Learn how to compare Phase 1 and Phase 2 news-trading rules without assuming they change. Verify restricted windows, affected events, opening/closing rules, holding permissions, profit treatment and event-risk sizing.
Akash Mane is the Founder and CEO of Prop Firm Bridge, where he leads the company’s vision, platform growth, and long term strategic direction. He oversees operations across research, marketing, content systems, SEO, and product positioning while driving the platform’s mission of becoming a trusted authority in the prop firm industry. At Prop Firm Bridge, Akash plays a direct role in shaping educational frameworks, comparison systems, and trader focused resources designed to help users make informed decisions with transparency and confidence. His work focuses on building scalable organic growth systems, improving platform authority, and strengthening trust through accurate, structured, and search optimized content. In addition to leadership responsibilities, he actively manages growth strategy, social media marketing, search visibility, and brand development to expand the platform’s reach across global trading audiences.
Manoj Gholap is responsible for content accuracy, compliance, and factual integrity at Prop Firm Bridge. He acts as the final verification layer for all published content, ensuring that prop firm reviews, rules, and comparisons are clear, accurate, and aligned with transparency standards. Manoj plays a key role in maintaining trust and credibility across the platform.
News trading is one of the easiest prop firm topics to misunderstand because traders often remember a simple rule such as “news is allowed” or “do not trade five minutes before and after.” The actual account can be much more specific. A rule can apply only to certain stages, events, instruments or order actions. Another program can keep Phase 1 and Phase 2 identical and change restrictions only after funding.
That means the title of this guide needs an immediate correction: Phase 2 news rules do not universally change from Phase 1. Current 2026 public program rules show several patterns. Some two-step evaluations allow news trading freely in both challenge phases while using a restricted window only on funded accounts. Other account models can restrict opening new positions around major releases or define their own holding and profit-treatment conditions.
The right Phase 2 process is therefore comparison, not assumption. The trader needs to know which event matters, the exact time window, whether opening or closing is restricted, whether an existing position may remain open, how partial orders are treated and what happens if a rule is violated.
Quick answer: Before Phase 2, compare the current news rule with Phase 1 line by line. Do not assume it becomes stricter, easier or unchanged. Verify the event source, restricted window, affected instruments, entry/exit permissions, holding rules, partial-close treatment and consequence. Then separate compliance from strategy risk: a trade can be permitted by the firm and still be a bad event-risk trade for your system. Size from current volatility and stop distance rather than from the excitement of the release.
Written by Akash Mane, Founder and CEO of Prop Firm Bridge. This guide focuses on the difference between formal news-rule compliance and practical event-risk management.
Fact checked by Manoj Gholap. News-trading rules change by program and can be updated. Always verify the exact current Phase 2 account before trading a scheduled event.
Prop firm news rules are product rules, not laws of trading. Each program can define the challenge and funded stages differently. The trader should expect variation.
One common current pattern is that news trading remains unrestricted during Phase 1 and Phase 2, while restrictions begin only after the trader reaches the funded stage. In this structure, moving from the first challenge stage to the second does not create a new news rule.
The trader can still face a different profit target or minimum-day requirement, but the event-trading permission remains the same. This is why the sentence “Phase 2 has stricter news rules” cannot be used as a universal claim.
Even when the rule is identical, the trader should reread it because memory is not verification. Program terms can be updated and the exact account purchase date can matter.
Another pattern is a restricted time window around selected high-impact events. The rule can prohibit new entries but allow positions opened earlier to remain active. The exact number of minutes and event source can differ.
This changes the practical preparation. The trader needs to know whether a pending order can trigger inside the window, whether stop-loss or take-profit execution counts as closing, and whether the rule applies to all instruments or only those directly affected by the event.
Never reduce a detailed rule to a one-line memory shortcut.
A trader can successfully trade news during both evaluation stages and then discover that the funded account uses a restricted window or different profit treatment. The transition from Phase 2 to funded can therefore be more important than the transition from Phase 1 to Phase 2.
This matters because successful Phase 2 behavior can create false familiarity. “It was allowed before” does not prove it remains allowed in the next account state.
Every stage transition deserves a fresh rule map.
A company can offer multiple products with different restrictions. One account may allow event trading while another uses a news window. Purchase date or model version can also matter when terms are updated.
Always identify the exact account name and version before reading the help center. Generic company-level summaries can be incomplete.
The account is the unit of verification.
