Understand the account. Know the rules.
A practical guide to futures evaluations, trading limits, fees and payouts.
START HERE
Proprietary trading means trading with a firm's capital rather than managing client investments. Online retail prop programs use a different entry route: traders commonly pay for an evaluation and demonstrate performance under defined rules.
This guide focuses on futures prop programs. Passing an evaluation may unlock a funded stage, but the word “funded” does not necessarily mean trades are placed in the live market.
A simulated account uses virtual balances. A firm may still pay real rewards under its agreement. Apex, for example, identifies its Intraday Performance Account as simulated. Live trading is a separate stage with its own selection process and conditions. Simulated account explained.
THE TYPICAL PATH
The exact route depends on the firm and program.
Compare fees, loss limits, platforms and eligible countries. Read the terms before buying access.
Reach the profit target while respecting the risk limits and any trading-day or consistency requirements.
Complete the firm's checks and any activation payment. Re-read the rules: the funded stage can differ.
Meet the funded account's payout conditions, submit a request and wait for the firm's review.
Some programs skip the evaluation. That does not remove fees, trading rules or payout conditions. A move to live trading is program-dependent, not automatic. Example of a staged program.
THREE DIFFERENT STAGES
The label matters less than the agreement behind it.
A rules-based assessment, typically in simulation. Your goal is to meet the target without breaching the account limits.
Orders and balances remain simulated, while eligible rewards may be paid in real money under the firm's agreement.
A separate arrangement involving live execution. Availability and selection depend on the provider's program.
These are common distinctions, not a route offered by every firm. Apex's live-program explanation.
READ BEFORE TRADING
The profit required to pass an evaluation. Reaching it does not cancel the other conditions or make the balance immediately withdrawable.
The account's loss threshold. A static threshold stays fixed; a trailing threshold rises with a defined peak. Check how the firm calculates and enforces it.
A separate session-level limit where applicable. Confirm the reset time, whether open losses count and whether a breach pauses or closes the account.
A rule limiting how concentrated profits can be in one day or trade. The formula, percentage and consequence depend on the program and stage.
The maximum contracts you may hold. Micro and mini contracts can count differently; a scaling plan may change the limit as the account develops.
Check permitted products, news trading, holding periods, automation, copying and prohibited strategies. Do not assume another firm's permissions apply.
Apex's intraday evaluation is one example of a threshold following unrealized peaks; other programs use different methods. Read the official example.
AN ILLUSTRATION, NOT A FIRM'S OFFER
A hypothetical $50,000 account with a $2,000 drawdown allowance.
The nominal account is $50,000, but its initial distance to the loss threshold is $2,000.
Example path: equity reaches $51,000 intraday, then closes at $50,400. The EOD model updates its peak only at the close; the intraday model includes open gains. No trailing stop cap, fees or withdrawals are modeled. Firm rules can differ, including whether touching the threshold is a breach.
UNDERSTAND THE INSTRUMENT
A contract's specifications determine what each move is worth.
A tick is the smallest price increment. A point is a price move measured in the instrument's quoted units. The dollar result depends on the contract multiplier and how many contracts you hold.
A micro contract has a smaller exposure than its corresponding larger contract. It still uses leverage and is still subject to the prop firm's position limits.
CME specifies a $2 multiplier and a 0.25-point minimum tick for Micro E-mini Nasdaq-100 futures.
A 10-point move is $20 per contract, or $60 for three contracts, before commissions. The result is a gain or loss depending on your direction.
View CME contract specificationsLOOK BEYOND THE ENTRY PRICE
A coupon may cover only the entry fee. Confirm the regular renewal price and cancellation terms.
A profit split is not a promise of payment. Example payout policy.
BEFORE YOU JOIN
Six questions to answer before choosing a program.
Confirm country eligibility, age and identity checks, supported platforms and available payment methods.
Add evaluation, activation, renewals and optional services. Decide what repeated attempts would cost before paying for the first.
Check equity versus balance, unrealized gains, reset times and whether touching a limit fails the account or pauses the session.
Check news events, overnight positions, trade copying, automation and contract limits against the way you intend to trade.
Read the qualifying conditions, caps and post-payout balance rules together. A headline profit split answers only one part.
Keep the plan name, rule version and purchase confirmation. Legacy programs and current offers can have different conditions.
QUICK REFERENCE
Balance reflects closed-trade results and applied charges. Equity also reflects the current profit or loss on open positions. A rule measured against equity can be triggered before you close a trade.
The high-water mark is the reference peak used by a trailing rule. The threshold follows that peak according to the program's calculation. Check when the peak updates and whether the threshold eventually stops trailing.
A safety net is an amount that must stay in the account under the payout rules. A cap limits the amount you may request. Having profits above a buffer does not override a separate cap or another eligibility requirement.
A day with a trade is not necessarily a qualifying payout day: a minimum net result may be required. Consistency measures the concentration of results over a specified period. Read both the formula and the period used.
Evaluation fees and repeated attempts can add up without producing a payout. Simulated results do not guarantee live performance. Futures are leveraged products: small price movements can create large gains or losses, and live-market losses can exceed initial margin. CME Group: futures risks.
Margin deposited with a broker is different from a prop program's evaluation fee or advertised account size. CME Group: futures margin.
Read about trading riskNo. It is an account designation or nominal trading balance. The loss allowance and payout rules determine what you may risk and request. Check the specific agreement.
Not necessarily. Some funded stages remain simulated. A move to a live account can require a separate decision by the firm.
Eligibility is set by the firm. Before paying, understand order types, contract value, platform operation and risk limits. An evaluation is not a guaranteed route to income or a substitute for learning.
Consequences vary: the account may be paused, failed or closed, or a payout may be refused. Read the rule for the exact account stage rather than assuming a reset is available.
No. Firms also offer other products, including forex and CFDs. Product availability, contracts and rules differ. This site's comparison focuses on futures programs.
Official references checked in October 2026. Examples illustrate specific programs, not universal rules.
Explore each firm's programs before choosing an account.
