10, and the minimum trading days for the Ultrafast is 20. The trading period is 365 days for the Turtle. So you’ve got a full year to pass that. Thirty days for the Traders with Edge Hare, and 30 days for the Ultrafast. And you’ve got 180 days to pass the Ultrasmart. The trading period for phase two is only applicable to the Traders with Edge Hare and the Ultra Capital Ultrafast. You’ve got 60 days to pass the phase two trading period. Can you hold over weekends? Yes, you can hold over weekends for all except the Traders with Edge Hare account.
Can you use EAs? Yes, you can, to all of them. At Traders with Edge, we say just seek approval first if you’re using a fully automated trading robot, because every prop firm has the rule that says you cannot trade exactly the same trades as someone else. So if you’ve gone to a marketplace and purchased a robot, and someone else is already trading with that prop firm with that robot, what will happen is, you might pass the prop firm, and then you go on and you’ll lose your account because you’ve traded with the same strategy as someone else. That’s why we say, if you’re using a fully automated robot, contact us first, and we will review it, and then we’ll let you know if someone else is using that strategy or not, and if you can use it. I want to point out here, though, that you can use trading EA as a trading assistant that can manage your trades.
It will help you to calculate the position size. Maybe you’ll manually enter using the EA. It will manage your trades. It could help you exit the trades and do a bunch of other stuff. That’s completely fine. We actually recommend that you do use a trading assistant tool, because it’ll help you be more accurate and it can monitor the trades while you are not around. Do they allow signals? Yes, all accounts allow signals. Are you allowed to trade news? Yes, you can, to all accounts. Do you get a free retry? You don’t get a free retry on the Turtle account or the Ultrasmart account. The reason being is because you’ve got so long to pass the challenge, it doesn’t make sense that you get a free retry. With the Hare account and the Ultrafast account you do get a free retry. Typically how it works is, if the trading period finishes, so if you’ve got 30 days to pass and the time expires, but you are in profit and you haven’t violated any rules, then you’ll get issued a free retry.
That’s what we do at Traders with Edge. Can you trade Forex? Yes, you can on all accounts. Can you trade digital currencies? You can on all accounts except the Ultrasmart. Can you trade commodities? Yes, you can on all accounts, although you’ve got to pay extra on the Ultrasmart account. Can you trade indices? Yes, you can on all accounts except the Ultrasmart. Can you trade share or stock CFDs? You can on Traders with Edge, both accounts, but you can’t at Ultra Capital, either account. Do they have trading competitions? Yes, Traders with Edge has competitions. So you could go to the website, you could enter into competition, doesn’t cost any money. You can trade against other traders, and then the top traders get awarded a challenge account. Do you have giveaways? Yes, Traders with Edge has giveaways. It seems like, at this time, Ultra Capital does not. An example of a giveaway that we had recently is, you could enter your name and email to enter the draw to win one of three $50,000 prop challenge accounts.
Now, this giveaway might not be still available by the time you watch this video, but it’s an example of what we run from time to time. Do they have trader education? Yes, traders with Edge has education. It seems like Ultra Capital does not. Do they have an affiliate program? Traders with Edge has an affiliate program that pays up to 20 percent of the lifetime of the client. What lifetime means is, if you referred someone today and they purchased in six months time from now, we’ll still pay you a commission for referring that person. If that person purchases again in two years’ time, well, we’ll pay you a commission again for referring that person. So, it’s kind of like having a passive income stream. Ultra Capital pays fixed 5 percent on any referrals. So that concludes our Ultra Capital Alternative and Comparison. If you’ve got any questions, please visit the website traderswithedge.com and talk to us on live chat, join the Telegram channel, or leave a comment below the video. Have a great day.
Ultra Capital is a wholly owned Australian Fintech & Derivatives Trader Recruitment Company registered and in compliance by the Australian Securities and Investments Commission (ASIC) under the Australian Corporates Act (2001) and guarantees its services through Australian Consumer Law (ACL).
Based in Sydney, Australia, Ultra Capital’s goal has always been to disrupt the traditional funding industry whilst empowering retail traders to achieve their goals. Ultra Capital Fund, is Built by Traders, run by Traders and is solely focused on finding, recruiting, and endorsing quality trading talent to sophisticated and institutional investors.
Dissatisfied with the options for funding on the market, they set out to engineer a commercial outcome that aligned with genuinely finding and hiring traders based on their qualities, their talent and their ability to perform within an investor guided transparent platform.
They are motivated to create a funding program that rewards traders for all the right reasons and produces long term career minded traders with a genuine desire to find financial freedom.
The program then uses its systems and analytics to endorse and present reliable results to sophisticated investors, introducing them to quantitative-driven investment options.
They have a vision to grow into a self-sustainable, reliable pool of combined global trading quality that empowers and enriches everyone.
They are headquartered in Level 2, 23 Foster Street Surry Hills, NSW, Australia 2010.