A page can say “news trading allowed” while the detailed terms explain limits around certain events or stages. The trader needs the operational rule, not only the feature label.
Look for definitions: high-impact event source, minutes before/after, speeches, affected currencies, pending orders, partial closes and consequences.
Compliance depends on detail.
Do not assume change and do not assume continuity. Start Phase 2 with the question: “What is the current news rule for this exact stage and account?”
This neutral assumption prevents both unnecessary avoidance and accidental violations.
Rule certainty should come before event risk.
Akash's research lens: I treat news rules as account-specific operating code. The phase name alone never tells me whether a restriction changed.
Book insight: The Checklist Manifesto by Atul Gawande is useful because critical rules should be reverified at transitions even when the system feels familiar. Page: varies by edition.
The fastest way to remove ambiguity is a two-column comparison. The trader should be able to see every relevant difference before the first Phase 2 event.
Write how the program defines restricted news. Does it use high-impact events from a named calendar? Does it include speeches? Are specific events listed separately?
Do not assume every red event on a favorite calendar is treated the same way. The official rule source controls.
If Phase 1 and Phase 2 use the same definition, mark “same” rather than looking for a difference that does not exist.
Write the exact minutes before and after the event. Some programs use symmetrical windows; others can define special treatment for speeches or positions opened far in advance.
Convert the event time into the platform and local time carefully. A timezone mistake can create a violation even when the trader understood the number of minutes correctly.
Set alerts before the window begins.
Does the rule prohibit opening, closing, both or only manual actions? How are pending orders treated? What about stop-loss and take-profit executions?
The words “do not trade” are too vague. Operational compliance depends on exact actions.
Write yes/no answers for each action.
Some rules allow an existing position to remain open. Others can restrict holding or profit generated around the event. Determine whether a trade opened hours earlier is treated differently from one opened shortly before the release.
This matters for swing traders who do not want to convert every scheduled event into an automatic exit.
The rule should explain whether holding itself is the issue or only execution in the window.
A USD event may affect USD-related pairs, gold, indices and other instruments economically, but the formal rule can define affected products differently. Use the program’s wording.
Separate compliance scope from broader market-risk scope. A trade can be formally unaffected while still experiencing volatility because markets are correlated.
Both views matter, but they serve different purposes.
What happens if the trader violates the rule? Is the account failed, is profit removed, is it treated as a soft breach, or does another process apply?
Knowing the consequence is not permission to take the risk. It simply makes the rule operationally clear.
Record the source and date of verification.
Akash's research lens: My news-rule sheet has six columns: event, window, actions, holding, markets and consequence. If any box is unclear, the trade waits.
Book insight: Thinking in Systems by Donella Meadows helps because rules interact. A time window is not enough information without knowing which action, instrument and consequence it applies to. Page: varies by edition.
A restricted news window is an account boundary. It should be known before technical analysis creates attachment to a setup.
Do not rely on memory. Add the event, local time, platform time and start/end of the restricted period.
The trader should see the window before the session begins. This prevents a position from being opened five minutes before realizing a major event is scheduled.
Preparation is easier than emergency compliance.
Even when the formal rule begins five minutes before an event, the trader can choose a larger personal buffer if the strategy is sensitive to spread or volatility. That buffer is personal, not an official rule.
Label it clearly. For example, official restricted window and personal no-new-risk window should be shown separately.
This prevents trader-created caution from being confused with program compliance.
A pending order can trigger during a window even if it was placed earlier. Determine whether that execution is allowed.
If the rule is unclear, canceling or modifying pending orders before the window can be safer than assuming they are exempt.
Automation should not create accidental entries.
Some rules distinguish between trades opened earlier and trades executed inside the window. The trader needs to know whether protective stops and targets are treated differently.
Never disable a necessary protective stop simply to avoid an execution rule without understanding the account implications. Risk controls and compliance must be planned together.
Clarify ambiguity before the event.
Scheduled data releases have a defined timestamp. Speeches can last and create a more complex restricted period in some rule sets.
If the account treats speeches specially, know how the window ends. Do not assume the restriction is based only on the scheduled start.
Speech risk requires extra time awareness.
A trader can see price approaching the setup just before the window and rush to enter before the restriction starts. The account rule becomes a deadline that lowers setup quality.
If the trade cannot be entered calmly under the normal process, let it go.
Compliance windows should reduce activity pressure, not create it.
