I want to implement an algorithm that calculates an account's 95% value at risk on a monthly return base. The case I want to describe in this question is rather academic and will probably never happen in real life.
I am wondering what happens if an account has never suffered a negative return, i.e. has always made money instead of loosing. Is the VaR 0 in this edge case (since the account never lost money, hence there is NO value at risk), or is the VaR negative (since the account always won money, hence the account's capital being at risk is negative and therefore is expected to grow, even in the worst case)?