Prop firms use one of four standard drawdown mechanics or a plan-specific mix. Knowing which one your account uses matters more than the dollar number on the rules page. This is the complete cross-listing of 25 firms grouped by mechanic.
How it works: The mechanic changes by plan, option, or account stage. Check the exact evaluation, sim-funded, Master, Funded, and Live rules instead of applying one label firm-wide.
Best for: traders who compare plan-level rules before checkout and re-check the mechanic when moving to another option or stage.
How it works: MLL trails up at end-of-day close, then locks at starting balance permanently. Intraday equity drops don't reset it.
Best for: traders who want their starting capital protected after the lock event. The most forgiving mechanic, preferred by Paul.
How it works: MLL moves UP at end-of-day close, never locks. Keeps following equity-high forever. Intraday drops do not matter; only close matters.
Best for: traders who want maximum profit retention without locking. Strong for systematic strategies that close positions cleanly each day.
How it works: MLL follows intraday equity-high tick by tick. A 30-second spike up = MLL moves UP at that instant. Highest day-to-day vol mechanic.
Best for: high-conviction traders who size carefully. Most stressful mechanic; requires real-time risk management.
How it works: MLL is a fixed dollar amount below starting balance. Never moves. Simplest mechanic to track.
Best for: beginners or traders who prefer clarity over flexibility. The cleanest math.
Now that you know the five classifications, use the firm finder to filter by asset, region, and drawdown mechanic, and get matched to the firms that fit how you trade.
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