If prop trading is new to you, this explains the arrangement before you worry about the rules themselves.
The basic deal
A prop firm lets you trade with its capital rather than your own. Before it does that, it wants evidence you can trade without blowing the account up. That evidence is the evaluation.
You buy an evaluation from the firm, trade it under a set of rules, and if you meet the target without breaking any of them, you move on to a funded account. From there you take payouts from the profit rather than paying to keep going.
Everything you trade on Hyperprop is simulated, on both evaluations and funded accounts. The prices are real and live from the exchange, but the orders are not sent to the market. That is normal for prop trading and worth being clear about.
What you are being measured on
Almost every firm measures the same three things, though the numbers differ:
A profit target. How much you need to make to pass.
Loss limits. How much you can lose in a day, and how much in total.
Consistency. Whether your profit came from steady trading or one lucky day.
The important thing to understand early is that the loss limits are not equal. Hitting a daily limit stops you for the day. Hitting a maximum limit ends the account. Confusing the two is the most common and most expensive misunderstanding in prop trading.
Your firm sets the numbers, Hyperprop enforces them
Every value above is chosen by your firm, not by Hyperprop. Two traders on the same platform can have completely different targets and limits.
This is why help articles never tell you what your daily loss limit is. They tell you where to find it, because only your account knows.
What happens if you break a rule
Nothing is left to your judgement or anyone else's. The platform enforces limits as they happen, in the moment the price moves, not overnight and not by review. If you hit a limit, your positions are closed for you and you are told which rule it was.
That is uncomfortable the first time, but it is the point: the rule stops you rather than trusting you to stop yourself.
After you pass
A funded account never "passes" again, because there is nothing left to prove. Instead you keep trading it and take payouts, arranged by your firm. Loss limits still apply.
What to read next
Two articles matter more than the rest at this point: where your own limits are shown, and what actually happens when you hit one.