During the evaluation phase at Phidias Propfirm, we carefully monitor your performance and apply risk management mechanisms to help you succeed as a trader. Here's how we manage authorized drawdown and trailing end of day to give you the best possible trading experience:
Authorized drawdown management: Your authorized drawdown is calculated at the end of each trading day, and this calculation does not change during the day. However, if your balance reaches and exceeds the value of your drawdown limit, you will be liquidated. You can monitor your results at any time using your Rtrader Pro trading dashboard (Account Balance column). When your account balance reaches a new profit peak at the end of the trading day, the drawdown is calculated taking into account only the profits made at that time, excluding any unrealized profits you may have made throughout the day.
Trailing End of Day: Trailing end of day involves automatically adjusting the daily stop-loss level as your capital moves upwards. The daily stop-loss level is adjusted at the end of each trading session, which ends at 22:00 UTC+2. For example, if your starting capital is $50,000, you will be entitled to a stop-loss of $2,500 for the day. You can't go below $47,500 in capital, or you'll be liquidated. If you end the day at +$500 profit, your stop-loss will be automatically adjusted to -$2,500 against your new balance at the end of the day, bringing your liquidation price to $48,000 instead of $47,500. This process repeats itself if you continue to make gains on subsequent days.
On challenge accounts, the Drawdown EOD always persists until the end of the evaluation, i.e. for a 50K account you will always have a maximum authorized loss of $2500, and for a 100K account you will always have a maximum authorized loss of $3000.
For funded accounts, your Drawdown EOD stops at $50,100 for a 50K account and $100,100 for a 100K account. In other words, once the Drawdown EOD reaches these limits, it will no longer follow if you continue to make gains on your accounts.
Please note: Your liquidation price remains fixed for the day if your liquidation amount is $47,500 at the start of the day. Regardless of the gains you make during the day, you will not be liquidated until your capital reaches this $47,500 limit. For example, if you start your day with a capital of $50,000 and your account liquidation value is $47,500, even if you make a $1,000 profit in the morning, your EOD stop loss for the day will remain set at $47,500. This gives you a maximum loss of $3,500 for the rest of the day.
At Phidias Propfirm, we put these mechanisms in place to help you manage risk while providing an opportunity for growth as a trader. Our aim is to support you on your trading journey.