Proprietary Trading Firm (Prop Firm)
A proprietary trading firm, usually shortened to prop firm, lets traders trade on the firm's account instead of risking only their own savings. Most modern retail prop firms run an evaluation first: you pay a fee, prove you can hit a profit target without breaking the loss rules, and then get access to a larger account. The firm sets the rules, keeps a share of any profits, and can revoke access if a rule is broken.