Take Profit Trader Review 2024

Take Profit Trader Review 2024

Take Profit Trader is a futures proprietary trading firm offering prospective traders the opportunity to partake in futures trading without putting their personal capital at risk. Based in Orlando, Florida, the firm provides a wide range of features that distinguish it from other leading prop firms.

Traders have complimentary access to a number of platforms for executing trades, including NinjaTrader, Trading View, R | Trader Pro, Quantower and Tradovate. Renowned for their varied functions, from technical analysis and charting to backtesting and automated trading, these platforms provide traders with a comprehensive set of tools to effectively navigate the markets.

Traders partnering with Take Profit Trader can specify how much capital they wish to manage. In order to gain access to a funded account and start with real capital, traders have to demonstrate their trading abilities, achieving a set profit target and adhering to predefined risk rules.

Take Profit Trader distinguishes itself by tailoring its platform and services to prioritise the trader’s needs and enhance their trading experience. Among the firm’s most distinctive features are the speed with which traders can progress to funded accounts, instant withdrawals, pro account resets and the efficient live support.

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Becoming a Funded Futures Trader

Take Profit Trader have streamlined the process for attaining funding. Traders simply need to select a funded account that will meet their needs and demonstrate they have the requisite trading abilities. Those who succeed will quickly be able to start trading with real capital and retain a significant portion of the profits they generate. We breakdown the process below:

1. Register and choose your asset class: Choose a futures account that aligns with your trading preferences, with a maximum contract size that you’re comfortable managing. Purchase a trading subscription and get started.

2. Prove your trading abilities: Traders are required to achieve a predefined profit target while adhering to a set of risk rules. Once you have proved your abilities, you attain the status of “PRO” trader.

3. Start earning money: Traders accepted as PROs qualify for a funded account with which they can begin generating profits and earning real money immediately.

4. Withdraw into your account: Select your preferred method for receiving payouts and withdraw your earnings accordingly. With Take Profit Trader, traders retain 90% of the profits they generate.

5. Upgrade to PRO+: PRO+ members unlock exclusive benefits, like the elimination of daily loss limits, exemption from the 50 executions rule, and an incredibly attractive 90% profit share.

Funding Programs

Traders should select an evaluation program that aligns with their trading preferences. Once you enrol, you’ll receive a designated amount of capital for both your Test and PRO Accounts. The futures prop firm’s robust risk management protocols are designed to ensure disciplined trading practices. While all trading carries inherent risk, any losses incurred on the PRO Account are absorbed by Take Profit Trader prop firm rather than the trader.

The table below compares the features and rules for Test, PRO and PRO+ Accounts.

Test Accounts

Test accounts are akin to a trial period for a PRO account, allowing Take Profit Trader to evaluate your trading skills. When you join the firm, these accounts will be displayed as the default option.

To access your Test accounts and see how they’re performing, visit the Control Centre and click on an account to display its trading dashboard. If you’ve reset an account, you’ll find it beneath the first account listed in the Control Centre.

PRO Accounts

Traders who successfully complete a trading test qualify for a PRO account, from which they can derive real income. There is a PRO account tab at the top of the Take Profit Trader website, which enables you to easily switch between your Test and PRO accounts. The credentials and licence key for your PRO account are the same as for your Test account.

Each PRO account can be reset three times, making the process more convenient and efficient for traders by removing the need to take the test repeatedly.

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Instruments You Can Trade

The instruments you can trade with Take Profit Trader include:

• Agricultural futures
• Equity futures
• Interest rate futures
• Foreign exchange futures
• Metals futures
• Energy futures

Take Profit Trader offers traders a compelling platform. The range of account sizes on offer, combined with a generous profit-sharing framework and supportive infrastructure, create a user-friendly environment conducive to profitable trading. As such, the firm is worthy of consideration from traders of all experience levels, from newcomers to the industry through to experienced professionals.

Account Size and Pricing

Currently, Take Profit Trader provides a variety of account sizes in line with the offerings of other futures trading funded programs. Monthly subscription fees start at $150 and go up to $360 based on account size, which spans from $25,000 to $150,000. PRO Accounts allow for up to three resets and entail a one-off fee, eliminating the requirement for recurring payments.

We will update this section regularly as the firm expands its offerings to include other asset classes.

Earnings Objective

Each account size has its own profit target, which are plausibly realisable and similar to those found elsewhere in the industry. Below we detail the profit target and maximum contract number for each account size:

• $25,000 account: 3 contracts; $1,500 profit target

• $50,000 account: 6 contracts; $3,000 profit target

• $75,000 account: 9 contracts; $4,500 profit target

• $100,000 account: 12 contracts; $6,000 profit target

• $150,000 account: 15 contracts, $9,000 profit target

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Daily Loss Limit

Managing risk effectively is a fundamental part of trading profitably. One of the key criteria for risk management is the daily loss cap. Take Profit Trader has set fair caps that encourage traders to trade responsibly. These are detailed in the table below.

Maximum Trailing Drawdown

One oversight in risk management that arises commonly is neglect of the EOD trailing drawdown. Take Profit Trader have streamlined this rule for Test accounts, so that it is calculated at the end of each trading day rather than during the course of individual trades. The table below lists the EOD trailing drawdown for each account size, followed by an illustration of how the EOD trailing drawdowns work.

Futures Account Size	Maximum Position Size	Profit Target	Daily Loss Limit	Maximum Trailing Drawdown
$25,000	3 Contracts	$1,500	$500	$1,500
$50,000	6 Contracts	$3,000	$1,100	$2,000
$75,000	9 Contracts	$4,500	$1,600	$2,500
$100,000	12 Contracts	$6,000	$2,200	$3,000
$150,000	15 Contracts	$9,000	$3,300	$4,500

In the Control Center, you will see the maximum trailing drawdown built into the metric “Minimum account balance”.

