Clear, trader-friendly definitions for prop firm rules, account models, payouts, trading, execution, platforms, futures, forex and PropFirmAdvisor intelligence terms.
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Browse all terms ↓Prop-firm terms can sound similar while producing very different account outcomes. Use the glossary to learn a term, jump to related definitions and open the relevant PFA guide, calculator, Intelligence page or comparison tool when you need more context.
Some entries, such as Firm Health, Evidence Hub and PFA verified firm response, describe PropFirmAdvisor systems. General trading terms describe common market usage. A firm’s own legal definition or rule wording always takes priority for that account.
These are among the terms most likely to affect whether an evaluation, funded account or payout remains compliant.
Search by term or definition, filter by topic, or use the A–Z index. Definitions are educational; the exact rule used by a prop firm should always be verified on the relevant firm or account page.
An evaluation with one qualifying phase before the trader can progress to the firm’s post-pass or funded process.
An evaluation with two qualifying phases, usually with separate targets or conditions for Phase 1 and Phase 2.
An evaluation with three qualifying phases before progression to the funded process.
The step that makes a passed or purchased account available for the next stage, sometimes after identity checks, agreement signing or payment of an activation fee.
A specific purchasable account configuration within a prop-firm program, often defined by account size, price and available add-ons.
The nominal starting balance or buying-power label attached to a prop-firm account, such as $50,000 or $100,000. It does not necessarily equal cash the trader can withdraw or lose.
A fee charged after passing or purchasing an account to activate the next stage or funded-style account.
An optional paid or selectable feature that changes an account’s rules, payout split, holding permissions, leverage or other conditions.
An execution-related statement published by a prop firm, such as a claim about speed, spreads, liquidity or execution model. PFA labels it as advertised unless independently measured.
A notice explaining that PropFirmAdvisor may receive compensation from qualifying referrals or commercial relationships.
A tracked link that may generate compensation for the publisher if a user completes an eligible action. It should not change the underlying editorial standard.
A country from which the firm permits traders to access the applicable product or account, subject to the firm’s current terms and payment/KYC checks.
Anti-Money Laundering controls intended to prevent financial systems from being used to disguise or process illicit funds.
Application programming interface. A structured method for software to exchange data or trading instructions with another system when access is supported and permitted.
A strategy seeking to exploit price differences between markets, venues or instruments. Many prop firms restrict certain forms of arbitrage.
The lowest displayed price a seller is currently willing to accept in the quoted market.
Platforms & Execution Guides #Using software or algorithms to generate, place or manage trades automatically.
Platforms & Execution Guides #The arithmetic average processing duration across the qualifying payout records in a selected sample or period.
The account value after closed trades and posted credits or debits, excluding the current unrealized P&L of open positions.
A drawdown rule calculated primarily from account balance, usually reflecting closed trades rather than all open-trade fluctuations.
The first currency in a forex pair. In EUR/USD, EUR is the base currency.
A consistency rule that limits the share of total profit that can come from the trader’s most profitable day.
The highest displayed price a buyer is currently willing to pay in the quoted market.
Platforms & Execution Guides #A violation of a hard account rule that causes the account or evaluation to fail, close or become ineligible under the firm’s terms.
The distance between the current account value and the applicable breach level. A larger buffer means more room remains before a hard loss-rule breach.
The market exposure an account can support under its leverage or margin rules. In futures, it can also be constrained by a firm’s contract limits.
Contract for difference. A derivative that tracks price changes in an underlying market without the trader owning that underlying asset directly.
Common trader shorthand for a prop-firm evaluation.
The upfront price charged to purchase an evaluation account.
A realized loss from a position that has been closed.
A position that has been exited, converting its result into realized P&L.
A transaction fee charged when opening, closing or round-turning a trade, depending on the pricing model.
A structured record of a reported trader issue, its source, status, available evidence and any firm response or resolution information.
The percentage used by a firm to measure whether one day or portion of performance is too large relative to total profit.
