Evaluation phases: what they actually test

The evaluation, broken into parts

An evaluation is a test, run in a simulated account, that decides whether the firm will fund you. There are two common designs in 2026. One-phase evaluations — common with futures firms like Apex and TopStep — give you a single window to hit a profit target while staying inside loss limits. Two-phase evaluations — common with forex firms like FTMO — break the test into a more aggressive Phase 1 and a more relaxed Phase 2. Same goal in both: prove you can make money without breaking rules.

The four moving parts of any evaluation are the profit target, the drawdown limits, the minimum trading days, and the time window. Profit target is the dollar or percentage gain you have to hit — usually 6 to 10 percent for one-phase or Phase 1, dropping to 3 to 5 percent for Phase 2. Drawdown limits cap how much you can lose intraday and total. Minimum trading days force you to trade across multiple sessions, not just hit your number on one lucky day. Time window is how long you have to complete it — sometimes unlimited, sometimes 30 or 60 days.

Minimum trading days is the rule most newcomers miss. Many firms require five trading days minimum before you can pass, even if you hit your target faster. Why? Because the firm wants to see process across multiple sessions, not a single lucky trade. If you load the boat on Monday, hit your target by Tuesday afternoon, and stop — most firms will still fail you for not meeting the minimum days. Plan your campaign across the full required window, not against it.

The phase you're in changes how you should think. Phase 1 of a two-phase test is more aggressive — bigger target, often shorter window. You can take slightly more risk per trade because the target demands it. Phase 2 lowers the target, which lets you size down and focus on protection of capital. A common mistake is taking Phase 2 with the same aggression as Phase 1 — and breaking the drawdown rule on a target you didn't need to swing for.

Recap: every evaluation has four parts — profit target, drawdown limits, minimum trading days, and time window. The drawdown rule is what fails most people. Minimum days exist so you can't lottery your way to a pass. Know the structure of the test before you buy the ticket.