Evaluations and accounts
Phase one
The first stage of a two-step evaluation, carrying the higher of the two profit targets. Clearing it without breaching a risk rule moves the account to phase two rather than to a funded account.
Also called: Step 1 · Phase 1
GFN’s figure
Phase one of the GFN 2 Step is a 8% virtual profit target - $8,000 on a $100,000 account - against the same 8% non-trailing floor that applies in phase two.
- 2 StepPhase 1 target
- 8%
- 2 StepMinimum trading days
- 3, with 0.5% profit ($500 on $100,000)
- 2 StepCarried into phase 2
- Nothing - phase 2 restarts from the starting balance
In detail
Phase one,explained
Phase one is the larger climb, and the one most traders plan for. It is also where the drawdown structure reveals itself: a fixed floor is at its tightest here, before any profit has been banked.
Trading should stop once the dashboard confirms the phase is complete. Continuing to trade a passed phase adds risk to an objective that has already been met.
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.
Phase two
The second stage of a two-step evaluation, usually at a lower profit target than the first. It exists to check the result repeats, and it is where a large share of otherwise successful attempts fail.
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.
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.
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.
Also governed by /rules/profit-target
Ready when you are
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