Prop firm rules compared
The loss limits and trading rules of popular 2-step challenges, side by side. Rules change - checked 2026-10-23; always confirm on the firm's own website before paying.
| FTMO (2-step) | The5%ers High Stakes (2-step) | FundedNext Stellar (2-step) | |
|---|---|---|---|
| Profit targets | 10% then 5% | 10% then 5% | 8% then 5% |
| Daily loss limit | 5% of the initial balance | 5%, from the higher of balance or equity at midnight | 5%, resets at server midnight |
| Max loss limit | 10%, fixed | 10% (we test it as the stricter trailing version) | 10%, fixed |
| Minimum days | 4 trading days per phase | 3 profitable days of at least 0.5% each, per phase | 5 days per phase |
| Time limit | None | None (30 days of inactivity ends the account) | None |
| News trading | Allowed in the challenge | Hold through news; no new orders within 2 minutes of high-impact news | Allowed in the challenge |
| Expert advisors (EAs) | Check FTMO's rules for your account type | Allowed; no HFT, tick scalping, arbitrage or emulator EAs | MT4/MT5 only, must be your own strategy |
| Weekend holding | Allowed in the challenge | Allowed | Allowed |
How to choose
Look at the loss limits first. A fixed max loss is easier than a trailing one. A 5% daily limit measured from the day's start leaves less room than it sounds, because open floating losses count.
Then the trading rules: if you use an expert advisor or trade news, check those rows. Fees, leverage, payout split and platform differ by account size and change often, so we do not list them here.
Test your own numbers on the challenge calculator and read how the loss limits are counted.
Disclosure: if you buy through a partner link QuantMerit may earn a commission at no extra cost to you. It does not change our records or rankings. This is general information, not financial advice. Prop firm trading involves a high risk of losing the fee and your effort.