Example: If your starting balance is $100,000 of forex funding one step plan, you can drawdown to $94,000 before you would violate the Maximum Trailing Drawdown rule.
Then for example let's say you take your account to $102,000 in CLOSED BALANCE. This is your new high-water mark, which would mean your new Maximum Trailing Drawdown would be $96,000.
Next, let's say you take your account to $106,000 in CLOSED BALANCE, which would be your new high-water mark.
At this point your Maximum Trailing Drawdown would be locked in at your starting balance of $100,000.
So, regardless of how high your account goes, you would only breach this rule if your account drew back down to $100,000 (note, you can still violate the daily drawdown).
For example, if you take your account to $170,000, as long as you do not drawdown more than 5% in any given day, you would only breach if your account equity reaches $100,000. Tailing Drawdown is applied only for ( FOREX FUNDING 1&3 STEPS AND INSTANT FUNDING ).
FAQ for all your queries
- TRADING RULES
- GENERAL QUESTIONS
- CRYPTO FUNDING
- INSTANT FUNDING RULES
- FUNDED ACCOUNTS QUESTION
HOW DO YOU CALCULATE THE MAX DRAWDOWN (TRAILING)?
HOW DO YOU CALCULATE THE MAX DRAWDOWN (STATIC)?
Example, if you have a $100.000 forex funding 2 step account and the Maximum Loss Limit is 8%, your equity or balance can't go below $92.000 at any moment. Statics drawdown applies only for ( FOREX FUNDING 2 STEP & CRYPYO FUNDING 1&2 STEPS ).
IS THERE A TIME LIMIT TO PASS THE CHALLENGE?
We have no time limits for our programs. Traders may take all the time they need in order to pass the challenge. However, we want to know that traders are active. Therefore, inactive accounts for more than 30 days calendar days will expire.
CAN I TRADE DURING NEWS EVENTS?
We prohibit trading ( opening new positions ) within 3 minutes before and
3 minutes after RED Folder news releases.
CAN I HOLD A TRADE OVER THE WEEKEND?
No. All trades must be closed before 3:45 pm EST on Friday. Any open trades after this time will be automatically closed. Note that this is considered a soft breach, and you can continue trading once the markets reopen. However, you can choose to add on the “Trade On The Weekends” option for an additional cost due to the higher risk involved. Its allowed to hold the positions in crypto only plan.
WHAT IS THE DIFFERENCE BETWEEN A HARD BREACH AND A SOFT BREACH RULE?
Soft breach means that we will close all trades that have violated the rule. However, you can continue trading in your Assessment or Funded account.
Hard breach means that you violated either the Daily Loss Limit or Max Trailing Drawdown rule. Both rules constitute a hard breach. In the event you have a hard breach, you will fail the Assessment or have your Funded account taken away.
IS THERE A BREACH FOR INACTIVITY?
Yes. We will consider you inactive and your account will be breached if you do not have any trading activity on your account for 30 consecutive days.
IF I HAVE A HARD BREACH IN MY FUNDED ACCOUNT AND THERE ARE GAINS IN THE ACCOUNT, DO I FORFEIT THOSE GAINS?
If you have gains in your funded account at the time of a hard breach, you will still receive your portion of those gains.
For example, if you have a $100,000 account and you grow that account to $110,000. Should you then have a hard breach we would close the account. Of the $10,000 in gains in your funded account, you would be paid your portion thereof.
WHAT HAPPENS IF I VIOLATE A RULE?
If you violate a daily drawdown or max drawdown rule, your account will be automatically breached by our evaluation technology and placed into read-only. Your dashboard will indicate this violation by changing the account status to “Failed.” To get another chance at the evaluation, you must purchase another account on our website. If any violations are found upon passing the evaluation, such as a breach of our Terms of Use or abuse of the trading environment, a member of our team will contact you and notify you of the violation, and your account will be manually breached and placed into read-only. The account status will change to “Failed,” and to get another chance at the evaluation, you must purchase another account on our website.
