[Classic] What are the Challenge conditions & objectives?

The full details of the challenge rules and conditions can be found here:

OANDA Prop Trader - Classic
Name	5k	10k	25k	50k	100k	188k	250k	500k
Virtual funding*	$5,000	$10,000	$25,000	$50,000	$100,000	$188,888	$250,000	$500,000
Profit Target Phase 1 (8%) Phase 2 (5%)	$400 $250	$800 $500	$2,000 $1,250	$4,000 $2,500	$8,000 $5,000	$15,112 $9,445	$20,000 $12,500	$40,000 $25,000
5% Max Daily Loss	5%	5%	5%	5%	5%	5%	5%	5%
5% Max Daily Loss	Daily Loss and Daily Loss breach levels are static values within the trading day. Daily Loss breach level is calculated as 5% below the previous End of Day Equity value on the Account
Max Loss (10% - Trailing on highest balance)	$500	$1,000	$2,500	$5,000	$10,000	$18,888	$25,000	$50,000
Max Loss (10% - Trailing on highest balance)	Max Loss breach level trails up when the account reaches a new High WaterMark Balance (realized profits from closed positions). Max Loss breach level stops to trail up, when it reaches the initial funding amount
Profit Share	80%	80%	80%	80%	80%	80%	80%	80%

Rule	Challenge Phase 1	Challenge Phase 2	Notes
Profit target	8% - Classic 10% - Boost	5% - Classic 5% - Boost	The user passes the Challenge Phase as soon as the respective profit target is reached, provided they have also reached minimum trading days required, and have not violated any other conditions stated here or in the Terms and Conditions. Upon passing Phase one, the trading account used for that Phase is locked. The user is issued a new trading account for Phase two.
Daily loss limit (Applicable to Classic only)	5% Always a static value for the trading day, calculated as 5% from the previous EoD Equity value on the Account		Violating this limit is a hard breach, meaning loss of challenge account access. The daily loss limit is the maximum amount (measured in account equity) that the account can lose on any given day. The daily loss limit is set for the day as the stated percentage (i.e 5%) of the previous day’s end of day Equity value on the account at 17:00 EST. The daily loss limit will not be adjusted intraday. If the account equity reaches a new high watermark level from profitable positions (Realized or Unrealized) on that day, it will not affect the daily loss limit on that trading day.
Daily max profit limit (Consistency rule)	5% (Classic and Boost)	2% (Classic and Boost)	Upon reaching this limit, all open positions will be closed and trading will be disabled until the following day
Maximum drawdown limit - Trailing (Applicable to Classic only)	10% - from new High Watermark balance update (Realized PL on the account) (Trailing - hard breach)		Violating this limit is a hard breach, meaning loss of Challenge account access. This is the limit on the maximum loss a user can sustain in the lifetime value of their Challenge account in each Phase. The loss limit is calculated versus the maximum value of the account over time. The limit is a percentage of the user’s starting account value. This limit is a “trailing” limit, meaning it is calculated versus a high water mark which increases as the value of the account balance increases. However, the breach level is capped at the initial funding amount of the account.
Max leverage	Up to 100:1 for FX and Gold Up to 50:1 for CFD Indices, and CFD Commodities		Leverage shown here is the maximum available on any instrument. Positions will be assigned to a tiered margin structure depending on instrument and size of position converted to USD amount See the following table in this document for details per instrument.
Min trade size	0.1 lot for FX, Metals 1 lot for 1 CFD index		One mini lot, or one index See the following table in this document for details per instrument
Retry discount	20% on 5k - 50k accounts 10% on 100k - 500k accounts (Applicable to Classic plans)		Users who attempt a Challenge and do not pass will be eligible for a discount on the fee paid to retry the same Challenge
Inactivity time	20 calendar days		This is the maximum number of consecutive days a user can be inactive (not place an opening or closing trade) and maintain access to the Challenge account. The period starts from the date of the purchase of a challenge and then restarts on any date of trading activity. Inactivity over 20 calendar days is a hard breach: users who are inactive (no trades placed) for 20 consecutive days lose Challenge account access, and the account is closed.
News Trading	Restricted		Participants should avoid executing any new trades or closing existing trades within a 4-minute window: 2 minutes before and 2 minutes after the release of major news announcements. It’s important to note that executing a trade refers to either opening or closing trades from both pending orders or market orders and EAs (Expert Advisors). New positions opened during the 4 minute window will be automatically closed and trigger a soft breach email notification. Hard breach is not applicable on the challenge account. For the Signal Provider account, 3 soft breaches will result in a hard breach, and your account will be terminated. News trading is a Forbidden Trading Practice as per our Terms and Conditions (available here). Engaging in news trading can lead to profits realized from such trades being removed from the account, and / or termination of account access. Reference list of major (high impact) economic events can be located in the Dashboard - Economic Calendar
Holding Positions during News	Allowed		Trading strategies must not violate the rules described in Rules of Trading and Forbidden Trading Practices as found in the Terms and Conditions
Copy Trading	Partly Allowed		Using OANDA Prop Trade Account as Master account where trades can be copied from is allowed. Copy trading into OANDA Prop Trader Account from external accounts (including any other OANDA Prop Trader accounts by the same user would be considered a violation of the trading rules and may result in the trading account being breached.
Flatten on Friday?	Not required		Users are not required to flatten/close all open positions each weekend.
StopLoss required	Not required		Users are not required to place StopLoss orders on all positions.
Refund of Challenge Fee	Available on first profit share payout		Users who successfully pass Phase 2 of the challenge and become Signal Providers are eligible for a refund of the fee they paid for the most recent challenge they completed (and only this fee). The refund will be paid with (and not before) the payout of the first profit share according to the payout rules specified for Signal Providers. Signal Providers who do not generate a profit share payout will not receive a refund.
Min payout amount (At the signal provider stage)	Minimum $200 (for All Classic plans)		This is the minimum amount that a signal provider can request as a payout. The actual amount paid to an OANDA Global Markets account will then be adjusted by the profit share percentage.
Max capital allocation (only applicable to Classic plans)	$500,000		This is the maximum virtual capital that can be allocated to a signal provider account. Signal providers can only have one signal provider account active at any given time. If a user successfully completes multiple assessments (OANDA Prop Trade Challenges), the virtual capital will be merged in a single account up to a maximum of $500,000. If a user completes an assessment that would result in the virtual capital allocation being greater than $500,000, the capital will not be merged into or allocated to a virtual account until such time as the user no longer has an active allocation, and a new virtual allocation will be created. Please note, only Classic accounts can be merged. Boost Plans can not be merged.