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Earn2Trade - Orianna Foucault (Director of Support) - Ask Me Anything (AMA)
The EOD Drawdown rule states your minimum account balance is updated at the end of the day, which means the minimum balance your evaluation account can reach is updated based on your daily profits at the end of each trading day.
As an example, on a 25K Trader Career Path, your starting balance is $25,000 and your minimum account balance is $23,500. If you did $500 in profits on the first day, on day number two your balance would be $25,500 and your minimum account balance would increase to $24,000.
If after a couple of days of non-profitable trades those profits turn into losses, and you suddenly find yourself with a balance of $24,700, your minimum account balance would still be $24,000 since as we mentioned the EOD Drawdown will only increase with your positive performance, and it does not decrease with losses. After this, you'll find yourself $700 away from reaching your minimum account balance.
If your minimum account balance is met at any point during a trading day, you'll fail your evaluation account and any positions you have open will be terminated.
I hope this helped, please let us know if you have further questions.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
A question for E2T. I am currently doing the TCP50 eval. I only use NinjaTrader for order entry, I do not need it for charting as I use TradingView for that. Once I move onto a live account, will I be required to pay the $105/mo data fee if I do not need live charting data and only need to use the platform for order entry?
Hello, hopefully you see this. On a funded live account, are orders sent to the broker/exchange? If I enter a position and then place a stop order, walk away from the computer, and my internet goes down, will the stop execute? The eval and LiveSim require constant internet connection as the orders require the platform open in order to execute. My question is, with the funded live account, are orders actually sent to broker/exchange and will active/accepted orders execute in the event of the platform losing connection?
And a second question. For the live accounts in the TCP, does the live trailing drawdown stop trailing once it reaches the starting account balance? Now that you've changed the gauntlet mini to an EOD drawdown, do you plan to do the same for the live accounts in the TCP?
Yes, on Live accounts your orders and positions are sent to the broker and consequently to the exchange. If you plan on leaving stop and limit orders open when you are not around, we recommend contacting your platform to learn how and when they trigger.
Keep in mind, OCO orders are usually automated stops and limits that are placed immediately as you enter a trade. When you place this sort of order, if the limit gets triggered, the stop should be canceled. However, in some platforms, if the platform is closed, then the stop won't be canceled, and it'll remain open until they cancel it manually, or it gets filled. This is the case with NinjaTrader.
As for your second question, yes, EOD Drawdown or Trailing Drawdown stop trailing once the minimum account balance reaches the account starting balance, for a 50K Gauntlet Mini, the drawdown will stop trailing once $48,000 increases to $50,000.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
During the evaluation stage, you need to use the data provider that we offer.
Once you are in the live account this changes, you are able to use your own data feed as long as it's professional but only for charting, execution has to be done through the prop firm's data feed.
This execution fee has no cost, and you will only be able to place your positions through it.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
