No single position on an Eiger account may be larger than 100 lots, and all open positions on one symbol together may not pass 100 lots either. On top of that, no trade may be more than 3 times the account's baseline size, and leverage is 1:100 on every account.
Key takeaways
- Max position size: 100 lots. Max combined exposure on one instrument: 100 lots.
- A trade may not exceed 3 times the account's baseline size, which is the median lot size of your closed trades. The check starts from your 4th closed trade.
- Leverage is 1:100 on all accounts, so margin is 1% of a position's value.
- In practice the drawdown limits usually bind long before 100 lots does.
The four numbers on the rules page
The first three sit in the risk management table of the trading rules page. Leverage is listed with the account terms.
| Max position size | 100 lots | Largest single position, in lots. |
|---|---|---|
| Max exposure per instrument | 100 lots | Combined open lots allowed on one symbol. |
| Max lot-size variance | 3x | A trade may not exceed this multiple of your baseline size, the median lot size of your closed trades. Checked from your 4th closed trade. |
| Leverage | 1:100 | Applied to every account. |
The lot limits are the same on every account size and every program, on the evaluation and after you pass. A €10,000 account and a €200,000 account both have the 100-lot caps.
Per position and per instrument
The two 100-lot limits look alike, but they measure different things. One is the size of a single position. The other is the total of everything open on one symbol at the same moment.
| One position of 100 lots | At the cap | Meets both limits. Nothing more can be added on that symbol. |
|---|---|---|
| 60 lots, then 50 lots on the same symbol | Over | Each position is under 100, but together they make 110 lots on one symbol. |
| 60 lots on one symbol, 60 on another | Within | The exposure limit is counted per symbol. |
Other rules count per symbol too. More than 5 positions open at once on one symbol breaches the grid rule, and a buy and a sell open together on the same symbol breach the hedging rule. The prohibited strategies article covers both. So the 100 lots of exposure on one symbol are in one direction, in at most 5 positions.
The 3x variance and the baseline
This is the limit most traders will meet before 100 lots. The rule: a trade may not exceed 3 times the account's baseline size.
The baseline is the median lot size of your closed trades, and the check applies from your 4th closed trade. So the limit is a multiple of your own typical size, not a fixed number of lots, and it moves as you close more trades.
The median is the middle value once the sizes are put in order, so a single unusually large or small trade moves it less than an average would. Say your first five closed trades were 1, 2, 2, 3 and 4 lots. In order, the middle one is 2 lots, so the baseline is 2 lots and 3 times that is 6 lots. A 5-lot trade is inside the limit. A 7-lot trade exceeds it.
Because the baseline comes from closed trades only, a run of small trades pulls it down. If you then jump to a much larger size, that jump is measured against the smaller median.
A separate rule deals with size changes after losses. Increasing size after a loss more than 3 times in a row breaches the martingale rule. The variance limit caps how big one trade can be. The martingale rule caps how many times in a row you can size up after a loss.
The 3x limit is measured against your own trading, so a sudden jump in size is what trips it.
What 1:100 leverage means in euro
Leverage of 1:100 means each euro of margin supports 100 euro of position value. Put the other way, margin is 1% of the position's value.
A position worth €100,000 ties up €1,000 of margin. A position worth €200,000 ties up €2,000.
How many lots make €100,000 of position value depends on the instrument's contract size and its price. The rules page does not list contract sizes, so check them on the platform before you convert lots into euro. The eTrader article covers the platform.
Margin is not the same thing as risk. The margin a position uses says nothing about how much it can lose before your stop.
A worked example: why drawdown binds first
Take a €10,000 2-Step Challenge. While you evaluate, the daily loss limit is 5%, €500, and the overall limit is 12%, €1,200. On the funded account they become 3%, €300, and 6%, €600. In both stages the overall limit trails from peak equity.
At 1:100 leverage, €1,000 of margin, 10% of the balance, supports €100,000 of position value. The lot caps allow far more than that on many instruments. The lot limits are therefore rarely the constraint on a €10,000 account. The €500 daily limit is.
A position large enough to move a few hundred euro on a small price change is inside every lot rule and can still end the day's room in minutes. The daily drawdown article works through those limits on every size. How big to trade is your decision; this article only shows where the lines are.
Your account is a Simulated Demo Trading Account, sold as a digital product. Every one of these limits is checked automatically, and a breach fails the account.
Frequently asked questions
Is the 100-lot limit per trade or per symbol?
Both. No single position may be larger than 100 lots, and the combined open lots on one symbol may not pass 100 either. See the trading rules.
How is the baseline size for the 3x rule calculated?
The baseline is the median lot size of your closed trades. A trade may not exceed 3 times it, and the check applies from your 4th closed trade. See the trading rules.
Is leverage higher on larger accounts?
No. The rules page lists 1:100 as applied to every account, on every size and program.
Do the lot limits change after I pass?
No. The lot limits are in the main rule set, which applies during the evaluation and on the funded account. Only the drawdown limits differ between the two.
Read the rules, then pick a program
Every rule that can fail an account is published in full before you pay. Three programs, five sizes, an 80% reward and no time limit on any step.