Understand the business model before you pay the fee
A proprietary trading firm gives traders capital and splits the profits. In the retail version you pay a fee, complete an evaluation, and if you pass you trade a funded account — typically keeping 70–90% of profits.
Before deciding whether to attempt one, be clear about how the firm actually makes money. The answer determines how you should think about the rules.
Two revenue models
Challenge fees. Most participants fail. Fee income from failed attempts is a substantial, in some cases dominant, revenue line. This is not necessarily predatory — the fee buys a real option, and firms publish pass rates that are typically in the single digits to low teens.
Profit split. The firm takes 10–30% of what funded traders make. For this to be meaningful the firm needs traders who survive, which aligns their interest with yours.
Which model dominates matters. A firm whose economics depend mainly on fees has little reason to want you to pass. A firm whose economics depend on splits does. You cannot always tell from outside — but consistent, published payout records are the closest available signal.