Prop Glossary

Term	Meaning
Challenge phase	A 2-Step or 1-Step stage in which the trader meets requirements to qualify for a funded account. Instant has no challenge phase.
Challenge account	The account used during a challenge. Its profits cannot be paid out.
Funded account	An account traded under the product rules. Eligible profits may be requested under the profit share rules.
Account size	The reference amount for trading limits, targets, and loss limits. It is not an equal amount of capital deposited by the trader.
Balance	The account amount after settlement.
Equity	Balance plus unrealized P&L on current positions.
Realized P&L	Settled trading gains or losses; trading and funding fees affect the net result.
Unrealized P&L	Gains or losses on open positions, affecting current equity and applicable loss calculations.
Notional value	The value of an order or position calculated at its execution price.
Valid trading day	A UTC+8 calendar day meeting the product's applicable executed notional value and other conditions.
Maximum daily loss	The daily loss limit for 2-Step and 1-Step. Instant has no daily limit.
Maximum account loss threshold	The equity level at or below which the overall loss rule is triggered. Instant's threshold changes and becomes fixed at the 5% profit milestone.
Payout	A request for the eligible share of funded account trading profits. Account size itself cannot be withdrawn.

For product percentages and payout conditions, see Product Comparison and Key Parameters and the relevant product's Plans and Core Rules.