Identifier: C5T1L3 · Revision: 2026-10-26 · Classification: restricted

Decision and objectives

The practical task is to trace equity through margin triggers and a price gap. Make the decision reproducible: name the exposure, time horizon, cash requirement and comparison baseline before selecting a product.

Objectives: Trace equity through margin triggers and a price gap; Distinguish a closeout trigger from an executable stop price; Evaluate verified customer-specific loss protections.

Prerequisite: C5T1L2; completed Classes 1–4 and the Stock Market School foundation or Forex School foundation. Every example is hypothetical. Prices, dates, rates, fees, contract factors, policies and tax schedules are supplied teaching inputs, not current offers or legal parameters. No live account is needed.

Mechanics

Account equity includes posted cash plus open profit or loss minus booked charges. A maintenance trigger defines when the provider can act under the agreement; it does not guarantee a sale at that price. A gap can cross both the trigger and the deposit before any transaction executes. A stop limit can remain unfilled, while a marketable close can fill at a worse level.

Loss collection depends on jurisdiction, exact product, customer class and effective rules. The SPK guide discusses customer-specific limits and professional-customer treatment. The examples below calculate raw account economics under explicitly hypothetical policies; they do not authorize an unprotected Turkish general-customer account.

Price and return drivers

Raw equity = deposit + signed position profit − booked costs. Trigger shortfall compares this equity with the stated account threshold. If protection applies, distinguish raw deficit from legally collectable customer debit, then check how accounts, transfers and collateral are aggregated under the actual rule. Protection does not restore the spent deposit or ensure quick withdrawal.

Worked case

Hypothetical long 100 units at 100, cash factor TRY 10, deposit TRY 20,000, booked fees/funding TRY 500. Notional TRY 100,000. At a mark of 90, raw loss TRY 10,000 and equity TRY 9,500. Supplied teaching maintenance threshold TRY 10,000 is breached by TRY 500. At marks 100, 90 and 75, raw equities are TRY 19,500, TRY 9,500 and −TRY 5,500. These are open marks, not realized closeout prices or promises of current broker rules.

Adverse case

A gap allows an actual close only at 74. Price loss is 100 × 10 × (74 − 100) = −TRY 26,000; with TRY 500 costs, raw ending balance −TRY 6,500. If the case expressly supplies legally effective zero-floor protection for this account, customer debit beyond the deposit is zero under that assumed rule, while the deposit is exhausted. Without established applicable protection, the raw deficit cannot be dismissed. Additional provider default or withdrawal delays are separate risks.

Practical use

Verify the Turkish permitted entity, classification, current legal protection scope, account aggregation, collateral transfers, closeout method and complaint process. Obtain written contract terms and distinguish guarantees from operational targets. Do not infer an EU or UK retail safeguard from a foreign brand serving a Turkish resident. Include gap execution, commissions, overnight costs, conversion and applicable taxes.

Use permitted domestic access routes and the actual instrument documents. Verify intermediary authority, investor eligibility, order/redemption terms, settlement, custody and executable size before implementation. Reconcile spread and commissions, funding, collateral, custody, product expenses, conversion and exit charges; an amount already embedded in a fill or fund unit price is not deducted again. A published mark or product description does not promise an executable price or liquidity.

Tax is excluded unless a numerical schedule is expressly supplied as hypothetical. For actual rules record income year, residence and individual/corporate status, instrument and acquisition/contract dates, taxable event and rule effective date. The GIB investment-income guide, checked 2026-10-26, covers 2025 individual income; its 2026 publication date alone cannot settle a 2026 liability.

Decision boundaries

Size the position to an affordable adverse cash loss rather than to the maximum displayed leverage. A protected account can still lose the full relevant deposit rapidly. Defer if protection is being used as the decisive reason to trade but its legal scope cannot be verified.

Practice and references

Exercise: hypothetical deposit TRY 8,000; long 40 units at 50, factor TRY 10; close fill 27, total costs TRY 200. Solution: price loss 40 × 10 × (27 − 50) = −TRY 9,200; raw balance −TRY 1,400. Under an expressly supplied valid zero-floor provision the additional collectable debit would be zero; without that provision the arithmetic alone supplies no legal conclusion.

Takeaway: Evaluate verified customer-specific loss protections with the cash dates, costs and remaining risks stated.

Product card: domestic-cfd. Formula: CFD raw account equity. Glossary: Closeout trigger, Negative-balance protection. Next lesson: C5T1L4. Topic test.

Sources checked 2026-10-26:

Shared reference guide