Prop firm evaluations are non-trivial purchases, and the rules vary enough between firms that copying a friend's setup is rarely a good idea. Run this checklist before paying.
The checklist
- Drawdown — Is it trailing or end-of-day? Does it freeze at any threshold? Does it include unrealized P&L?
- Daily loss limit — How is it calculated, and does it reset overnight or at session close?
- Profit target — What percentage of starting balance, and over how many days?
- Consistency rules — Is there a maximum percentage of total profit any single day can contribute?
- News rules — Are there restrictions on trading around high-impact news?
- Payout timing — How long after passing can you withdraw, and how often after that?
- Refund policy — Is the evaluation fee refundable on first payout, and under what conditions?
- Platform support — Which platforms are supported, and do data fees apply?
- Account size — Does the chosen size match your strategy's risk profile, not just your budget?
How to use the checklist
Open the firm's official rules page and answer each item in order. If you cannot find an answer in the firm's own documentation, that itself is information — escalate to support before purchasing.