Evaluation Fundamentals
The phases of a simulated evaluation, the objectives at each stage, and how Qualified Account eligibility and Participant Rewards may apply after qualifying.
A simulated evaluation is a structured assessment designed to evaluate a participant's discipline, risk management, and consistency in a simulated trading environment before the participant may become eligible for a Qualified Account. It is not a brokerage account, investment product, asset management service, or guaranteed income opportunity. It is an assessment process built around defined objectives and program rules.
Most evaluations are organised in one or more phases, each with its own profit target, drawdown limits, and minimum trading days. A participant typically advances from one phase to the next by meeting the profit target without breaching the daily loss limit or maximum drawdown. The number of phases and the specific objectives depend on the program selected.
Common objectives include reaching a profit target measured against the starting simulated balance, maintaining account equity above the daily loss limit, staying within the maximum overall drawdown, and trading on a minimum number of days. Some programs also include consistency rules to discourage outlier days that may distort the assessment.
Once the evaluation objectives are met, a participant may become eligible for a Qualified Account that uses virtual capital in a simulated environment. Eligible simulated gains in a Qualified Account may be used to calculate Participant Rewards according to the program terms. The reward percentage, payout schedule, and eligibility conditions depend on the program rules.
An evaluation is not live trading and does not provide a brokerage account, client account, or live trading capital. It does not guarantee Qualified Account eligibility, Participant Rewards, ongoing income, or specific results. The simulated environment is designed to closely mirror real markets, but execution, spreads, and conditions in any simulated platform may differ from live markets.
A consistent approach generally combines a defined trading plan, position sizing aligned with the daily loss limit and overall drawdown, and patience around scheduled news events. Treating the evaluation as a discipline assessment, rather than a rush to the profit target, typically aligns better with the program's objectives.
Select your evaluation account to apply these concepts in a simulated evaluation program built around discipline, consistency, and risk management.