Funded Elite is the first prop firm to offer the “second chance” feature for free to every participant, applicable exclusively during the evaluation phases of Standard Challenges (either 1-Step or 2-Step), and just once per challenge bought. If you breach your account during the first or second phase, you can start again fresh from the first phase. However, this second chance is not available during the elite/live trading phase. Each challenge you purchase includes this unique benefit, emphasizing our commitment to supporting and educating our traders.
Adjustments to Challenge Limits:
Two-Step Challenge Accounts:
Daily loss limit adjusted from 5% to 3%.
Total allowable drawdown remains unchanged.
These limits will apply during subsequent phases and the live stage.
One-Step Challenge Accounts:
Total allowable drawdown adjusted from 8% to 6%.
Daily loss limit remains unchanged.
These limits will apply during subsequent phases and the live stage.
Live Stage Adjustments:
In second chance accounts, the first payout during the live phase is reduced to 50%, compared to the standard 80% (or 95% with addons).
Example 1: Two step
If you start with $100,000, the daily drawdown limit will be $3,000 instead of $5,000,
while the total drawdown limit remains $10,000 on the new account.
Example 2: Two step
Trader breaches during the second phase. They receive a second chance account starting from phase 1 with a 3% daily drawdown. If they pass phase 1 and move to phase 2, the second phase will also have the 3% daily drawdown. Upon reaching the live stage, the adjusted drawdown limits will continue to apply.
Example 3: Utilizing Second Chance
Trader breaches their account during the first phase. They automatically restart from
the first phase with adjusted drawdown limits.
Example 4: Not Available in Live Phase
Trader breaches their account during the live phase. The second chance is not
applicable, and they must purchase a new challenge.
The Second chance feature is available only with the standard 1 & 2 steps accounts, not included in the LITE challenges or the INSTANT ELITE NOW challenges