Akash's research lens: I want the restricted window visible before the setup becomes emotionally attractive. That removes last-minute decisions.
Book insight: Essentialism by Greg McKeown is useful because a clear boundary makes it easier to reject activity that becomes urgent only because time is running out. Page: varies by edition.
The word “trade” hides several different actions. News compliance becomes safer when each action is considered separately.
Verify whether new market orders, limit orders or stop orders can execute during the event window. If a rule prohibits opening, an order that was placed earlier but triggers inside the window may still matter.
Use explicit account wording.
Do not assume intent is more important than execution time.
Some models restrict closing around high-impact news, while others allow existing positions to close. Determine whether manual close, stop loss and take profit are treated the same.
A trader should know this before entering a position that may still be open at the event.
Exit compliance belongs in the pre-trade plan.
Holding can be permitted even when new entries are restricted. Another rule can require positions to be flat. The exact account decides.
Swing traders should not convert generic social-media advice into a firm rule.
Holding permission and holding risk are separate questions.
Closing part of a trade can count as an execution. Some programs can treat partial orders in a way that affects the entire position or profit calculation.
Verify this specifically if the strategy scales out.
Partial exits are operational events, not invisible adjustments.
An add-on creates new exposure and may be treated as opening a new position. A trader who holds a position through news should not assume scaling into it is allowed.
Check the rule before using pyramiding or averaging strategies around events.
The account sees executions, not the trader’s narrative about one thesis.
EAs, scripts or trade copiers can execute during a window automatically. If the account restricts those actions, automation needs a news filter or manual control that is tested before Phase 2.
Do not discover that a bot ignores the calendar during a live event.
Automation should make compliance more reliable, not less visible.
Akash's research lens: I break “news trading” into opening, closing, holding, partials, adds and automation. Each action needs its own answer.
Book insight: The Checklist Manifesto by Atul Gawande is useful because breaking a complex process into explicit actions reduces ambiguity. Page: varies by edition.
Not every scheduled item creates the same formal restriction or market risk. The event map should combine account definitions with strategy exposure.
If the program names a calendar or category, follow it. A trader’s preferred economic calendar can still be useful for preparation, but compliance should use the official definition.
Save the source link and current rule.
Different calendars can classify events differently.
A currency-specific event obviously matters to related pairs. A broad macro event can affect many markets. The formal rule can define scope narrowly or broadly.
Write the official affected set and separately note broader market correlations used for risk management.
Do not confuse economic exposure with compliance scope.
Speeches can create unscheduled headlines inside a scheduled period. Some programs define special windows; others do not.
If the strategy is sensitive to sudden rate-expectation changes, use a personal risk plan even when formal restrictions are minimal.
Permission is not a forecast of safe execution.
High-impact releases can create spread expansion, gaps, rapid reversals and slippage. The strategy should have historical evidence for how it behaves around these events.
Do not assume all red-folder events are equivalent.
Event type can matter to both technical and execution risk.
A trader can hold a currency pair, gold and an index that all respond strongly to the same macro surprise. Separate tickets can create one event bet.
Use a theme-level risk cap before the release.
Formal rule compliance does not remove correlated economic risk.
Calendars change, speeches are added and times can be revised. Review the day’s events before the normal session.
Do not rely on a weekly screenshot if the official source updates.
Event preparation is a live process.
Akash's research lens: I use two maps: what the account formally restricts and what the market can economically affect. They overlap, but they are not identical.
Book insight: Market Microstructure Theory by Maureen O'Hara is useful because execution conditions depend on how information enters markets. Major news can change liquidity and price formation quickly. Page: varies by edition.
News-rule consequences can vary just as much as the restrictions themselves. Traders should understand the account outcome before taking event exposure.
A hard breach means the consequence is severe. If the current account defines a news action this way, compliance must be absolute.
Do not treat the rule as a risk-reward choice.
Program rules are constraints, not probabilities.
Another structure can disallow profit from a trade executed in a restricted window. The account may remain open.
This still matters because the trader can believe the target is reached while the firm does not count the gain.
Track eligible profit according to the rule.
A model can remove the upside benefit without refunding the downside. This creates poor economics for rule-breaking activity.
Do not assume that because profit is excluded, the loss will be ignored.
Understand the asymmetry.
A soft consequence can still affect account progress, payout eligibility or review. The trader should not deliberately trade inside a rule because the account may survive.
Compliance is part of the process quality.
The goal is not to find the least painful violation.
