How the Diamond Hands Evaluation Works
How to qualify
Trade a minimum of 5 days. Hit your profit target. Don't hit your end of day trailing drawdown or daily loss limit. Don't trade more than allowed contracts. Do all that and you will be assigned an Elite account within 72 hours and be on your way to earning real money.
Diamond Hands Evaluation Product Rules
Below is an explanation of Diamond Hands evaluation rules.
Max Trailing Drawdown
How does the trailing drawdown work in Diamond Hands evaluations?
A In your evaluation account your drawdown trails your highest end of day balance. You also have an intraday daily loss limit calculated from the prior day's ending balance.
Be advised that any losses incurred from open positions will affect your daily loss limit. This means that if an open position dips your account balance below the daily loss limit, intraday, you will fail the evaluation.
Example: You start with an account balance $50,000 and your max drawdown is $2,000 (minimum EOD account balance of $48,000). If you trade and end the day with a profit of $1,000 your minimum account balance moves up to $49,000. If your account at any point during the day reaches the daily loss limit you fail your account.
How does the end of day trailing drawdown work in Elite (qualified) accounts?
A In your Elite account the drawdown trails your highest end of day balance until you have earned realized profits equal to max drawdown +$100; then you will no longer have a daily loss limit and your drawdown never moves again. At this point, the starting account balance +$100 becomes your minimum allowable balance in your Elite account; do not let your account balance fall beneath this static level or you will fail.
Here is a working example of the EOD Drawdown. You can see that on Day 8, the EOD balance has fallen below the Trailing EOD Drawdown and has failed. If at any time during these days, the PNL (realized and unrealized) reached the $1,100 daily loss limit, the account would also have failed.
| Day | Beginning Balance | Trailing EOD Drawdown | Remaining EOD Drawdown | Day PNL | EOD Balance | Daily Loss Limit Trigger |
|---|---|---|---|---|---|---|
| 1 | 50,000 | 48,000 | 2,000 | 550 | 50,550 | 48,900 |
| 2 | 50,550 | 48,550 | 2,000 | (250) | 50,300 | 49,450 |
| 3 | 50,300 | 48,550 | 1,750 | (500) | 49,800 | 49,200 |
| 4 | 49,800 | 48,550 | 1,250 | (800) | 49,000 | 48,700 |
| 5 | 49,000 | 48,550 | 450 | 1,800 | 50,800 | 47,900 |
| 6 | 50,800 | 48,800 | 2,000 | (900) | 49,900 | 49,700 |
| 7 | 49,900 | 48,800 | 1,100 | (800) | 49,100 | 48,800 |
| 8 | 49,100 | 48,800 | 300 | (400) | 48,700 | 48,000 |
The daily loss limit resets daily based on the prior day’s EOD balance. It simply trails the prior day’s balance and does not change intraday. If you are profitable intraday, your daily loss limit trigger remains the same. Using Day 2 as an example, your beginning balance is $50,550 and your daily loss trigger is set at $49,450. If during day 2, you have intraday profits of $1,000 so that your balance is at $51,550, your daily loss limit trigger remains at $49,450. At this point, you would have to lose $2,100 to trigger the daily loss limit.
Holding trades overnight
Am I allowed to hold trades overnight?
A YES! You are allowed to hold overnight and weekends!
Minimum of 5 trading days
What is the minimum amount of trading days I need to qualify?
A You must have a minimum of 5 days traded and have reached your profit target to qualify for an elite account.
Details on trading days
What qualifies as a trading day?
A Any day you place a trade qualifies. Sunday and Monday are counted as the same trading day.
Does Sunday count as a trading day?
A No. Sunday evening and Monday are counted as the same trading day.
Is there a maximum number of days to hit my profit target?
A No, you may take as many days as you need to hit
your profit target*. There is no maximum. You will continue to pay the evaluation auto-renewal price every 30
days until you either cancel the eval account (irrespective of failures) or reach the profit target to get
funded.
If you have not failed your evaluation, your current profit and the remaining drawdown will carry over once your
monthly renewal payment successfully processes.
*Fast track accounts are the only exception and have a maximum of 14 calendar days, or 10 trading sessions, to reach the eval profit target.
Can I trade on holidays and during news?
A Yes. Just know during these events volatility can be very low or extremely high and can wipe an account out quickly if risk management is not applied.
Maximum Account Positions
How do the maximum account positions work?
A You are not allowed to have more than the maximum allowed positions open at any time. Doing so will result in a failure of your evaluation or Elite account. Going over your max allowed positions in your Elite account will result in a forfeit of profits with account closure. 10 micros counts as 1 mini.
Legend:
1 mini = 1 "position"
10 micro = 1 "position"
Example: An account with a maximum open positions of 3 minis, 30 micros or 3
small will be used for this example.
Allowed: 2 mini, 10 micro
Not Allowed: 2 mini, 20 micros (20 micros is equivalent to 2 "positions" putting this at 4 total
positions. 1 more than the 3 allowed.).
Not Allowed: 3 mini, 600 micro (9 total "positions")
What contract expiration can I trade?
A You agree to trade the highest volume, most current contract for the instrument you are trading. Trading low liquidity and low volume contracts is not allowed.
I qualified. Now what?
A There is no need to email us. We will reach out to you within 72 hours for the next steps.
Please see the Elite Account rules: Click here to see the rules.
