What is the first thing to check before a prop firm challenge?

The maximum loss and its type (static, intraday trailing or end-of-day trailing) for your exact account size, read from the firm's official rules page. It decides your position size more than the profit target does.

How much should I risk per trade in a prop firm challenge?

A common convention is to size so that 8–10 consecutive losses still stay inside the maximum loss — divide the maximum loss by that number to get a per-trade dollar risk. It is a risk-management convention, not a guarantee.

Does following a checklist guarantee a pass?

No. No method, tool or coach can guarantee a pass, and most evaluations are failed. A checklist reduces avoidable rule breaches; it does not create an edge.

Where can I compare prop firm rules side by side?

Elave's prop firm rules comparison lists drawdown type, daily loss limit, profit target, payout split and minimum days for each verified program, each linked to the firm's official source.

How to pass a prop firm challenge — a rules-first checklist

To pass a prop firm challenge, treat it as a rules exercise: confirm the maximum loss type, daily loss limit, consistency and minimum-day rules for your exact account, size every trade from the maximum loss, and stop for the day well before the daily limit. The checklist below turns that into steps you can tick before, during and after each session; it improves process and cannot guarantee a pass.

Updated 2026-10-09 · Elave editorial

1. Before you buy the evaluation

Read the firm's official rules page for your exact program and size, and note the date you read it.
Write down the maximum loss and whether it is static, intraday trailing or end-of-day trailing.
Write down the daily loss limit and whether breaching it fails the account (hard) or only pauses the day (soft).
Check for a consistency rule — at evaluation, at payout, or both.
Check minimum trading days, news-trading limits, overnight/weekend holding and automation/copier rules.
Check the funded-stage rules too: they often differ from the evaluation (payout buffer, split, caps).

2. Before each session

Compute today's loss floor from the current balance and the drawdown type.
Set a personal daily stop at roughly half of the firm's daily loss limit.
Fix risk per trade so that a normal losing streak (8–10 losses) cannot reach the maximum loss.
Convert that dollar risk into contracts or lots for your stop distance before the open.
Check the economic calendar against the firm's news rule.

3. During the session

Trade only setups you have written down and tested.
After two or three consecutive losses, stop — do not size up to win it back.
With an intraday trailing drawdown, remember that open profit raises the floor; manage winners accordingly.
Never move a stop further away once the trade is on.

4. After the close

Journal every trade: setup, size, planned vs actual risk, and the reason for exit.
Note behaviour, not just P&L: revenge trades, oversizing, trading outside your hours.
Update your distance to the maximum loss and to the profit target.
Check the consistency ratio (best day ÷ total profit) if your program has one.

5. Weekly review

Find the single most expensive behaviour pattern of the week and remove it first.
Compare your average loss to your planned risk — drift means sizing is slipping.
Re-read the official rules page; firms change rules without notice.

6. Before requesting a payout

Confirm the payout conditions on the official page: winning days, buffer, minimum and cap.
Confirm whether the consistency rule applies at payout and where you stand against it.
Know what happens to the drawdown floor after a payout (some firms lock or move it).

Tools for each step

FAQ

What is the first thing to check before a prop firm challenge?: The maximum loss and its type (static, intraday trailing or end-of-day trailing) for your exact account size, read from the firm's official rules page. It decides your position size more than the profit target does.
How much should I risk per trade in a prop firm challenge?: A common convention is to size so that 8–10 consecutive losses still stay inside the maximum loss — divide the maximum loss by that number to get a per-trade dollar risk. It is a risk-management convention, not a guarantee.
Does following a checklist guarantee a pass?: No. No method, tool or coach can guarantee a pass, and most evaluations are failed. A checklist reduces avoidable rule breaches; it does not create an edge.
Where can I compare prop firm rules side by side?: Elave's prop firm rules comparison lists drawdown type, daily loss limit, profit target, payout split and minimum days for each verified program, each linked to the firm's official source.

Sources

About Elave

Elave (elavefx.com) is a free trading platform for retail and prop-firm traders: a broker-synced trading journal with an AI coach, a prop-firm rules tracker, risk tools, a Telegram trading desk and application-only coaching. The platform is free with no subscription; Elave is funded by partner-broker (introducing-broker) relationships.

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Educational content, not investment advice. Elave makes no performance, win-rate, pass-rate or income claims. Trading leveraged products carries a high risk of loss.