Prop firms whose payouts run weekly, daily or on demand after the first withdrawal, with each program's first-payout rule, ongoing frequency, split at that frequency and methods, plus the buffers, caps and consistency checks that apply.
Prop firm rules come with their own vocabulary. This glossary explains 30 terms you will see in evaluation rules, funded account terms and payout policies. Definitions are general: each firm applies these rules in its own way, so always read the exact terms for the program you buy.
Account types
- Prop firm: A proprietary trading firm that gives traders access to a firm-funded or simulated account in exchange for a share of the profits, usually after a paid evaluation.
- Evaluation (challenge): A paid test in which you must reach a profit target without breaking the firm's risk rules before you receive a funded account.
- One-step and two-step evaluations: A one-step evaluation has a single phase with one profit target. A two-step evaluation has two phases, each with its own target, and usually looser limits.
- Instant funding: An account you can trade for payouts without passing an evaluation first. It usually costs more and comes with tighter rules.
- Funded account: The account you trade after passing the evaluation. Profits above the starting balance can be withdrawn, subject to the firm's payout rules.
- Simulated vs live account: Many funded accounts are simulated: trades are not sent to a real market, and the firm pays you from its own funds. A live account places real orders with real capital.
Risk rules
- Profit target: The amount of profit, as a percentage or a dollar figure, that you must reach to pass an evaluation phase.
- Daily loss limit: The most you can lose in a single trading day before the account is breached or paused. Our position size calculator helps you keep each trade within it.
- Maximum drawdown: The total loss the account can take before it fails, measured from the starting balance or from a trailing high-water mark.
- Static drawdown: A loss limit fixed at a set level below the starting balance. It does not move as the account grows.
- Trailing drawdown: A loss limit that moves up as your account balance or equity rises, so it follows your highest point.
- Intraday trailing drawdown: A trailing limit that updates in real time, including unrealized profit on open trades. A winning trade that reverses can reduce your room even if you close it at break-even.
- End-of-day (EOD) drawdown: A trailing limit that updates only at the end of each trading day, based on the closing balance. Swings during the session do not move it.
- Drawdown lock: The point at which a trailing drawdown stops moving, often once it reaches the starting balance. After that it behaves like a static limit.
- Balance-based vs equity-based limits: A balance-based limit counts only closed trades. An equity-based limit also counts floating profit and loss on open positions.
- Consistency rule: A rule that limits how much of your total profit can come from a single day or trade, so the result is not driven by one outsized win. A common form is the best-day rule: your best day must be no more than a set percentage of your total profit.
- Minimum trading days: The fewest days on which you must place a trade before you can pass a phase or request a payout.
- News trading restriction: A rule that limits opening or closing trades in a window around high-impact economic releases.
- Overnight and weekend holding: Whether you may keep positions open after the session closes or over the weekend. Some firms require all positions to be flat.
- Expert advisor (EA): An automated trading program, or bot, that places trades for you. Firms may allow, restrict or ban EAs, and often ban high-frequency or latency-based strategies.
Payouts and costs
- Profit split: The share of profits you keep, for example 80% to the trader and 20% to the firm.
- Payout cycle: How often you can request a withdrawal, such as daily, weekly, every 14 days or on request.
- Payout buffer: An amount of profit you must hold above the starting balance before you can withdraw, which protects the account from falling straight back to its limit.
- Payout cap: A maximum amount you can withdraw per request or per cycle, often applied to early payouts.
- Scaling plan: A program that increases your account size or profit split after you meet set performance milestones.
- Activation fee: A one-off fee some firms charge to activate a funded account after you pass the evaluation.
- Reset: A paid option to restart an evaluation with a fresh balance after a breach or a poor start, usually cheaper than buying a new challenge.
- Refundable fee: An evaluation fee the firm returns to you, usually with your first or a later payout, if you pass and get paid.
Trade math
- Pip value: The money value of a one-pip move for a given position size and currency pair. Work it out with the pip value calculator.
- Risk-reward ratio: The size of a trade's potential profit compared with its potential loss. The risk-reward calculator helps you plan it.
Put the terms to work
Once you know the vocabulary, compare firms on the rules that matter to your strategy with our comparison tool, and check how each firm pays out in our payout guides. For trade sizing, try the margin calculator and drawdown calculator.
FAQ
What is the difference between static and trailing drawdown?
Static drawdown stays fixed below the starting balance. Trailing drawdown moves up as your account grows, following your highest point.
What is a payout buffer?
An amount of profit you must hold above the starting balance before you can withdraw.
Educational content only, not financial advice. Trading involves substantial risk of loss. Prop firm rules change often; check the firm's official terms. Some links may be affiliate links; see our disclosure.
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