Simulated is not live
An evaluation account is a simulation. Passing it proves discipline under those rules, not that you will repeat it with real money. Many funded traders stall at the first payout.
Fees are usually sunk
A challenge fee is normally non-refundable once you start, and reset fees stack. Budget for a failed attempt, not just a successful one.
Rules end challenges
Daily drawdown, trailing max drawdown, consistency caps, news windows and weekend rules can each end a run on one bad session. Read the exact drawdown calculation before you size a position.
Payouts are not instant or guaranteed
Payout speed ranges from days to weeks across the field, and some firms changed their split retroactively. Treat a payout as earned only once it lands.
Capital is not yours
Simulated capital is not a deposit. You cannot withdraw it, only the profit share.