Evaluations and accounts
Consistency rule
A rule capping how much of an account's total profit may come from a single trading day. It stops one outsized day from carrying an otherwise flat account through an evaluation.
GFN’s figure
Only the GFN 2 Step has a consistency rule: no single trading day may account for more than 35% of total profit. Instant and the 1 Step have none.
- InstantConsistency rule
- None
- 1 StepConsistency rule
- None
- 2 StepConsistency rule
- 35% of total profit, maximum, in one day
In detail
Consistency rule,explained
Consistency rules are the most frequently misread rule in prop trading, because they can be satisfied and then broken again by a later good day. The metric is a ratio, so it moves whenever either side of it moves.
Where a best day is over the cap, the usual remedy is to keep trading and grow total profit until that day's share falls back under it - not to stop, and not to take a deliberate loss.
Worked example
If your best day on a 2 Step account made $4,000, total profit has to reach about $11,429 before that day represents 35% or less. The dashboard calculation is the official metric.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
Minimum trading days
The number of separate days on which an account must trade before an evaluation phase can pass. Some firms also require a minimum profit on each qualifying day for it to count.
Two-step evaluation
An assessment split into two phases with separate profit targets. The first phase proves the strategy, the second - usually at a lower target - checks it repeats before the firm issues a simulated funded account.
Profit target
The virtual gain required to pass an evaluation phase, stated as a percentage of the starting balance. It is the only objective you have to reach; every other rule is something you have to avoid.
Pass rate
The share of purchased evaluations that reach a funded account. Industry figures are usually low single digits, and almost every published number is unaudited and defined differently by whoever published it.
Evaluation
The assessment stage of a prop programme, traded on a simulated account. Profits made during an evaluation are simulated results used to decide whether you pass; they are not withdrawable.
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