A rule that limits how concentrated profits can be in one day, trade or period, or otherwise requires performance to meet a defined consistency formula.
A PFA editorial metric intended to reflect the age and change risk of supporting sources, database facts, article updates and search-demand signals rather than relying only on the published date.
A charting series that stitches multiple futures contract months together for analysis. It is not itself a single tradable expiring contract.
The maximum number of futures contracts a trader may hold or trade under an account’s rules.
The quantity or value represented by one futures contract or, more generally, the standardized size of a trading instrument.
Replicating trades from another account, trader or strategy. Firms can restrict the source, ownership, direction or account combinations permitted.
Whether a specific firm, program or account is available to traders in a given country. Availability can differ by product and can change over time.
A market-data, charting and order-routing technology provider used in futures and institutional trading environments.
The delivery of platform login details after an account is created or activated.
A contract for difference that tracks a cryptocurrency price without requiring direct ownership of the underlying token.
Software or hardware used to control addresses and cryptographic keys for digital assets.
A trading platform used for forex and CFD markets, known for charting, depth-of-market tools and algorithmic capabilities where the firm permits them.
A quoted relationship between two currencies, such as EUR/USD.
The maximum loss allowed during a firm-defined daily period. The calculation may use balance, equity, realized P&L, floating P&L or a combination, so the exact formula matters.
Daily Loss Calculator #An exchange rule limiting how far certain futures contracts can move from a reference price during a session.
The moment a daily loss calculation restarts for a new firm-defined trading day.
A charge for market data, exchange feeds or other data access.
A stream of market data used by a platform, chart or trading system. Futures data can require exchange-specific subscriptions.
How current a PFA fact, evidence record or page is relative to its source verification, database updates and related changes.
A reduced margin requirement some futures brokers or prop environments apply when positions are opened and closed within approved intraday hours.
A broad term for an account model that avoids a conventional challenge path. It can overlap with instant funding but the exact rules depend on the firm.
A decline from a previous account peak to a later lower value. In prop trading, the term is also used for formal loss-limit rules.
The account value that must not be crossed under a maximum-loss or trailing-drawdown rule.
A configurable trading platform used by some brokers and prop firms for web-based or multi-asset account access.
Profit that satisfies the firm’s rules and can be included in a payout calculation.
A trailing drawdown rule that updates using a defined end-of-day value rather than continuously after every intraday high.
The current account value including unrealized profit or loss on open positions.
A chart showing how account equity changes over time.
Getting Started #A drawdown rule that includes account equity and therefore can be affected by unrealized profit or loss on open positions.
A rules-based assessment a trader must complete before becoming eligible for a funded stage. It can have one or more phases.
Getting Started #Another term for the upfront challenge fee charged for access to an evaluation.
A firm-specific PFA destination that organizes the available payout, complaint, rule, promotion and execution/outage evidence for that firm.
The structured record connecting important PFA claims and content to the source evidence that supports them.
A structured PFA record representing a source-backed observation such as a payout, complaint, rule change, campaign, execution claim or outage.
A regulated marketplace where standardized futures and other listed contracts trade, such as CME exchanges.
A charge for real-time or professional market data from a futures exchange, often separate from challenge or platform fees.
The time associated with processing and filling an order. When a firm publishes a number, PFA treats it as an advertised claim unless independently verified by a suitable measurement method.
A forex pair combining a major currency with a less heavily traded or emerging-market currency.
The average amount a trading approach is expected to gain or lose per trade based on win probability and average win/loss size.
An automated trading program, especially in the MetaTrader ecosystem. Whether EAs are allowed depends on the firm and strategy restrictions.
The date or period when a futures contract stops trading or reaches its settlement process.
PFA’s operational-health view of a prop firm using current and historical signals such as complaints, incidents, rules, payouts and other tracked evidence.
A person authorized to act or respond on behalf of a prop firm. On PFA, verified representative status is distinct from an unverified user claim.
The earliest payout a trader can request after reaching the funded stage, subject to timing and eligibility rules.
