Set your prop firm rules

A prop firm is a company that lets you trade its money after you pass its test. It has strict rules, and breaking one usually ends the account. Open Guards, pick the account, and choose your firm's rules. From then on, FxMind checks your account against those limits as prices move and warns you before you break one. Saving rules needs a plan that includes Guards; if yours does not, the page says so and shows the plans.

Rules it checks

• Daily loss limit. The most you may lose in one trading day.
• Total drawdown. Drawdown is how far the account has fallen from its starting or highest balance. Some firms use a fixed limit from the start (static). Others move the limit up with your highest balance (trailing).
• News rule. No new trades for a set number of minutes around the biggest news releases.
• Lot cap. A lot is the unit for trade size. The cap is the largest size you may hold.
• Weekend rule. Whether trades may stay open over the weekend.

Pick your firm and check the numbers

1. 1Open your firm's rules page and keep it next to FxMind.
2. 2Open Guards. If you linked more than one account, pick the Account at the top.
3. 3Choose your Firm. Use Search firms if the list is long.
4. 4Choose your Account type (the product you bought, for example 2-Step or Instant), then the Phase (for example Evaluation or Funded), then the Size you bought.
5. 5On the Check step, read each rule FxMind copied from the firm's public pages. Rules marked unclear come first. Compare every number with your firm's rules page, because firms change their rules and your account stage may differ.
6. 6Press Save these rules. Read the short text, tick I have read this. I will check every rule against my firm's own rules., then press Save rules.

When it warns you

You get two warnings on the way to a limit: the first when you have used 70% of it, the second at 90%. You can change those two numbers in a rule, under Warn me at. Example: your daily loss limit is $500. You are down $360, which is 72% of the limit. The first warning tells you $140 is left. At $450 down (90%) you get the second one. If you reach the limit, an alert goes out at once and the rule shows Limit reached.

First warning

70% of the limit used (you can change it). Shows what is left

Second warning

90% of the limit used (you can change it)

Act at

Guarded link only, in a rule. For example, close everything at 95%

Limit reached

Alert at once, marked in your journal

Letting it act for you

With a read-only link, FxMind only warns. With a guarded link and your permission, you can set a rule to Ask me first or Act at once at a level you choose, so the account survives the day. The same modes and the spread limit work as in News Guard. The steps are in guard actions: permission and receipts. Giving permission needs two-step sign-in.

To change a value later, press Change rules on the Guards page, open the rule and press Edit. To go back to the firm's number, press Use the firm's values.