Turtle - 1 Phase Challenge

The profit target on the stage 1 account is reached when the account equity reaches 10% gain above the initial starting equity.

There is no profit target for stage 2 funded accounts.

You are able to remove your Daily Drawdown limit by purchasing the customization.

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 2.5% on the Turtle account then the lowest  your equity can reach is $106,000 – $2,650 = $103,350.

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. Instead you moved your stop-loss to breakeven. 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 (2.5% 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 the maximum your account can drawdown from the highest balance.

For example, if you have a $100,000 account and make $5,000 in closed profits on your account. Your High-Water Mark is now $105,000.

Your account’s minimum equity is calculated by $105,000 minus the maximum drawdown percentage. $105,000 – 5% = $99,750 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 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.

The maximum time to complete the Turtle Challenge is 365 days.

If the profit target is not reached within this time the account will be closed as failed.

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 – can not use one big trade to pass the profit target then minimum lot size to pass the min days. The lot size deviation can not be more than a factor of 5. Example 1) If your smallest lot size is 1 and the largest is 5 okay. Example 2) If the smallest lot size is 0.10 and the largest is 5, not okay.
• Taking advantage of the demo environment is also not permitted.

For funded accounts only, a visible stop-loss is required with every trade.

If you enter a trade without a stop-loss then our software will automatically close out the trade at the current price. 

This will most likely result in a small loss, and you will receive an email from us notifying you of the fact the trade has been closed.

Not placing a stop loss is a soft rule and will not result in you losing the account.

For funded accounts only, there is a maximum position size of 2%. If a position is opened that is greater than 2% risk per trade it will be automatically closed.

Maximum total open risk equal to the Max Drawdown. If the Max Drawdown on the account is 10%, the trader can not open more than 10% risk.

Example if there are 5 trades with 2% risk each, another trade can not be opened until one of the trades has been closed, or when the stop-loss is moved to breakeven on one of the other 5 trades.

In the event that you put on too many trades with risk, then our system will liquidate the latest trade placed.