Which trading strategies are prohibited?

Phoenix Labs accounts are built for traders who manage risk, not for repeated attempts at one outcome.

Prohibited

• Account rolling or account stacking. Buying, resetting or rotating through accounts one after another, each one risked in full on the same kind of bet, until one of them hits. Holding several accounts is allowed. Using them as repeated attempts at one outcome is not.
• Martingale or loss recovery across accounts. After an account is stopped out, re-entering the same trade on another account, or trading bigger on the next account to win back what the last one lost. This covers your Labs accounts, your other Phoenix accounts and accounts at other firms.
• Hedging. Holding opposing positions at the same time, on two Phoenix accounts or across two firms, so that one side always wins. Hedging forfeits the account and can exclude you from every Phoenix service.
• Trading an account that is not yours, or letting anyone else trade yours.
• Exploiting fills. Trading on differences between the fills your account reports and exchange time and sales data.

How trades are judged

Passes and payouts are reviewed against the trades themselves: how long each position was held, its size, how size changed from one account to the next, whether protective orders were used, and what your other accounts were doing at the same time. One losing trade is not a breach. A run of accounts each decided by a single maximum-risk trade is.

What happens

• An evaluation passed with a prohibited strategy is not approved, and the account is closed.
• A payout request built on prohibited trades is refused.
• The funded or Instant account is closed, and further purchases from you can be refused.