An unrealized loss on an open position. If a rule is equity-based, floating loss can contribute to a breach before the trade is closed.
The foreign-exchange market where currencies are traded in pairs.
A new evaluation attempt provided without another challenge fee when the trader meets the firm’s conditions for a retry.
The nearest actively traded futures contract month, often the contract receiving the most current trading activity.
An account stage where a trader who meets the firm’s requirements can trade under the firm’s funded rules and become eligible for a share of qualifying profits.
The stage after the required evaluation or activation process where funded-account rules and payout eligibility apply.
A periodic payment mechanism used by many perpetual futures markets to help keep the contract price aligned with the underlying spot market.
A standardized exchange-traded agreement referencing an underlying asset and specified contract terms, including tick size and expiration.
A promotional campaign where participants can win accounts, discounts, cash-equivalent prizes or other benefits according to the published entry rules.
A strategy that places multiple orders at preset price intervals. Risk can increase as positions accumulate, and firms may restrict certain grid behavior.
A rule violation that immediately fails, closes or disqualifies the account under the firm’s rules.
A plain-language PFA status indicating whether tracked operating signals appear stable, improving, declining or otherwise warrant attention under the current methodology.
Holding positions intended to offset some or all of another position’s market exposure. Cross-account or cross-firm hedging can be restricted even when ordinary hedging is permitted.
Algorithmic trading characterized by very high order or trade frequency and short holding periods. Retail prop firms may prohibit or restrict behavior they classify as HFT.
A scheduled announcement expected to cause significant market volatility, often identified by economic calendars or the firm’s own restricted-news list.
The highest account value that counts under a firm’s trailing-drawdown calculation. This trader-friendly term replaces technical phrases such as “high-water mark” in PFA calculators.
The margin required by a broker or exchange framework to open or carry a position under the applicable rules.
A program marketed as providing a funded-style account without completing a traditional multi-phase evaluation first. Rules and eligibility still vary by firm.
The set of symbols or markets that a specific firm, program or account can trade.
A trailing drawdown rule that can move during the trading session as new qualifying highs are reached.
Trailing Drawdown Calculator #The legal territory whose laws or registration framework apply to a company, contract or activity.
Know Your Customer. Identity-verification checks a firm or payment provider can require before activation, payouts or other account actions.
The delay between sending, transmitting, processing or receiving trading data or orders. Advertised latency is not the same as independently measured trader experience.
A strategy that attempts to exploit timing delays or stale quotes between data feeds or execution venues. It is commonly restricted by prop firms.
Rules & Drawdown Guides #The ratio between market exposure and the trader’s required margin. Higher leverage reduces margin needed for a given position but does not reduce the underlying market risk.
An order to buy at a specified price or lower, or sell at a specified price or higher. Execution is not guaranteed.
Forced closing of positions because margin, risk or platform rules are no longer satisfied.
The availability of buyers and sellers and the ability to transact without causing excessive price movement.
A bank, broker, market maker or other venue/source that contributes tradable prices or liquidity to an execution chain.
An account whose orders are routed to a live trading environment. Whether a prop firm uses live accounts, simulated accounts or a hybrid model should be verified from the firm.
A position intended to profit if the instrument’s price rises.
The standardized forex/CFD trade size used to express position quantity.
Margin & Buying Power Calculator #The minimum margin that must remain available to continue holding a position under the applicable brokerage or exchange rules.
A heavily traded forex pair that includes the US dollar and another major currency.
The amount of account value required to open or maintain a leveraged position.
A warning or requirement to add funds or reduce exposure because available margin has fallen below a required level. Prop-firm platforms may instead liquidate or restrict positions according to their setup.
A view of available buy and sell interest at multiple price levels where the platform and market provide it.
An order to buy or sell at the best available market price. The final fill can differ from the displayed price when markets move or liquidity is limited.
A position-sizing approach that increases exposure after losses in an attempt to recover prior losses. It can create rapidly increasing risk.
