Criteria & Rules

Learn about Play Evaluation criteria, winning and failing, and our rules.

Evaluation Criteria

Program Rules

Learn more about Winning & Losing evaluations here.

Evaluation Criteria

Each evaluation account begins with an initial starting balance of $100,000 in simulated capital. Using that simulated capital, you'll need to reach the target equity without breaking any criteria or rules to win.

Learn more about the evaluation criteria and definitions below:

Evaluation Criteria	Criteria	Definition
Target Equity	+10%	The target equity is the amount of profit you need to make in your evaluation account to win. It is based on your initial simulated capital amount. Note: You must close your positions to realize your profits to reach your target equity.
Daily Loss Limit	-3%	The daily loss limit defines the lowest point your account balance can reach in a day. It is recalculated daily, based on your balance at 00:00 UTC, and set as a percentage (3%) below that starting balance. Note: Both open and closed positions (unrealized and realized PnL) are considered in this figure.
Max Drawdown	-5%	The max drawdown defines the lowest your account balance can reach for the entire evaluation. This is fixed as a percentage (6%) below your initial balance. Unlike the daily limit, this number never changes. Note: Both open and closed positions (unrealized and realized PnL) are considered in this figure.

Both the Daily Loss Limit and Max Drawdown rules are in force at the same time. If your equity falls below EITHER of these thresholds, you will have failed the evaluation.

See examples below:

Target Equity Example

Example Profit Target Calculation

Your account equity begins with $100,000.

• Profit Target = 10%

• $100,000 x 10% = $10,000

Your account equity must exceed $110,000 to pass.

Note: Unrealized P&L and fees are included in your account equity and affect your loss limits, but only realized P&L contribute to your profit target.

Daily Loss Limit Example

Max Drawdown Example

Program Rules

The following rules are in place for all evaluation accounts on Play:

Time Limits	There are no minimum or maximum time limits for any of our evaluations, but all trades must remain open for at least 60 seconds. A purchase cooldown applies after 3 consecutive wins in 24 hours.
Positions Per Market	You may only have one position per market.
Hedging	Hedging within the same account is not permitted. You may only have one position per market, and only one evaluation account at a time.
Copy Trading	Copy trading should only involve replicating your own trades. It is strictly forbidden to mirror third-party strategies, which includes, but is not limited to, following other traders' analyses, signals from any trading communities, social media tips, research reports, or crowdsourced ideas.
Weekend Position Holdings	Positions can be held over the weekend, and all trading is 24/7. The only exceptions are during scheduled maintenance or unexpected service interruptions.
Multiple Evaluations	You are limited to only one evaluation at any given time. You must wait until you win or fail the current evaluation before purchasing another one. Trading more than one evaluation at a time is prohibited.
News Event Trading	We allow trading during all news events, subject to accessibility of data and pricing information from our Index Price providers. There is no rule or restriction on news trading.
VPN Usage	We allow the use of VPNs for trading, however, you cannot use VPNs in an attempt to conceal or misrepresent the jurisdiction in which you are operating or evade applicable laws and regulations.
Refund Policy	We do not offer refunds. Our full policy is available in our Terms and Conditions.

As a reminder, both the Daily Loss Limit and the Max Drawdown apply at the same time. If your account equity falls below either threshold, your evaluation fails.

Prohibited Trading Practices

Users are prohibited from using any trading strategy that is expressly prohibited by our Terms of Service. Such prohibited trading (“Prohibited Trading”) shall include, but not be limited to:

• Exploiting errors or latency in the pricing and/or platform(s).

• Utilizing non-public and/or insider information.

• Front-running of trades placed elsewhere.

• Trading in any way that creates regulatory issues for Rails Prop or any of its affiliates, customers or vendors.

• Utilizing any third-party strategy, off-the-shelf strategy or one marketed to win evaluations.

• Attempting to arbitrage your account with another account with the Company or any third-party company, as determined by the Company in its sole and absolute discretion.

• Using trading strategies that are difficult to replicate in the live market, or come at a heightened risk when attempting to do so. This includes but is not limited to: trades that would risk being auto-deleveraged due to Margin Requirements, trades resulting in exceedingly large fluctuations in unrealized gains/losses, and more.

• Executing trade ideas belonging to or inspired by any third-party, including but not limited to copy trading other traders’ and analysts’ ideas and copy trading signals from any type of trading community, social media, research reports, crowdsourced ideas, and more.

• Trading more than one Rails Prop Evaluation at the same time.

• Account sharing of any nature, including but not limited to sharing credentials with other users and/or trading multiple accounts from the same household, devices, or IP address.

Need help?

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