Prop Firms
Rules, drawdown models and payout conditions of futures prop firms, written for traders who have to pick one and live with the rulebook afterwards.
by Phil Wasmuth5 min readThe Prop Firm Consistency Rule ExplainedThe prop firm consistency rule explained for futures traders: how the best-day cap is calculated, the current Topstep and Apex Trader Funding percentages, and what happens if you fail it.
by Phil Wasmuth6 min readEnd-of-Day vs. Intraday Trailing Drawdown ExplainedEnd-of-day trailing drawdown vs. intraday trailing drawdown in futures prop firms: how each floor moves, why the difference matters mid-session, and how Topstep and Apex apply them.
by Phil Wasmuth5 min readTopstep vs. Apex Trader Funding: Rules ComparedTopstep vs. Apex Trader Funding compared for futures traders: evaluation model, consistency rule, drawdown type, overnight rules and trading-day requirements, as of September 2026.