WHAT IS PIP STRATEGIES?
Pip Strategies is a prop firm company, your gateway for Forex and Crypto Trading Capital
HOW CAN I CONTACT YOU?
Contact us via the contact form on our website or email at support@pipstrategies.com
WHEN DOES PHASE 1 EVALUATION BEGIN?
Your evaluation starts as soon as you place your first trade.
CAN I HOLD POSITIONS OVER THE WEEKENDS?
We require all trades to be closed by 3:45pm EST on Friday. Any trades left open after this time will automatically be closed. Note, this is only a soft breach and you will be able to continue trading once the markets reopen. For crytpo its trading 24 hours is available.
CAN I USE A TRADE COPIER?
Traders are permitted to use their account as a master account, allowing them to copy their trades into their personal accounts. You can use a Copy Trade tool to manage multiple personal accounts. However, copying trades to other people’s accounts is strictly prohibited and considered a violation of the rules.
CAN SOMEONE ELSE TRADE MY ACCOUNT?
No. Only the account owner is allowed to place trades on their account. If someone else trades on your account, it will be considered a violation of the rules, and your account will be closed.
WHAT IS THE LEVERAGE?
For Forex/Metals, the leverage is 30:1, and for Indices, the leverage is 10:1. We highly recommend not risking more than 1% or 2% per trade to avoid significant losses. It is essential to control your emotions, have realistic expectations, and objectives to succeed as a trader. Also, leverage is often misused and misunderstood by traders, leading to a high rate of account burnout. However, you can choose to add on the “Double Leverage” option for an additional cost due to the higher risk involved.
HOW MANY LOTS CAN I TRADE? (Max Lots with Risk)
We no longer limit lot sizes, while there are per trade limits
( click size limits ) position sizes are limited only by
available account margin.
WHERE I CAN MONITOR MY ACCOUNT’S PROGRESS?
Once you have purchased a Challenge, you will be granted access to a trader dashboard where you can track the progress of your Challenge and Funded accounts. This dashboard is updated approximately every 60 seconds whenever we calculate metrics. It is important to keep an eye on your breach levels and monitor them regularly.
WHAT COUNTRIES CAN PARTICIPATE IN THE PROGRAM?
All countries, except OFAC-listed countries, are eligible to take part in our program.
WHAT IS THE MINIMUM AGE TO PURCHASE A CHALLENGE ?
You must be at least 18 years old to purchase a challenge.
HOW MANY ACCOUNTS IS POSSIBLE TO PURCHASE IN PIP STRATEGIES
You are permitted to purchase and participate in only one evaluation of a specific account size and a specific plan type at a time, regardless of trading platform.
• Example: You can have one 100k One Step Plan and one 100k Two Step Plan active, simultaneously. However, you cannot have one 100k One Step Plan on DXtrade and another 100k One Step Plan, regardless of platform.
WHAT IS THE MAXIMUM ACCOUNT ALLOCATION LIMITS?
A maximum allocation of up to 1 Million USD in total active evaluation accounts and up to 1 Million USD in total active funded plans per person is permitted. This can be composed of multiple assessments or funded accounts.
WHAT IS THE TRANSITION PROCESS FROM PHASE-1 TO PHASE-2?
After completing Phase 1 of the Simple Challenge, our team will briefly review your account, and you will receive login credentials to begin Phase 2 within 24 to 48 hours.
IF I DO NOT PASS THE EVALUATION PHASES, CAN I PURCHASE ANOTHER ATTEMPT?
Yes, unless you violate the Terms and Conditions.
IS THE ONE TIME FEE REFUNDABLE?
YES.. after successfully completing all required evaluation phases and receiving four rewards in their Pip Strategies funded account, a trader will be eligible for a refund of their initial registration fee. to get this refund you have to email us at support@pipstrategies.com with your account number and we only proceed the payment by cryptocurrency.
