A trailing drawdown moves its floor up as your account makes new highs. Make profit and the floor rises with you; give profit back and you can breach while still above your starting balance.
The two common variants are end-of-day trailing (the floor steps up only at each daily close, e.g. Topstep) and intraday trailing (the floor follows every new high the moment it prints, e.g. Apex).
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Firm figures reflect published rules at the time of writing. Firms revise rules often, so verify against the firm's site before relying on them.
Merlin's gauges derive from closed trades. Your firm watches live equity including open positions.
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