Two evaluations can show the same account size and the same profit target and still behave very differently, because the rules that cost traders accounts are the drawdown measurement, the daily limits and the fine print on what you are allowed to do. Fees, payout terms and limits at Topstep and Apex change often, so I am not going to give you a table of current numbers that will be wrong in a month. Here is how to compare them properly instead.
Drawdown: the rule that matters most
There are two common ways a trailing drawdown is measured. One tracks your balance at the end of each trading day. The other tracks your equity during the day, which can include open profit. Which one applies to your specific account is in that firm's current rules, and firms sometimes run different products with different measurement, so read the document for the account you are buying.
Here is a hypothetical, not either firm's actual rule. A $100,000 account has a $3,000 trailing drawdown. During a day, equity peaks at $103,000, then falls back and the day closes at $101,000.
| Measurement | High-water mark | Floor | Cushion at the close |
|---|---|---|---|
| End-of-day balance | $101,000 | $98,000 | $3,000 |
| Intraday equity | $103,000 | $100,000 | $1,000 |
Same trades, same day, and the cushion differs by $2,000. Many programs also stop trailing once the floor reaches a set level, so check whether that applies. If you take open profit and then give it back, intraday measurement punishes it. If you hold winners longer, you want to know the measurement before you trade, not after the balance changes.
Automation: read this before you plan around a bot
Your next step
Build the daily map before the session.
See how ES and NQ Key Price Levels fit the daily plan. Follow the room, practice in SIM, and review what happened around each level.
Apex explicitly prohibits automated or algorithmic preset bots that place, modify or cancel trades without personal real-time review. The sources are its prohibited activities page and user agreement. That means no YMI bot or other automation should be described as Apex compatible or as a tool for passing an Apex evaluation. Manual strategies are a different matter.
Topstep's position on bots and API access depends on the account product. Its TopstepX API access article describes API availability for SIM, not Live, and prohibits order transmission from a VPS, VPN or remote server, so it is personal device only. Don't assume live automation is allowed, and read the current Topstep documents for the exact product you are considering.
Counting the real cost
The monthly fee is only part of it. Add up the following for each attempt, using the current fee schedule from each firm:
- Evaluation fee, including any monthly renewals while you trade it.
- Reset fees if you fail and restart.
- Activation or account fees after a pass.
- Data and platform fees.
- Commissions and slippage, which count against your profit target.
Hypothetical: three attempts at $150 each, a $100 activation fee after one pass and $60 in data fees comes to $610. An evaluation fee does not cap downside, because retries are how the cost compounds. Promotions change the price, but they do not change the rules you have to trade under. Taxes also matter. Prop payouts may be treated as service or contract income and are not automatically Section 1256 gains, so see the IRS pages on Form 6781 and tax topic 429 and talk to a qualified tax professional.
A checklist for comparing any two firms
| Item to compare | What to look for in the rule document |
|---|---|
| Drawdown measurement | End-of-day or intraday, and whether it stops trailing at a level |
| Daily loss limit | Whether it exists, how it is measured, and what happens when you hit it |
| Profit target and minimum days | Whether qualifying days require a minimum profit |
| Consistency or payout rules | Caps on single-day profit, payout thresholds, waiting periods |
| Contract limits | Per account size and whether they scale up after passing |
| Platform and data | Which platforms and data providers are supported |
| Automation and copy trading | What is prohibited, and for which product |
| News trading | Any restrictions around scheduled releases |
Funded does not mean live. A funded account is a firm program with its own rules, and payouts are not guaranteed. Terms also change, so screenshots of old rules are not a safe source.
Multiple accounts are not diversification
Running several evaluations at once feels like more chances. If you trade the same strategy on all of them, you are placing the same bet several times, and a bad day fails them together. Some firms also have rules on copying trades between accounts. Read them before you try it. More accounts multiply fees and complexity without adding independent chances.
Mistakes that fail evaluations on either firm
- Not knowing the drawdown measurement, then being surprised when open profit counts.
- Trading scheduled news with full size and no plan.
- Sizing up after a loss to get back to even.
- Not tracking qualifying days or payout conditions.
For a preparation process that is independent of any one firm, see the prop firm evaluation preparation guide. If you want the course and daily ES and NQ levels while you prepare, there is a 7-day trial that renews at $97 a month.
About the Author
Founder, Young Money Investments · Quant Trader
Cameron trades ES, NQ, and futures across multiple market cycles. He founded Young Money Investments to teach systematic, data-driven trading and manages Magnum Opus Capital. His work emphasizes documented rules, risk controls, and review over outcome promises.
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Risk Disclosure & Disclaimer
Educational Purposes Only: The content provided in this blog is for educational and informational purposes only. It does not constitute financial, investment, or trading advice. Young Money Investments is not a registered investment advisor, broker-dealer, or financial analyst.
Risk Warning: Trading futures, forex, stocks, and cryptocurrencies involves a substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and as a result, clients may lose more than their original investment.
CFTC Rule 4.41 - Hypothetical or Simulated Performance Results: Certain results (including backtests mentioned in these articles) are hypothetical. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
Testimonials: Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.
