# Prop firm guides & futures reference

> Direct, sourced answers on how prop firms, funded accounts, challenges, payouts and taxes work, and the CME figures a futures prop trader needs.

**Source:** https://propfirmpal.com/learn  
**Generated:** 2026-11-04  
**Publisher:** Prop Firm Pal - independent prop firm comparison

_Prop Firm Pal earns affiliate commission from some listed firms. This is disclosed on-site and does not affect the computed ranking order._

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## Prop firm guides

- **[What is a prop firm?](https://propfirmpal.com/learn/what-is-a-prop-firm)** - A prop firm funds traders who pass its evaluation and shares the profit. How retail prop firms work, what they cost, and whether the money is real. Markdown: https://propfirmpal.com/learn/what-is-a-prop-firm.md
- **[How funded trading accounts work](https://propfirmpal.com/learn/funded-trading-accounts)** - A funded trading account lets you trade a prop firm’s capital and keep most of the profit. What you get, what you risk, and the rules that close accounts. Markdown: https://propfirmpal.com/learn/funded-trading-accounts.md
- **[How to get a funded trading account](https://propfirmpal.com/learn/how-to-get-a-funded-trading-account)** - The three routes to a funded trading account - evaluation, instant funding, and a firm that hires - with what each costs and what approval really requires. Markdown: https://propfirmpal.com/learn/how-to-get-a-funded-trading-account.md
- **[How prop firm challenges work](https://propfirmpal.com/learn/how-prop-firm-challenges-work)** - A prop firm challenge is a paid test: hit a profit target without breaching loss limits. One-step vs two-step, targets, time limits and what failing costs. Markdown: https://propfirmpal.com/learn/how-prop-firm-challenges-work.md
- **[Instant funding vs evaluation](https://propfirmpal.com/learn/instant-funding-vs-evaluation)** - Instant funding skips the prop firm challenge; an evaluation tests you first. Price per $1,000, drawdown, payout rules and which suits your trading. Markdown: https://propfirmpal.com/learn/instant-funding-vs-evaluation.md
- **[Why traders fail prop firm challenges](https://propfirmpal.com/learn/why-traders-fail-prop-firm-challenges)** - The mistakes that end prop firm challenges: oversizing, trailing drawdown, daily limits, news and consistency rules, and how to avoid each of them. Markdown: https://propfirmpal.com/learn/why-traders-fail-prop-firm-challenges.md
- **[Prop firm drawdown types explained](https://propfirmpal.com/learn/prop-firm-drawdown-types)** - Static, trailing, end-of-day and daily drawdown compared with worked examples: how each limit moves, which is harder, and how to size trades against it. Markdown: https://propfirmpal.com/learn/prop-firm-drawdown-types.md
- **[How to scale a funded account](https://propfirmpal.com/learn/how-to-scale-a-funded-account)** - Three ways to grow prop firm capital: a scaling plan, contract scaling in a futures account, and running several funded accounts, and the limits on each. Markdown: https://propfirmpal.com/learn/how-to-scale-a-funded-account.md
- **[Futures vs forex prop firms](https://propfirmpal.com/learn/futures-vs-forex-prop-firms)** - How futures and forex prop firms differ: exchange-traded contracts vs CFDs, dollar vs percentage drawdown, monthly fees, platforms, US access and payouts. Markdown: https://propfirmpal.com/learn/futures-vs-forex-prop-firms.md
- **[How to choose a prop firm](https://propfirmpal.com/learn/how-to-choose-a-prop-firm)** - Choose a prop firm by market, drawdown rules, total cost, payout terms, platform and track record. Eight checks, in order, before paying for an evaluation. Markdown: https://propfirmpal.com/learn/how-to-choose-a-prop-firm.md
- **[Prop firm vs broker vs hedge fund](https://propfirmpal.com/learn/prop-firm-vs-broker-vs-hedge-fund)** - Whose money is traded, who takes the loss, who regulates it: how a retail prop firm differs from a broker, a traditional prop firm and a hedge fund. Markdown: https://propfirmpal.com/learn/prop-firm-vs-broker-vs-hedge-fund.md
- **[How do prop firms make money?](https://propfirmpal.com/learn/how-do-prop-firms-make-money)** - Retail prop firms earn mainly from evaluation fees and pay traders out of that revenue, often on simulated accounts. What that means for your payouts. Markdown: https://propfirmpal.com/learn/how-do-prop-firms-make-money.md
- **[How prop firm payouts work](https://propfirmpal.com/learn/how-prop-firm-payouts-work)** - How to get paid by a prop firm: payout rules, frequency, minimums, profit split, methods such as crypto and Rise, and why payouts get denied. Markdown: https://propfirmpal.com/learn/how-prop-firm-payouts-work.md
- **[Can you make money with a prop firm?](https://propfirmpal.com/learn/can-you-make-money-with-a-prop-firm)** - Yes, if your pass rate and payouts outrun the fees. The expected-value maths of a prop firm account, what payouts look like, and the $1,000-a-day question. Markdown: https://propfirmpal.com/learn/can-you-make-money-with-a-prop-firm.md
- **[Prop firm taxes](https://propfirmpal.com/learn/prop-firm-taxes)** - How US traders generally report prop firm payouts: 1099-NEC, Schedule C, self-employment tax and quarterly estimates. General information, not tax advice. Markdown: https://propfirmpal.com/learn/prop-firm-taxes.md
- **[Are prop firms legit?](https://propfirmpal.com/learn/are-prop-firms-legit)** - Many prop firms are legitimate businesses that pay traders, but the model has real risks. Ten checks, the red flags, and what happened when firms failed. Markdown: https://propfirmpal.com/learn/are-prop-firms-legit.md
- **[Are prop firms regulated?](https://propfirmpal.com/learn/are-prop-firms-regulated)** - Most retail prop firms are not regulated as brokers, as traders use simulated accounts. What US, UK and Indian regulators cover, and how to check a firm. Markdown: https://propfirmpal.com/learn/are-prop-firms-regulated.md
- **[Are prop firms going away?](https://propfirmpal.com/learn/are-prop-firms-going-away)** - Prop firms are not being banned, but the industry has weathered platform cut-offs, a CFTC case and closures. What changed, and how to spot trouble. Markdown: https://propfirmpal.com/learn/are-prop-firms-going-away.md