A trading platform used by some brokers and prop firms for web, desktop or mobile trading experiences.
The overall loss limit below which an account breaches. It can be static or trailing and may be measured from balance, equity or another reference value.
The largest payout permitted in a single request, cycle or account stage when the firm applies a cap.
A rule limiting how many lots, contracts or units a trader can hold in one instrument or across the account.
A time limit requiring an evaluation to be completed within a maximum number of trading or calendar days. Many firms now use unlimited-duration models, so this must be checked per program.
A trading platform widely used for forex and CFD trading, with charting, manual trading and Expert Advisor support where permitted.
A multi-asset trading platform used by many forex/CFD brokers and firms, with charting, order management and automated-trading support where permitted.
A smaller futures contract designed to represent a fraction of the exposure of a larger standard or E-mini contract.
In spot forex conventions, typically 1,000 units of the base currency.
A smaller contract than the related full-size futures contract. In US index futures, “E-mini” commonly identifies a widely traded reduced-size contract.
In spot forex conventions, typically 10,000 units of the base currency.
The smallest payout amount the firm will process under the applicable account rules.
The minimum number of qualifying trading days required before a trader can pass a phase or request a payout, depending on the program.
A forex pair between major currencies that does not include the US dollar.
A blockchain transaction fee paid for processing a transfer on a cryptocurrency network.
Opening, closing or holding positions around scheduled economic or market news. Firms can allow, restrict or condition this behavior.
A platform and ecosystem widely associated with futures charting, order entry and automated trading.
The total market value represented by a leveraged position before accounting for the margin actually required.
Margin & Buying Power Calculator #A response attributable to the prop firm on the original external source or another official channel.
A source published by the firm, regulator, platform/provider or other directly responsible entity.
A position that has not yet been closed and can still create unrealized profit or loss.
The place from which a business mainly operates or maintains headquarters. It can differ from its legal registration jurisdiction.
A list or representation of resting buy and sell orders or quoted depth for a market where such data is available.
The execution of all or part of an order at an available price.
A chronological record of documented platform, server, dashboard or trading-access incidents supported by official or archived sources where available.
Keeping a position open across the firm’s defined overnight boundary. Some programs allow it and others restrict it.
The margin requirement for holding a futures position beyond the permitted intraday session or into the exchange’s overnight period.
Profit and loss. A general measure of trading gains and losses over a trade, day or period.
An order execution where only part of the requested size is filled immediately.
To satisfy all requirements of an evaluation phase without breaching a rule.
A program structure where the trader completes an evaluation before paying some or all of the account cost required to activate the next stage.
A withdrawal or distribution of eligible trading profits from a funded account to the trader, subject to the firm’s payout rules.
The amount of equity or balance a trader may need to leave in the account after withdrawing, whether by explicit rule or practical risk management.
The recurring schedule or interval that determines when eligible payouts can be requested or processed.
The full set of conditions a trader must satisfy before a payout request can be approved.
Payout Eligibility Calculator #Source-backed records used to document payout amounts, dates, processing time, methods or verification where available.
A charge applied to a payout or payment method, if the firm or payment provider imposes one.
How often a firm permits or processes eligible payout requests, such as weekly, biweekly, on-demand or according to another schedule.
The payment rail or service used to deliver a payout, such as bank transfer, crypto, local payment provider or another supported method.
The elapsed time between a payout request and the payout being completed, based on the dates available in the evidence.
Payout Intelligence #The formal submission asking the firm to process eligible profit for payment.
A required profit or account level that must be reached before a payout can be requested.
A crypto derivative that resembles a futures contract but does not have a fixed expiration date and commonly uses periodic funding payments.
PropFirmAdvisor’s evidence and monitoring layer for firm health, payouts, complaints, rule changes, advertised execution claims and related research.
A response submitted on PropFirmAdvisor by a representative whose connection to the firm has been verified under the platform’s process.
