Legends Trading Review 2024

Legends Trading Review 2024

Founded by a team of experienced futures professionals led by Greg Khojikian (CEO with 20+ years of experience), The Legends Trading is a U.S. proprietary firm based in Calabasas, California. Recognizing the challenges faced by aspiring funded traders, Legends Trading was created to provide the tools and resources needed to succeed in the futures market.

The Legends Trading prop firm offers a unique opportunity for qualified traders. Through a rigorous evaluation process, Legends Trading identifies skilled individuals and equip them with up to $250,000 in capital. The firm stands out by offering industry-leading platforms like NinjaTrader and Tradovate, along with the flexibility of managing multiple accounts (up to 20). By providing access to significant capital, Legends Trading allows talented funded traders to take advantage of bigger opportunities while focusing on what matters most, honing their skills and achieving their trading goals. This minimizes risk for the trader while maximizing their potential for success.

Legends Trading understands the importance of financial control. Profitable traders have the power to request profits twice a month, ensuring a steady income stream and the ability to reinvest or withdraw funds as needed. This flexibility allows traders to adapt to changing market conditions and manage their finances strategically.

Additionally, Legends Trading provides a user-friendly and comprehensive trader dashboard. This centralized hub empowers traders to stay organized and optimize their strategies. With effortless performance tracking, trend analysis, and account management, traders have all the information they need to make informed decisions and achieve maximum success.

Legends Trading Evaluation

Legends Trading identifies talented individuals for potential investment in their trading careers. This evaluation process helps them assess who possesses the skills and discipline required to thrive in the futures market. The apprenticeship evaluations provide a controlled environment that mimics real-world trading. While valuable for assessment, these simulations have limitations. The goal is not just passing the test, but developing sustainable trading strategies.

Legends Trading offers user-friendly quick-start packages, including 5 Apprentice Legend account plans where, to be considered for a funded account, candidates must achieve the targeted profit goals designated in their selected plan and trade for a minimum of 10 days.

Step 1 | Showcase Your Talent:
Select your ideal plan and enter The Legend Trading Live Evaluation. This is your chance to shine! Demonstrate your trading prowess by achieving the designated profit target, implementing proper risk management, and maintaining your position size for ten days.

Step 2 | Embrace the Trading Combine:
Ready to take it up a notch? Step 2 is the Trading Combine. Here, you’ll put your skills to test in a realistic live trading environment. Prove your consistency by reaching the designated profit goal while maintaining active trading for the minimum required days without incurring liquidation. This step verifies your risk management skills and consistent growth potential.

Step 3 | Score a Funded Acount & Become a Master:
Successfully navigating the Apprenticeship unlocks your Live Performance Master Account. Now you’ll manage your own funded account, showcasing your expertise as you generate profits and request withdrawals. Legends Trading becomes your partner in your trading success story.

Apprentice Legend Accounts breakdown and pricing table:

The Legends Trading Practice Account:

The practive account offered by The Legends Trading is a great place to taste the waters, sharpen your trading skills and get comfortable with the platform before diving into the evaluation. It gives you access to Level 1 CME Bundle and Ninja Trader or Tradovate.

This practice account is designed for traders who prefer to take their time developing a solid trading trategy. It provides a risk-free environment to experiment, get a feel for the market and gain familiarity with the platform’s features before you start your official evaluation.

Note that you will be billed for your Legends Trading Subscription every 30 days until you pass the evaluation or cancel. If the Apprentice Evaluation is in a forfeited state, it will be automatically reset at renewal of your monthly subscription.

You can either reset the account to it’s starting status via a reset in the Traders Dashboard area and try again or you can cancel your subscription in the account section.  

Legends Trading Rules

The Legends Trading futures prop firm offers a clear path to unlock your potential with no hidden rules. However, it is crucial to understand the essential rules that govern the funded process.

Fine-Tune Your Trading Strategy with Flexible Limits:

• Max Position: Each account tier specifies the maximum number of contracts or position sizes you can hold simultaneously. This ensures you manage your total exposure across available products.

• Profit Goals: Each package has a predetermined profit target you need to achieve in the Live Evaluation to advance. If you reach your renewal date without hitting the target, any positive balance rolls over.

