A prop firm evaluation is a set of rules applied to a trading account: a profit target, loss limits and sometimes a minimum number of trading days. On MetaTrader 5 each of those rules has to be turned into something the trading server can measure, such as balance, equity and closed trades by date. This guide explains the common evaluation models, how each rule maps onto MT5 account data, and which parts a firm runs itself versus the infrastructure underneath. Enso Markets provides that infrastructure to prop firms as its main business.
The four evaluation models
| Model | How it works | What the account side has to support |
|---|---|---|
| Two-step evaluation | Phase 1 and phase 2, each with its own target and loss limits, then a funded account | Three accounts per trader and a hand-off between each |
| One-step evaluation | A single phase, usually with a higher target or tighter drawdown, then a funded account | Two accounts per trader |
| Instant funding | No evaluation phase; the trader starts on a funded account with stricter limits from day one | One account, monitored live from the first trade |
| Direct or express funding | A short or simplified qualification, often with a scaling plan instead of a full evaluation | Fast account creation and limits that change as the account scales |
The rules differ by firm. The account mechanics are similar across all four, which is why the same MT5 infrastructure can run them side by side.
How each rule maps to MT5 data
| Rule | What is measured on MT5 | Detail firms set |
|---|---|---|
| Profit target | Closed profit against the starting balance | Percentage per phase |
| Daily loss limit | Equity against the balance or equity at the start of the server day | Which reference point, and the server day cut-off time |
| Maximum loss | Equity against the starting balance (static) or the highest balance reached (trailing) | Static or trailing, and whether trailing stops at the start balance |
| Minimum trading days | Distinct server dates with at least one trade | Number of days |
| Consistency rule | Largest single day’s profit as a share of total profit | Percentage cap |
| News and weekend rules | Open positions and order times around listed events or market close | Event list and time window |
Equity-based limits are checked against floating results, so a trade that never closes in loss can still breach a daily limit while it is open. Clear rule wording on the firm’s side avoids most disputes.
The account lifecycle
| Stage | What happens on the account |
|---|---|
| 1. Purchase | An evaluation account is created with the agreed balance, leverage and instrument set |
| 2. Trading | Balance, equity and trades are monitored against the firm’s rules |
| 3. Breach | Trading is stopped on the account and the result is recorded |
| 4. Pass | The next phase or a funded account is issued, usually as a new account |
| 5. Funded | The same monitoring continues, with payouts calculated from closed profit |
What the firm runs and what the infrastructure runs
| Prop firm | Infrastructure |
|---|---|
| Rule design, pricing and payouts | MetaTrader 5 hosting and trading-server administration |
| Trader sign-up, website and support | Account creation at scale for every phase |
| Brand and marketing | Liquidity access across forex, indices, commodities, stocks and crypto CFDs |
| Final decisions on reviews and disputes | Account data for monitoring, plus FIX API or white-label options |
Running evaluations on Enso Markets infrastructure
Enso Markets’ main business is B2B: brokerage infrastructure for proprietary trading firms, introducing brokers and institutional partners. For prop firms that covers MT5 hosting, liquidity access, account administration for evaluation and funded accounts, FIX API connectivity and white-label set-ups. The prop firm infrastructure overview lists each part, and terms are agreed per partner. Start on the partnership page or write to marketing@ensomarket.com.
Frequently asked questions
Is daily drawdown measured on balance or equity?
It depends on the firm. Most measure current equity against the balance or equity at the start of the server day, so open losses count.
What is the difference between static and trailing drawdown?
Static drawdown is measured from the starting balance and never moves. Trailing drawdown follows the highest balance reached, and many firms stop it once it reaches the starting balance.
Does a passed evaluation become the funded account?
Usually not. Most firms issue a new account for the next phase or the funded stage, so each stage starts with a clean record.
Can one firm run several evaluation models at once?
Yes. Two-step, one-step, instant and direct funding accounts can run on the same MT5 infrastructure with different rule sets per account group.
Figures as of 27 October 2026. Leveraged trading involves risk and may not be suitable for all investors.