The diagram depicts a $25,000 account. With the maximum trailing drawdown set at $1,500 for a $25,000 account, the minimum account balance starts at $23,500 (as $25,000 – $1,500 = $23,500).

The mechanism is known as “trailing” because the minimum account balance “trails” the account balance as it increases. For example, if you earn $1,000 on your first trading day, your balance will rise to $26,000 while your minimum account balance adjusts to $24,500. 
In this scenario, the minimum account balance will persistently “trail” $1,500 behind your highest EOD account balance until it reaches $25,000. Once it aligns with the account’s starting point, it ceases to “trail” your account higher.

The illustration below should make this clearer.

Breaching the minimum account balance will lead to your account being immediately liquidated.

Profit Sharing

Take Profit Trader’s profit-sharing arrangement prioritises the trader, with an 90/10 split allowing traders to retain a substantial 90% of all profits they generate. The firm keeps a modest 10%, underscoring their dedication to putting their traders first.

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Trading Platforms

Take Profit Trader provides traders with a choice of over 30 different trading platforms, giving them the flexibility to find one that best suits their needs. For data feeds, the prop firm generally recommends using the CQG Data Feed over the Rithmic Data Feed. Below we list the trading platforms compatible with each data feed:

For CQG Data Feed:

• NinjaTrader
• TradingView
• Tradovate

For Rithmic Data Feed:

• R-Trader
• Quantower
• Motivewave
• Bookmap
• Agena
• Sierra Chart Trading and Charting
• Multi Charts
• Jigsaw Trading
• Order Flow Trading
• eSignal
• Investor RT
• Trade Navigator
• net
• Photon Trader
• OScalp
• Atas

The range of platforms on offer means there is one to cater to every trading strategy and goal, thereby ensuring that all traders partnering with Take Profit Trader can succeed in trading profitably.

Multiple Accounts

Take Profit Trader allows traders to use multiple Test accounts at one time, and copy trading is permitted on both Test and PRO accounts. However, it’s not possible to trade on more than one PRO account at a time, suggesting that even if you successfully pass multiple tests, only one PRO account will be activated, and the next PRO account won’t be authorised until the first one is lost or cancelled.

Is Take Profit Trader Legit?

When evaluating trading firms, assessing their legitimacy is paramount. Many well-known commercial banks like JP Morgan Chase and Bank of America are restricted from prop trading due to the Volcker Rule. As a result, smaller firms dedicated to prop trading have emerged to fill the void left by larger institutions. Based on the available information, Take Profit Trader appears to be a credible and reputable prop trading, with clearly set out practices and rules that should instil traders with confidence.

Take Profit Trader has over 800 Trustpilot reviews, with an impressive average rating of 4.3 out of 5 stars. Feedback on the firm’s services is overwhelmingly positive, with praise for everything from customer service to prompt and reliable payouts. Although a small percentage of reviews are negative, these are consistently and promptly responded to by the firm, leading to almost all issues being resolved. This serves to further underscore Take Profit Trader’s commitment to the needs of their traders, and that they are always striving to improve the service they offer.

Conclusion

For traders looking to profit from the futures market, Take Profit Trader provides an appealing opportunity. With its wide array of trading instruments and account size options catering to diverse trading capacities, the prop firm stands out as first-rate choice. Despite its current focus solely on futures trading and the absence of features like automated trading and overnight position holding, the firm’s ongoing evolution and dedication to providing traders with immediate returns on their trading efforts set them apart from the competition.

Take Profit Trader offers a comprehensive service and cutting-edge technology at a reasonable cost, making it a worthwhile consideration for traders with a solid strategy and prudent money management practices. All in all, Take Profit Trader could be the ideal partner for traders looking to maximise profits at the same time as reducing risks.

Nonetheless, it’s imperative for traders to carefully research a prop firm before deciding to work with it. As such, as well as considering this overview of Take Profit Trader, traders should also take into account their individual requirements, financial circumstances and appetite for risk to make a balanced decision.

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Take Profit Trader FAQs

Is Take Profit Trader Regulated?

The National Futures Association (NFA) nor the CFTC require that Take Profit Trader (or any futures funding firm) be part of any organization. We take regulation seriously, and therefore only use regulated brokers and CME approved data providers (Tradovate, NinjaTrader, and Rithmic) to place all trades. This means that all customers across all phases of our programs can rest assured that Take Profit Trader never touches, fills, manipulates, delays orders, or uses any software to be the counterparty of any trade, whatsoever.

How does Simulation work (test and PRO accounts)? Where do my orders go?

From the moment you connect to the data feed of one of our providers (Rithmic or Tradovate) all orders, risk management, fills, etc. are handled on their side. These parties are regulated and/or direct CME approved providers who use their in-house technology to execute your orders as if it were the live market. Take Profit does not internalize orders, play counterparty to any trades, use software to manipulate pricing, or anything with malicious intent.

Are PRO accounts SIM?

Yes, all PRO accounts are simulated (SIM). Your orders will not go to the exchange, but they are still sent to our providers (Rithmic, Tradovate) who handle the orders. Their software simulates live market conditions, and you get an almost identical experience as you would in the live market.

Are the profits I make In SIM paid in real money?

Absolutely. While your PRO account is a simulated environment and the profits inside that account are simulated, once you withdraw the profits paid to you are absolutely real. You can withdraw on day one of your PRO account will be paid out to either your ACH, Bank account or Paypal account typically within one business day.