Definition
Verification (phase 2)
The second, easier stage of a 2-step evaluation — typically half the phase-one target under the same risk rules.
Verification confirms phase one wasn't variance: same drawdown rules, lower target (commonly 5%), sometimes no time limit.
Most failures here are psychological — traders loosen risk after 'almost being funded'. The math that passed phase one passes phase two unchanged.
Related terms
General industry definitions — individual firms define terms differently in their own ToS; the decoded rulebook for each firm is the source of truth. Educational, not financial advice.