Prop Firm Challenge Checklist

How to use this checklist: Print this out or use it digitally during your prop firm challenge. Complete each section at the appropriate time — before starting, before each session, during trading, and at end of day. Consistent compliance tracking is the difference between passing and failing.

Before Starting

Account size confirmed

Verify your challenge account size and starting balance match what you purchased. Screenshot it for your records.
Understand daily loss limit (%)

Know your firm's daily loss limit (typically 5%). Calculate the exact dollar amount for your account size. This is your hard stop for the day.
Understand max drawdown (%)

Know whether your firm uses trailing or static drawdown (typically 8-10%). Trailing drawdown moves up with your peak equity — understand this before you trade.
Know profit target (%)

Record the exact profit target for your challenge phase (typically 8-10% for Phase 1, 5% for Phase 2). Calculate the dollar amount.
Know minimum trading days

Most firms require 4-10 minimum trading days. Plan your trading schedule to meet this requirement without rushing at the end.
Know time limit

Record the challenge deadline. Calculate how many trading days you have and what average daily return you need to hit the target.

Daily Pre-Session

Check remaining daily loss buffer

Calculate how much you can lose today before hitting the daily limit. If yesterday was a loss, your buffer may be smaller than you think.
Check drawdown from peak equity

Calculate your current equity vs your highest equity point. Know exactly how much room you have before the max drawdown breach.
Review yesterday's trades

Quickly assess what happened yesterday. Were trades plan-compliant? Any emotional decisions? Learn before you trade again.
Confirm position sizing for current equity

Recalculate your lot sizes based on today's equity, not your starting balance. As equity changes, your position sizes must adjust.
Check economic calendar

Note high-impact news events. Some firms restrict trading during news. Even if yours doesn't, know when volatility spikes are expected.

During Trading

Risk per trade within plan (0.5-1%)

Every trade must risk no more than your predetermined amount. During a challenge, 0.5-1% per trade is the safe zone. Resist the urge to size up.
Stop loss placed before entry

Never enter a trade without a stop loss already set. This is non-negotiable during a prop firm challenge. One runaway loss can end everything.
No correlated pair overexposure

Long EUR/USD and long GBP/USD is effectively doubling your risk. Check for correlation before opening additional positions.
Emotional state check

Are you trading from a place of calm analysis or emotional reaction? After a loss, wait 15 minutes before the next trade. After a big win, same rule.
Rule compliance for each trade

Does this trade meet your strategy criteria? Is it within your session plan? If you can't check every box, don't take the trade.

End of Day

Log all trades in journal

Record every trade taken today: pair, direction, entry, exit, lot size, P&L, and whether it followed your plan. Don't skip losing trades.
Calculate day's P&L vs daily limit

What percentage of your daily loss limit did you use today? Even on winning days, track this. It builds awareness of your risk exposure.
Update running drawdown

Record today's closing equity. Calculate drawdown from peak. Update your running tracker so you always know your buffer.
Assess compliance rate

Out of today's trades, how many followed every rule? Score yourself honestly. 100% compliance days should be the norm, not the exception.
Plan tomorrow's approach

Based on today's results and your remaining buffer, plan tomorrow's session. Which pairs, which session, what risk level. Go into tomorrow with a plan.

Weekly Review

Track consistency of daily P&L

Are your daily returns consistent, or do you have massive swings? Many firms have consistency rules. Steady 0.5% days beat one 5% day followed by losses.
Assess profit target progress

What percentage of your target have you hit? How many trading days remain? Calculate the average daily return needed to reach the target.
Review position sizing discipline

Did you stick to your planned lot sizes all week? Any trades where you sized up after a loss or got greedy after a win? Flag these immediately.
Check for behavioral patterns

Look for revenge trading (bigger trades after losses), overtrading (more trades than planned), and FOMO (trades outside your strategy). These kill challenges.

Pro Tip: Compliance Wins Challenges

82% of prop firm failures come from rule violations, not unprofitable trading. PipJournal tracks your drawdown, daily limits, and compliance automatically — so you can focus on trading, not math.