A distinct stage of an evaluation. Each phase can have its own profit target, loss limits, trading-day requirement and other conditions.
A standard unit used to express small price movements in many forex pairs, commonly the fourth decimal place for non-JPY pairs and the second for many JPY pairs.
Platforms & Execution Guides #The monetary value of one pip for a given position size and currency pair.
Margin & Buying Power Calculator #A fractional pip, typically one-tenth of a pip on platforms quoting an extra decimal place.
A charge for access to a trading platform or related platform service.
A period when a trading platform or related service is unavailable or materially degraded.
The monetary value of a one-point price move for one futures contract.
An open market exposure created by buying or selling an instrument.
Choosing trade size based on account value, stop distance, contract or pip value, and the amount of risk the trader intends to take.
Margin & Buying Power Calculator #The stream of market prices supplied to a trading platform.
A rule limiting the amount of profit, payout or qualifying performance that can count within a specified period or stage.
Gross profit divided by gross loss over a set of closed trades. Values above 1 indicate gross profit exceeded gross loss in that sample.
The percentage of eligible payout profit allocated to the trader versus the firm.
The amount or percentage of profit a trader must reach to complete an evaluation phase, subject to all other rules.
A named prop-firm account offering with its own market, funding model, phases, rules, prices, platforms and payout policy.
A trading method or behavior explicitly disallowed under the firm’s rules or terms.
A code used to apply a discount or offer to an eligible prop-firm purchase.
A time-limited or conditional public offer such as a discount, free reset, account upgrade or other incentive.
A proprietary trading firm. In the retail prop-firm context, it offers traders access to evaluation or funded-style trading programs under defined risk, payout and strategy rules.
Trading using a firm’s capital or a firm-sponsored trading arrangement rather than trading only with the trader’s own capital.
The second currency in a forex pair. In EUR/USD, USD is the quote currency.
Profit or loss that has been locked in by closing a position.
Any fee that repeats on a defined schedule rather than being paid only once.
The conditions that determine whether a fee can be refunded and under what circumstances.
A fee that may be returned when the trader meets the firm’s stated refund conditions.
The country or jurisdiction where the legal entity is incorporated or registered. This can differ from the firm’s operational location.
The legal or regulatory position of a company or service. Retail prop firms can operate under business models that differ from regulated brokers, so status should be verified rather than assumed.
An order the platform or execution system refuses to accept or fill.
A payout request that the firm did not approve. The reason should be evaluated together with the program rules and available evidence.
A new price offered when the requested execution price is no longer available under an execution model that supports requotes.
PFA’s editorial research layer that combines multiple evidence records, firms or periods to identify broader patterns and explain what the data may mean.
Starting an evaluation again, usually by paying a reset fee or using a reset benefit, while restoring the starting account conditions defined by the firm.
Costs & Fees Guides #A fee charged to restart or reset an evaluation.
The exact clock time and timezone a firm uses to reset a daily rule, trading day or other daily calculation.
The share of tracked complaint records classified as resolved within the selected sample or period. It should be read with sample size and evidence quality.
A country or jurisdiction from which a prop firm does not accept traders for a particular product, market or payment route.
A market or symbol the account is not permitted to trade.
A prop firm that offers standardized trading programs to individual traders, usually through paid evaluations, subscriptions or direct-funded account models.
Another attempt at an evaluation after failing or not completing a prior attempt.
Any firm-defined restriction that caps loss, exposure, contracts, lots, positions or other risk-taking behavior.
The amount or percentage of account value a trader is prepared to lose if a single trade reaches its stop or exit condition.
The relationship between the amount risked on a trade and the potential reward targeted.
A futures market-data and order-routing technology provider used by some prop firms and trading platforms.
Moving trading activity from an expiring futures contract to a later contract month.
A confirmation that the trader has read or accepted the program rules or terms before trading.
A documented change from a previous rule, value or wording to a new one, with source and verification context where available.
A chronological record of a firm’s rule values and material changes over time.
Checks against applicable sanctions lists or restricted jurisdictions that can affect account access or payments.