IMPORTANT:
The registration fee for the instant funding is refundable only after making 20% gains on the account and you must withdraw four consecutive payouts throughout your journey.
HOW ARE TAXES HANDLED?
When trading a Funded account, you are considered an independent contractor, and therefore responsible for all taxes on your Account Gains. We recommend consulting a professional accountant in your country regarding any tax laws that may apply to you.
DO I HAVE TO TRADE UNDER MY LEGAL NAME?
Yes. Your account must be under the same name as on your ID and payment information. We do not allow traders to create accounts under fake or alternate names. This is important as your KYC will not be approved otherwise and will cause issues when becoming funded.
WHAT IS 1 LOT EQUAL TO ON THE TRADING PLATFORM?
Forex: 1 lot = $100k notional
● Index: 1 lot = 1 Contract
Exceptions:
SPX500: 1 lot = 10 contracts
JPN225: 1 lot = 500 contracts
● Cryptos: 1 lot = 1 coin
● Silver: 1 lot = 5000 ounces
● Gold: 1 lot = 100 ounces
● Oil: 1 lot = 100 barrels
WHAT IS THE POLICY ON PROHIBITED TRADING ACTIVITY?
Please review our Terms and Conditions here, https:dashboardanalytix.com/client-terms-and-policies/?v=3cf83834396
WHAT PLATFORM CAN I TRADE ON?
Our technology is currently integrated with DXtrade, MatchTrader & cTrader platforms via Gooey Trade. Once you sign into our dashboard please check tutorial of the platform in download section.
WHAT PRODUCTS CAN TRADE?
You can trade any products streamed by the Liquidity Provider into the available platforms, as such products may change from time to time. This includes FX pairs and CFD Indices, Commodes, Metals, and Cryptocurrencies
WHAT IS THE DAILY CAP LIMIT FOR MY CRYPTO ACCOUNT?
The Daily Cap Limit is the maximum percentage of your starting balance that your crypto account can move in any given day. The Daily Cap Limit is calculated using the previous day's equity, which resets at 5 PM EST. In the event that the assets in your account move in excess of 3% of your starting balance from your previous day's equity in either direction, your positions will be closed out and your account will be locked until the start of the new trading day at 5 PM EST. Example: For a 100k starting balance account, with a 3% Daily Cap. If the account finishes the day, with Equity at 101k, the next day's limits will be 101k +/- 3k (i.e. 98k-104k
WHAT HAPPENS IF I EXCEED THE 3% CAP LIMIT?
If your account exceeds the 3% gain or loss for the day, the system will automatically disable your account for trading, closing all open trades and cancelling any pending orders. Trading will then be restricted for the remainder of the day.
WHEN CAN I START TRADING AGAIN AFTER EXCEEDING THE DAILY CAP LIMIT?
Trading restrictions will be lifted at the start of the next trading day, which begins at 5:00 PM EST, or when the account falls back into the current day's Cap Limits.
WHEN DOES MY DAILY CAP LIMIT RESET?
At 5:00 PM EST, your account will receive new trading bands based on your equity levels at the end of the prior day. The new +/- 3% Cap Limit will be recalculated and applied to your account's updated balance for the new trading day.
HOW ARE COMMISSIONS CHARGED ON CRYPTO ONLY PLANS?
Commissions or commission-equivalents may be charged in connection with your trading activity. Note that cryptocurrency trading is subject to a percentage rate of 0.05% of the total notional trade volume, charged per side ( USD amount * 0.0005).
WHAT IS THE INSTANT FUNDING PLAN?
The instant funding plans allows traders to start with a fully funded account without needing to complete an assessment.
HOW MANY INSTANT FUNDED ACCOUNTS MAY I HAVE ACTIVE AT ONE TIME ?
A maximum of $500 K in active funded plans per person is permitted.