If profit is removed from an account after the fact, the effective balance or progress can change. A trader should understand whether this can create secondary issues.
The exact program decides.
Rule consequences need to be understood in account context.
If the rule is genuinely unclear, obtain written clarification before trading the event. Save the answer with the account notes.
Do not rely on a community interpretation when the consequence can be significant.
Rule certainty is part of event risk management.
Akash's research lens: I want the consequence written beside the restriction. Traders make better decisions when the whole rule is visible.
Book insight: Thinking in Systems by Donella Meadows helps because one rule can affect several account variables. Consequence belongs in the same model as the trigger. Page: varies by edition.
Permission is not an edge. A program can allow news trading while the trader’s strategy performs poorly during major releases.
If news is allowed, the account will not fail simply because a trade is opened during the event under that rule. This says nothing about spread, slippage, win rate or expected value.
The trader still needs a strategy reason.
Do not convert flexibility into obligation.
Review historical performance around the same event type, session and volatility. Did the setup maintain acceptable fills and stop behavior?
If no evidence exists, Phase 2 should not become the first live experiment.
Use simulation or separate testing.
Spread expansion can worsen entry and stop cost. Slippage can reduce reward-to-risk. Fast movement can skip the intended trigger.
The chart pattern may remain valid while the execution quality falls below the strategy requirement.
Trade quality includes economics, not only visual setup.
A tested strategy can use smaller size around certain releases. Label this as a personal risk framework, not a prop firm requirement.
Use stop-first sizing and realistic slippage assumptions.
Reduced risk should come from evidence, not generic fear.
If the strategy has no edge around major events, permission does not need to be used.
Observation protects drawdown for the normal session.
Capital does not need to be deployed simply because the firm allows it.
Even if the trader has a tested event edge, formal restrictions can make the setup untradeable on a particular account.
Strategy skill does not override program rules.
Account selection should consider news compatibility before purchase.
Akash's research lens: “Allowed” is a compliance answer. “Good trade” is a strategy answer. I never let one replace the other.
Book insight: Evidence-Based Technical Analysis by David Aronson is useful because a plausible trading idea should be tested before it is treated as an edge. Page: varies by edition.
News can change the risk economics of a familiar setup. Position size should respond to actual stop distance and execution conditions.
If the strategy trades the event, define invalidation according to the tested method. Do not use a random wider stop simply because news is volatile.
Measure the current distance.
Then calculate size.
If the Phase 2 event stop is twice the normal distance, using the same lot size can double the planned loss.
Reduce units so money risk stays inside the account plan.
Event volatility should not create automatic leverage inflation.
Scheduled releases can fill stops beyond the planned level. Use historical event data and Phase 1 execution where relevant.
Reduce clean risk if necessary so ordinary slippage does not push the account over personal limits.
A buffer cannot eliminate gap risk, but it improves planning.
Multiple correlated positions can all react to one release. Use a smaller theme cap around events.
The account experiences one macro shock across several tickets.
Portfolio risk matters more than individual trade appearance.
News can create large price moves, which makes reward look attractive. The potential target does not justify a larger account loss.
Keep money risk connected to drawdown survival.
High reward potential and high account risk are different variables.
If a wide event stop combined with the smallest permitted lot or contract still risks too much, skip the trade.
Do not tighten the stop simply to force compatibility.
Some setups do not fit some accounts.
Akash's research lens: Event volatility changes size through the stop and execution buffer. The target excitement should not enter the calculation.
Book insight: Volatility Trading by Euan Sinclair is useful because changing volatility changes the economics of risk. Event periods require a fresh calculation. Page: varies by edition.
The hardest news decisions often involve trades that were opened earlier. Planning before entry prevents last-minute emotional choices.
Verify the formal holding rule before entering any trade that could overlap a scheduled event.
If holding is permitted, the strategy still needs an event-management plan.
If holding is not permitted, the trade’s time horizon must fit the rule.
The strategy can close before the release, hold through it, reduce exposure or use another tested approach. Choose the rule before the position becomes profitable or losing.
Last-minute decisions are easily influenced by P&L.
Precommitment improves consistency.
A trader can move the stop farther away because they expect volatility. This increases money risk and changes invalidation.
If the event plan requires a different stop, it should be part of the tested strategy from entry.
Do not improvise wider loss after risk is already open.
Fear can create early exits even when both the account and strategy allow the position to remain.
Follow the tested event rule. If the trader cannot tolerate the planned volatility, reduce size before entry next time.
