Take a $50K One Step evaluation. Four published figures decide the account: a profit target of $3,000, a Maximum Loss Limit of $2,000 on an EOD Trailing basis, a Daily Loss Limit of $1,250, and a Maximum Position Size of 4 Mini | 40 Micro.
The position cap is the one that surprises people, because it is a cap on size rather than on risk. 4 Mini | 40 Micro means exactly that — you may hold four E-mini contracts at once, or forty Micros, or any mix that adds to the same exposure, since ten micros equal one mini. It applies to what is open at the same moment, so closing one contract frees room for another. Going over it once is a warning; a second time puts the account under review.
Put the exchange's own tick values against that cap and the risk becomes concrete. Forty Micro E-mini S&P contracts move $50 a tick between them, because one Micro tick is $1.25. Against a $2,000 Maximum Loss Limit, that is forty ticks of room at full size — which is the number that should decide whether you trade the cap or a fraction of it.
The Maximum Loss Limit is EOD Trailing: it is recalculated at the close of each session against that session's ending balance, and it never moves back down. Make money on Monday and Tuesday's floor is higher. It stops trailing once the floor reaches your starting balance, and from that point the floor is locked there. Reaching it ends the account.
The Daily Loss Limit is soft. Lose $1,250 in one session and trading stops for the rest of that day, but the account stays open and trades again at the next session. There is no consistency rule and no minimum number of days in the evaluation, so it can be passed in a single day, and news trading is allowed. Positions are never held overnight: anything open at 3:55 PM CT is closed.
Funded, the split is 90/10 and a 40% consistency rule applies. A payout needs 3 days of $125 or more per payout (+0.25% of the starting balance) and a balance above the $2,000 (balance stays above $52,000) Profit Buffer plus the Minimum Profit Goal, $500 above the profit buffer, before every payout (1% of the starting balance). Each payout is at least $500 before the split and at most $2,000 on the first payout, then $2,500, before the split. Payouts are on demand.
$50K One Step
The four figures that decide the account, to scale.
Profit target$3,000
Starting balance$50,000
Daily loss limit (soft)$1,250
Maximum loss limit$2,000 · EOD Trailing
Max contracts4 Mini | 40 Micro
Profit split90%
Consistency, funded40%
Profit buffer$2,000