Every answer here is written against the rules Phoenix Trader Funding actually enforces, and is revised when those rules change. Where a Phoenix Labs experiment happens to be built around the rule in question, the page says so underneath the answer.
Evaluation rules
- How does a reset work on a prop firm evaluation, and when can you use one?A reset restarts a failed evaluation from the beginning, under the same rules, so the trader can attempt it again. At Phoenix Trader Funding a Classic, Daily or Spark eva…
- How long does it take to get funded as a futures trader?There is no fixed answer, because the only hard clock on an evaluation is a minimum rather than a deadline. A Classic or Daily evaluation asks for two trading days before…
- How do you get funded as a trader, and what happens at each stage?You get funded by passing an evaluation, clearing a short review, and then trading a simulated funded account well enough to earn payouts from it. Phoenix Trader Funding …
- What is a consistency rule at a prop firm, and when does it apply?A consistency rule caps how much of your total profit a single trading day is allowed to represent, so one outsized session cannot carry an entire account. It is written …
Account rules
- How do futures traders manage risk to stay funded?Futures traders stay funded by managing risk against the rules that can end the account, not against a profit number. That means sizing each position from the room left a…
- Can you hold a position overnight on a funded futures account?No. A position has to be closed before the trading session ends, on every Phoenix Trader Funding account type and at every stage, and the same applies across the weekend.…
- What does it mean when a prop firm account is breached, and what happens next?A breached account has broken a hard limit of its program, so it can no longer be funded or pay out. The usual cause is the trailing drawdown. On a Classic or Spark evalu…
Drawdown rules
- What is an intraday trailing drawdown, and how is it different from end of day?An intraday trailing drawdown is a loss limit recalculated continuously while you trade, so the highest value your account reaches at any moment of the session, open prof…
- What is a trailing drawdown, and how does it move as you trade?A trailing drawdown is a loss limit that follows your account's highest balance upward instead of sitting at one fixed level. Every Phoenix Trader Funding evaluation uses…
Payout rules
- Why is some of the profit in a funded account not withdrawable yet?Three separate mechanics sit between profit in a funded account and money you can request: a locked buffer that never becomes withdrawable, a maturation clock on families…
- How do payouts work on a funded futures account, and when do you get paid?A payout is a withdrawal of profit from a funded simulated account. On a Classic or Spark account at Phoenix Trader Funding you first build a set number of counted days, …