Glossary
Reset
A reset restarts a challenge account at its original balance, usually for less than the price of a new challenge.
What it means
When a trader breaches a rule or runs out of time, the account fails. Many firms then offer a reset: the same account size and rules, a fresh balance and a new start, at a lower price. Some firms also let a trader reset an account that has not failed yet, for example when it is close to the drawdown limit and the trader wants a clean start.
For firms, a reset keeps a trader who failed with the firm rather than sending them to a competitor. The price, whether a reset is allowed after a breach, and whether it restarts the whole challenge or only the current phase should all be clear at checkout. Traders should also check that the time limit and minimum trading days restart.
Worked example
Illustrative numbers: a trader's $100,000 challenge fails on day 12 after a daily loss breach. The firm offers a reset at a lower price than a new challenge. The trader pays it and starts again at $100,000, with the same profit target and loss limits.
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