8 lessons · 16 min · quiz
🏢 Prop Firms
Evaluations, drawdown rules, sim-funded vs live accounts, payouts — and the EV of buying a challenge.
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Futures prop firms let you trade their capital — or a simulated version of it — after passing an evaluation. They can be a cheap way to trade bigger size, or an expensive way to keep buying resets. This track shows you how they actually work so you can decide with your eyes open.
By the end you'll know
- What you're actually buying when you buy an evaluation
- The difference between static, trailing and end-of-day drawdown
- What "funded" usually means — and how live accounts differ
- How to work out the expected value of a challenge
Before you start
Rules, prices and payout terms change often and differ between firms. Everything here describes common industry patterns — always read the current terms of the specific firm before you pay.
Lessons
- What a prop firm is
- How evaluations work
- Drawdown rules
- Sim-funded vs live
- Payouts & profit splits
- The EV of a challenge
- Trading a prop account
- Choosing a firm
- Quiz