Accounts and prop rules
Creating accounts, groups by currency, the rule set of a prop account, rule buffer, consistency, daily buffer, loss limit and roadmap.
Creating an account
You create an account at the top right through Konto hinzufügen (add account) or on the Accounts page. On your first visit without an account, the Journal asks you on its own.
The assistant asks in turn for:
- Type of account. CFD for forex, indices and CFDs, or Future for futures and commodities.
- Own capital or prop account. For a prop account you choose the firm, the account model, the account size and the phase, meaning evaluation or funded.
- Rule set. For a prop account the assistant prefills the rules from our research for this model, size and phase. Every value stays editable, and the wording of the research is shown alongside.
For your own account there is nothing to look up; you enter the rules yourself. If there is no research for a firm, you create the account without a rule set or enter the rules by hand. That is a gap in our collection and not a statement about the firm.
Groups
Next to single accounts, the account picker at the top right offers groups. A group combines all accounts in the same currency, and Dashboard, Trades and Insights then show the total. Nothing is ever added up across currencies. A group has no rule set of its own, so rule buffer, loss limit and roadmap only appear for a single account.
Where prop accounts fail
For a single prop account the dashboard shows a card with three parts.
Rule buffer
A value from 0 to 100 that says how much distance the account has to its rules. It is based on the loss limit following the firm's mechanics.
Consistency
Many firms limit the share of profit a single day may contribute. The Journal uses the firm's consistency rule where it can be calculated, otherwise the general rule with the percentage from the rule set.
Daily buffer
How much you may still lose today before the daily limit applies. A day is the firm's trading day where the research names it, otherwise your calendar day.
The loss limit
How the overall loss limit trails depends on the firm. The Journal calculates it according to the firm's mechanics and not with a flat rule:
- In the balance chart, the limit appears as a staircase below.
- The Total Loss Limit tile states where it currently sits.
- If it has been breached, a sentence says when.
- If the calculation makes an assumption, a note says which one.
The roadmap
For an account with a profit target, the roadmap shows:
- how far it still is to the target,
- how many trading days the firm still requires,
- how much time the deadline leaves,
- what average per trading day would be needed,
- and next to it your own median day.
Minimum days only appear where the firm states them explicitly. The Journal only calculates the deadline if you have entered the account's purchase date.