Risk should be solved upstream.
Before the release, add worst-case planned stops across all positions. Reduce or close exposure according to the strategy if the combined risk exceeds the cap.
Event risk is often correlated.
The whole portfolio needs a plan.
Write whether the trade was held, reduced or closed and why. Compare with the rule and strategy afterward.
This creates data for future Phase 2 event decisions.
News handling should become less emotional through repetition.
Akash's research lens: The best news decision happens before the countdown. I want holding policy decided while the trader is still emotionally neutral.
Book insight: The Psychology of Money by Morgan Housel is useful because room for error should be created before uncertainty expands. Smaller pre-event exposure can create that room. Page: varies by edition.
Scheduled-news rules cannot eliminate unscheduled headlines. Phase 2 also needs an emergency framework for events that were not on the calendar.
Unexpected headlines can produce rapid gaps and spread changes. Check reliable market information before assuming execution is broken.
At the same time, record unusual fills for later review.
Diagnosis should remain calm.
A sudden move can create FOMO or the belief that a breakout is obvious. Wait until the strategy’s conditions are clear.
Unexpected information can change the market regime quickly.
Observation is a valid response.
If open positions are exposed, know current equity and drawdown floor. Do not rely only on the original stop assumption when gaps are possible.
The account should have enough personal buffer that one execution surprise does not immediately approach failure.
Room for error matters most during events.
Some traders cancel stops because spreads widen. This can create unlimited account risk during the most uncertain period.
Protective-order strategy should be defined before the event.
Compliance concerns should be clarified without abandoning risk management.
If slippage or platform behavior differs materially from expectations, enter observation mode and reconcile the account.
Do not immediately trade again to recover the difference.
Operational uncertainty is enough reason to pause.
After the market stabilizes, record spread, slippage, gap and how the strategy behaved. One event should not create a new universal rule, but it can become evidence.
Use a larger sample before changing the core strategy.
Emergency events should improve preparation, not create fear.
Akash's research lens: Scheduled rules need compliance; unscheduled shocks need resilience. Both require enough account buffer that the trader can avoid panic decisions.
Book insight: Fooled by Randomness by Nassim Nicholas Taleb is useful because rare and unexpected paths matter even when they cannot be predicted precisely. Risk plans need room for surprise. Page: varies by edition.
A practical calendar turns news risk into preparation instead of last-minute reaction.
Check the official event source and a reliable economic calendar. Mark high-impact events relevant to the watchlist.
Record local and platform time.
Update when schedules change.
For each event, mark the official restricted window and which actions are affected.
Use a separate color or label for personal no-trade buffers.
Do not mix personal rules with firm rules.
List positions that could remain open into the event and their planned policy.
Check holding permission and total event exposure.
No trade should reach the window without a plan.
Write normal risk, event-reduced risk if applicable, maximum correlated event exposure and current personal daily room.
This prevents a news setup from bypassing the normal account framework.
Event excitement does not create extra budget.
Before entering near an event, confirm time, event, instrument, action permission, stop, size, spread, open exposure and rule source.
If any answer is unclear, no new risk is added.
The checklist should be fast enough for live use.
Record whether the trade complied, planned versus realized risk, slippage and whether the strategy behaved normally.
Update the event model only when repeated evidence supports a change.
The calendar becomes a research record over time.
Akash's research lens: My news calendar combines compliance, exposure and execution. It tells the trader what is allowed and whether the strategy should use that permission.
Book insight: The Checklist Manifesto by Atul Gawande fits the final calendar well: critical information becomes useful when it is visible at the moment of action. Page: varies by edition.
This system combines rule verification and strategy risk into one repeatable process.
Do not use generic firm rules. Confirm the current Phase 2 product and purchase/version where relevant.
Save the source.
The account is the rule unit.
Write event definition, window, actions, holding, affected instruments and consequences side by side.
Mark only verified differences.
Do not invent a stricter Phase 2 rule.
Mark official restricted windows and personal event-risk buffers separately.
Convert times carefully.
Set alerts before the window.
Permission is not enough. Use historical and forward-test evidence.
If no evidence exists, observation can be the correct mode.
Do not experiment live.
Use technical stop, current spread, slippage buffer and Phase 2 risk state.
Reduce units when the stop or execution risk grows.
Never size from target excitement.
Group positions by event theme. Limit the total loss if all stops are hit.
A macro release can move several markets together.
