What are the Challenge conditions?

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

Challenge Phases	Phase 1	Phase 2
Profit target	8%	5%
Daily loss limit	5% (hard breach: results in account closure)
Daily Max Profit Limit (Consistency trading rule)	5% Daily Max Profit Upon reaching this point, all open positions will be closed and trading will cease until the following day	2% Daily Max Profit Upon reaching this point, all open positions will be closed and trading will cease until the following day
Max drawdown	10% (trailing based on Highest Watermark Balance - Closed P&L) Examples here
Leverage	Up to 100:1 (FX and Gold) Up to 50:1 (CFD Indices and Commodities)
Retry discount	20%
Refund Challenge fee	Available on first profit share payout
Minimum trade size	0.1 lot or 1 CFD Index
Inactivity time	20 calendar days
StopLoss required	Not required
Flatten on Friday?	Not required
Holding Positions overnight, during weekends and news events	Allowed
News Trading	2 min before and 2 min after news events trading is not permitted. Trades open or closed during this window will be considered a soft breach during the Challenge phases. Profit or Loss realized from closing the trades during the news window will not be reverted on the account.
Copy Trading	Copying from the account to other non-OANDA companies and 3rd parties is allowed. However, copying into the OANDA account from external companies or 3rd party services is not allowed. (hard breach: results in account closure)
EAs, Martingale, Scalping trading strategies	Allowed subject to Terms and Conditions