DO I NEED TO COMPLETE KYC OR SIGN A TRADER CONTRACT TO START TRADING IN AN INSTANT FUNDING PLAN?
A trading contract and KYC are both required, however, to start trading using our instant funding plan, these steps won’t need to be complete until you request a withdrawal.
WHAT HAPPENS IF I DO NOT PASS KYC?
If you fail to pass the KYC process when requesting a withdrawal, the withdrawal will be rejected, your gains forfeited, and your account closed. We strongly encourage you to ensure you meet KYC requirements before choosing the instant funding plan.
HOW DO I WITHDRAW THE GAINS IN MY INSTANT FUNDED ACCOUNT?
Traders can request a withdrawal of the profits in their funded account through their trader dashboard at any time. However, withdrawals are limited to one request every 30 days. The minimum withdrawal amount is the greater of $100 or 1% of the account's starting balance. When a withdrawal is approved, we will also withdraw our share of the gains, and your max trailing drawdown will lock in at your starting balance. The trailing drawdown does not reset when you request a withdrawal Example: You have taken an account from $100,000 to $120,000. You then request a withdrawal of $16,000. In this scenario, you will receive $12,000 and we would retain $4,000. This would also take the balance of the account down to $104,000, and your Maximum Trailing Drawdown is locked in at $100,000. So, you would have $4.000 maximum you could lose on the account before it would violate the Maximum Trailing Drawdown rule. If you take a full withdrawal of the gains in your Funded Account, the Maximum Trailing Drawdown will lock in at the starting balance and trigger the Maximum Trading Drawdown breach rule, resulting in the forfeiture of your Funded Account.
DO YOUR ACCOUNTS CHARGE COMMISSIONS?
Instant Funded Accounts receive the same pricing and commissions as charged by our Liquidity Provider to other, self-funded, retail trading accounts.
WHERE DO I TRACK THE PROGRESS OF MY ACCOUNT?
Upon purchasing an Instant Funding Plan, you will receive access to a trader dashboard where you can monitor your instant Funded Account. The dashboards updated in near real time as we calculate your account metrics. It is your responsibility to monitor your breach levels.
DO WE MANIPULATE THE PRICING OR EXECUTIONS YOU RECEIVE IN YOUR FUNDED ACCOUNT?
No. We do not have any control over pricing from the liquidity provider or on the executions on your trades.
WHAT ARE THE RULES FOR THE FUNDED ACCOUNT?
The rules for the funded account are exactly the same as your Assessment account. However, with a funded account, there is no profit target.
WHEN CAN I WITHDRAW THE GAINS IN MY FUNDED ACCOUNT AND HOW DOES THAT AFFECT MY MAXIMUM TRAILING DRAWDOWN?
Your first withdrawal can be requested at any time. Thereafter, you can request a withdrawal of the gains in your account every 30 days. When a withdrawal is approved, we will also withdraw our share of the gains, and your max trailing drawdown will lock in at your starting balance. The trailing drawdown does not reset when you request a withdrawal. Example: You have taken an account from $100,000 to $120,000. You then request a withdrawal of $16,000. In this scenario, you will receive $12,000 and we would retain $4,000. This would also take the balance of the account down to $104,000, and your Maximum Trailing Drawdown is locked in at $100,000. So, you would have $4,000 maximum you could lose on the account before it would violate the Maximum Trailing Drawdown rule. If you take a full withdrawal of the gains in your Funded Account, the Maximum Trailing Drawdown will still lock in at the starting balance and will therefore result in the forfeiting of your Funded Account, as your balance will trigger the Maximum Trailing Drawdown breach rule. This rule is applied only for Trailing programs ( FOREX FUNDING 1&3 STEPS AND INSTANT FUNDING )
HOW LONG DOES IT TAKE TO RECEIVE MY FUNDED ACCOUNT?
Once you have completed the Trader Agreement and provided the necessary Know Your Customer documents, your funded account will typically be created, funded, and issued within 24-48 business hours.