Portfolio risk controls the final size.
Know whether holding is permitted and what the strategy will do before the event.
Do not make the decision during the countdown.
Precommitment reduces emotion.
Verify whether they can execute inside the window. Disable or filter automation when required.
Compliance should not depend on remembering one script is still active.
Operational control matters.
No last-minute entries, widened stops or target-driven trades outside the strategy.
If the market behaves abnormally, reduce or pause new risk.
The account should survive surprise.
Check fills, P&L, rule compliance and account state. Resolve any discrepancy before new trades.
Do not revenge-trade slippage.
Execution data becomes future evidence.
When Phase 2 becomes funded, read the news rule again. Do not assume challenge permissions continue.
This transition can contain the largest rule change.
Fresh stage, fresh rule map.
Ask two questions before every event trade: “Is this allowed?” and “Does my strategy have a reason to do it?”
Both must be yes.
That is the complete news-trading discipline.
Akash's research lens: The final protocol gives compliance and strategy equal veto power. Allowed but bad is no trade; good setup but prohibited is no trade.
Book insight: Thinking in Systems by Donella Meadows reinforces the final principle: rule compliance and market edge are separate parts of one operating system, and both must work. Page: varies by edition.
No. Some programs keep both challenge phases identical. Verify the exact current account.
It depends on the program and strategy. Formal permission and strategy suitability are separate questions.
Event definition, time window, actions, holding, affected instruments, partial orders and consequence.
Not universally. Some rules allow holding. Read the exact wording.
Only if the tested strategy supports it. Wider valid stops require smaller position size for the same money risk.
No. The official account rule defines compliance; your calendar supports preparation.
Not by universal rule. Use a tested event-risk framework and current account capacity.
Assuming that a Phase 1 permission automatically applies to Phase 2 or the funded stage.
Avoid impulsive new exposure, protect the account, reconcile execution and pause if market or platform behavior becomes unclear.
Verify rules before the session, mark windows, plan existing positions, size for event conditions and never learn the rule while already exposed.
Akash Mane is the Founder and CEO of Prop Firm Bridge. His work focuses on prop firm rules, evaluation risk, drawdown, platform mechanics and trader education built around current verification.
He emphasizes separating official account restrictions from trader-created risk frameworks so traders know exactly which rules are mandatory and which controls are personal. Connect with him on LinkedIn.
Phase 2 news trading begins with verification, not with the belief that Step 2 must be stricter. Current program structures vary. Some challenge phases use the same permissions; some account models use their own event windows; funded-stage rules can change again.
Build a line-by-line rule comparison. Know the event, window, action, holding treatment, affected market and consequence. Then ask a second question: even if the account permits the trade, does the strategy have evidence for the event?
Size for current volatility and execution. Control correlated exposure. Plan existing positions before the release. Reverify the rule at every account transition.
The best Phase 2 news trader is not the one who predicts the release. It is the one who knows exactly what is allowed, exactly how much can be lost and exactly why the strategy is taking the risk.
Use Prop Firm Bridge to continue studying current prop firm rules, Phase 2 risk, news trading and evaluation strategy.
No. Some programs keep Phase 1 and Phase 2 rules identical, while other account models can use different restrictions. Verify the exact current account rather than assuming a universal phase change.
It depends on the program. Some challenge phases allow it, while other models can restrict opening, closing or both around specified events.
Verify which events are restricted, the exact time window, affected instruments, whether opening or closing is prohibited, whether existing positions may be held, how partial closes are treated and what consequence applies.
Not necessarily. Some rules restrict new entries but allow existing positions to remain open. Others can restrict execution around an event. Read the exact wording.
Only if the strategy has tested news-event behavior. Wider stops with unchanged position size increase money risk. Event volatility should normally trigger a fresh risk calculation.
No. The calendar identifies scheduled events, while the prop firm’s rule defines which events and windows matter for compliance.
Not by universal rule. Event risk can justify reduced exposure when supported by the strategy and account plan, but the phase label alone does not choose the size.
Assuming that because a trade was allowed in Phase 1, the exact same execution is automatically allowed in Phase 2 or the funded stage.
Use the strategy’s emergency and risk procedures, avoid impulsive new exposure, and follow the account rules. Scheduled-news rules may not fully describe unscheduled events.
Verify the rule before the session, mark restricted windows, define event-specific risk, know what actions are permitted, and never discover the rule while a position is already exposed.