A firm’s policy for increasing account size, buying power, contract allowance or other limits when the trader meets defined performance conditions.
A profit, balance or performance level that must be reached before a firm increases account size or contract allowance.
A trading style that seeks small price moves over short holding periods. Whether it is allowed depends on the firm’s strategy and execution rules.
A failure or disruption affecting a server involved in account access, market data, dashboards or order handling.
The timezone and clock used by a broker, firm or platform for daily resets, candle times and session boundaries.
A position intended to profit if the instrument’s price falls.
An account where trading is executed in a simulated environment rather than directly with live market capital. Many retail prop-firm evaluations and funded-style programs use simulation.
The difference between the expected order price and the actual execution price. It can be positive or negative and is affected by volatility, liquidity and execution conditions.
Platforms & Execution Guides #A rule violation or warning that may trigger a restriction, review or corrective action without automatically closing the account. The exact meaning is firm-specific.
The record of where information came from, how it was captured and what verification or extraction path produced the fact or evidence.
Buying or selling the underlying cryptocurrency for immediate settlement on a spot market, rather than trading a derivative.
The difference between the bid and ask price. It is one component of trading cost and can widen during volatile or illiquid conditions.
Platforms & Execution Guides #The implicit transaction cost created by entering at the ask and exiting at the bid, or vice versa, assuming the spread is unchanged.
A digital asset designed to track the value of a reference asset, commonly a fiat currency such as the US dollar.
In spot forex conventions, typically 100,000 units of the base currency.
A maximum loss floor that stays fixed relative to the account’s starting reference value instead of moving upward with profits.
An order that becomes active when a trigger price is reached. It can be used for entries or exits depending on the platform and order type.
An exit instruction intended to limit loss if price reaches a specified level. Fast markets can still create slippage.
A recurring fee charged at regular intervals for continued access to an evaluation, account or service.
An overnight financing adjustment that can be charged or credited on some leveraged positions kept open across the broker’s rollover time.
A trading style that holds positions for longer moves, often across sessions or days. It may require overnight or weekend holding permission.
An exit instruction intended to close a position when a specified profitable price level is reached.
The contractual rules governing use of a prop-firm service or account. They can include payment, trading, payout, dispute and termination provisions.
The minimum quoted price movement defined for a futures contract or other market instrument.
The minimum price increment by which a futures contract can move.
The monetary profit or loss created by one tick of movement for one contract.
Software or infrastructure that copies orders from one trading account to another.
Evidence submitted by a trader, such as screenshots or records, which still requires context and verification before strong conclusions are drawn.
A day that qualifies under the firm’s rules. Firms can define what counts as a trading day differently.
Software used to view markets, place orders and manage positions in a prop-firm account.
A recurring period of market activity, such as the London or New York session in forex or an exchange session in futures.
A charting and trading interface that can connect to supported brokers or execution providers. Platform availability and order routing depend on the firm’s integration.
A futures trading platform and brokerage technology ecosystem used by a number of futures prop-firm programs.
A moving loss floor that rises as the account reaches a new qualifying high until the firm’s trailing rule stops or locks, if applicable.
Trailing Drawdown Calculator #A PFA score used to summarize selected trust-related signals from the data and methodology available for a tracked firm. It should be read with the underlying evidence rather than in isolation.
Profit or loss on open positions that has not yet been realized by closing the trade.
A later evaluation stage used by some firms to confirm a trader can repeat compliant performance before funding.
A label describing how strongly an evidence record has been checked or corroborated under the applicable PFA workflow.
Evidence that has passed the verification level or checks defined by PFA’s data methodology.
A payout record whose supporting evidence has passed the verification standard indicated by PFA.
Virtual private server. A remotely hosted computer environment traders may use to run platforms or automated strategies continuously, subject to the firm’s rules.
Keeping a position open through the weekend market closure or the firm’s weekend boundary.
The percentage of closed trades that were profitable over the measured sample.
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