## Futures reference

- **[Futures trading hours](https://propfirmpal.com/learn/futures-trading-hours)** - CME futures trade from 6 pm ET Sunday to 5 pm ET Friday with a one-hour daily break. Hours for ES, NQ, crude oil and gold, and what prop firm rules add. Markdown: https://propfirmpal.com/learn/futures-trading-hours.md
- **[Futures contract month codes](https://propfirmpal.com/learn/futures-contract-month-codes)** - Every futures month code from F (January) to Z (December), how to read a symbol like ESZ26, and which months ES, NQ, crude oil and gold contracts trade. Markdown: https://propfirmpal.com/learn/futures-contract-month-codes.md
- **[Micro vs mini futures](https://propfirmpal.com/learn/micro-vs-mini-futures)** - Micro futures are one-tenth the size of E-mini contracts. Compare ES and MES, NQ and MNQ, crude oil and gold, and see why prop traders size with micros. Markdown: https://propfirmpal.com/learn/micro-vs-mini-futures.md
- **[Futures tick values](https://propfirmpal.com/learn/futures-tick-values)** - Tick size and tick value for ES, MES, NQ, MNQ, YM, RTY, crude oil and gold futures, with how to turn ticks into profit, loss and prop firm drawdown. Markdown: https://propfirmpal.com/learn/futures-tick-values.md

## Market calendars and hours

- **[Stock market holidays 2026](https://propfirmpal.com/stock-market-holidays-2026)** - Every 2026 NYSE and Nasdaq closure and early close, with how CME equity futures trade each day. 251 trading days. Markdown: https://propfirmpal.com/stock-market-holidays-2026.md
- **[Trading days in 2026](https://propfirmpal.com/trading-days-2026)** - 251 NYSE trading days in 2026, by month, and why a year is usually counted as 252. Markdown: https://propfirmpal.com/trading-days-2026.md
- **[Forex market hours](https://propfirmpal.com/forex-market-hours)** - Sydney, Tokyo, London and New York sessions in ET, UTC and your time, with overlaps, DST changes and a live open-now check. Markdown: https://propfirmpal.com/forex-market-hours.md