Greetings Traders and welcome back, Chris here as always.
Today I'm here to tell you about one of the rules that you'll need to understand
if you plan on passing the Gauntlet Mini.
That rule is the daily loss limit.
this is quite literally a maximum amount of money
that you can lose in any given day.
now while we're on the subject of talking about "day"
the day that we're referencing to is going to be a CME exchange-traded day
so that's going to be 5:00 PM central time to 5:00 PM central time.
That's when it's calculated.
The next thing that we should understand about the daily loss limit is
it's going to be different for each account size.
So let's scroll down the page here and take a look at what I'm talking about.
As we work away to the account types, you'll notice
that there's a 25,000; 50,000; 75,000; 100,000; and 150,000 dollar account option,
and with each of these as you go down the left-hand column
there's something that says daily loss limit this is going to be the
area where we're going to find the maximum amount of value our accounts can lose
in order to retain our trading account. With the 25,000 account, it's going to be
the smallest amount of money because it's the smallest account size naturally
and it's $550 as we can see here and as we work our way over to the $50,000 account
that's a very exaggerated black line but that is eleven hundred dollars
so now we're already jumping up quite heavily and as we continue to climb
the 75,000 is going to be 1,750 then the 2,200 is gonna be applied with the 100,000
and then finally the big daddy $150,000 account has a daily loss of $3,300.
So each of these numbers respectively will be the maximum amount of money
that we can withstand losing underneath that amount
in order to keep our accounts going in order to keep our accounts ours
or unfortunately, we'll have our accounts pulled away from us
and no one wants that so what we need to do is realize
that the daily loss limit is calculated based on both open and closed positions.
So this is realized and unrealized profit. It's important to understand because
this means that we can't just simply let a trade drawdown extremely heavily
and not worry about hitting the daily loss limit because in fact, we will hit the daily loss limit
and we can lose our trading privileges.
If you're worried about having to remember all of this information
don't worry; you can always return to this page here to see all of the different account options
and find your daily loss limit for your respective account, and if you want to
remember, how is the daily loss limit calculated
if we scroll down the page and click on the daily loss hyperlink
it will take us to the faqs page and here it will tell you that your daily loss
is based on your profit and loss calculated between 5:00 PM to 5:00 PM central time
like we already discussed. It also gives you a nice little bit of inside information
and lets you know that if you are using RTrader's pro dashboard
you can actually see it in the PnL column because it's integrated in there
but that's only for those of you using RTrader Pro.
Now, if you're ready, there's only one thing left to do.
it's time to get after it and it's time to pass the Gauntlet Mini.
Good luck, happy hunting, go kill those trades