These are three key terms that relate to three key elements that detail your funds on account.

Equity = your REALISED Funds - if you deposit £1000 with no trades open. Equity = £1,000. This value will be unaffected by live trade activity.

Live P/L = total value of all your live trades, this value updates in real time. If you have two trades open both up £50, your Live P/L = +£100.
Balance = Equity - Live P/L. Your balance tells you what impact live trade positions are having on your Equity.  Taking the above two examples. Your Balance = +£1,100. Your Balance updates in real time.

Margin = funds available to trade. When you place a trade, the Pelican system ring-fences a fraction of your Equity. This prevents you opening up more positions than you have funds available.

Your Available Margin = Balance - Used Margin. If your available margin becomes negative, your position may be partially or fully closed automatically to try to protect you from going into debt on the Pelican platform. However, as markets can move quickly, there is no guarantee that you will not go into negative equity should a trade go against you rapidly. Therefore, it makes sense to ensure that you keep adequate funds in your Pelican account to avoid scenarios of being automatically closed out.

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