Risk Management Tools:

• Trailing Max Loss: This dynamic safety net automatically adjusts your maximum account deficit based on your generated profits. This helps you maximize profit potential while managing risk.

Trade Freely with Unrestricted Access:

• No Blackout Days: Unlike some prop firms, Legends Trading offers unlimited trading days when the markets are open. Pursue your goals without restrictions to maximize your success.

Trading Schedule:

• Market Open to One Minute Before Close: Execute trades throughout the market session, maximizing your trading opportunities.

• Flat Positions Before Market Closure: All traders must close positions and be “flat” before market halts or closures to avoid unwanted exposure to volatile market movements. Open positions will be automatically liquidated, resulting in evaluation failure.

Manage Multiple Accounts with Ease:

• Multi-Account Management: Legends Trading empowers you to manage multiple accounts (up to 20) simultaneously using your existing credentials. This simplifies capital allocation and streamlines your trading strategy across different accounts.

Master Account Update:

The prop firm understands that navigating the markets can be challenging. Note that if your Master Account was unsuccessful, it cannot be reset.

Here’s what happens next: Subscription stays active

• Client Portal Confirmation: The Legend Trading recommends logging into the client portal to verify your account status.

Failing a Master Account doesn’t mean the end of your trading journey. You can always:

• Sign Up for Another Apprentice Evaluation Account: Hone your skills and try again. The Legend Trading encourage continuous learning and growth.

• Exclusive Second Chance Offer: As a one-time courtesy, you can access a 40% discount on your next Apprentice Evaluation Account. This offer is valid for 7 days after your Master Account failure.

To ensure long-term success, Legends Trading prohibits certain tactics during the evaluation. These include:

• Exploiting system errors: This includes taking advantage of price display errors or delays.

• Disruptive behaviors: Spoofing or other manipulative strategies are strictly prohibited.

• Abusing simulation features: Making rapid trades to gain queue advantage or exploiting the lack of slippage are not realistic market practices.

• Over-reliance on specific tools: Using tight brackets or auto-breakeven to guarantee favorable fills can create offsetting trades, violating exchange rules.

• Excessive trading volume: Trading unrealistic numbers of contracts (e.g., exceeding 500 per evaluation) is not indicative of real-world performance.

• Unsustainable practices: Any activity that contradicts real-world trading or could harm Legends Trading is prohibited.

• Bypassing restrictions: Circumventing geographical or technical limitations is not allowed.

• Account sharing: Aggregating activities of multiple individuals under a single account is strictly forbidden.

• Trading for others: Trading on behalf of others, including sharing incentives, is not permitted.

• Unethical behavior: Any conduct deemed uncommercial, market manipulation, or not viable in a long-term trading strategy will be addressed by Legends Trading.

Legends Trading handles violations on a case-by-case basis. Their goal is to educate traders on why these tactics don’t translate to real markets and guide them towards success.

Depending on the severity, intent, and your trading history, Legends Trading may take action, including: Warnings explaining the issue and its impact, deletion of the impacted trading day, account reset, and permanent closure.

Legends Trading Payouts and Withdrawals

Legends Trading empowers successful traders to access their profits quickly and conveniently.

Reaching the Legends Maker Stage:

• This stage identifies traders who consistently demonstrate strong performance.
• Once you meet the minimum trading days and profit goals, you’ll be eligible to request immediate profit payouts.

Accessing Your Profits:

• Multiple Withdrawal Options: After completing the Legends Maker stage, you can request profits using Plane. The prop firm uses Plane as their payment platform. Simply request funds through the portal, and they’ll be processed within 1-5 business days.

Payout Frequency & Minimums:

• Enjoy the flexibility of requesting profits twice per month. Submit requests by the 1st-5th for payout on the 15th, or by the 15th-20th for payout on the month’s last day. Approvals may occur any time within designated approval windows.

• Minimum Trading Days: To request a payout, you must have at least 10 individual trading days with actual trades placed within the period between payout requests.

• Minimum Payout: The minimum withdrawal amount is $1,000 for the first three “withdrawal months” (whether you take one or two withdrawals per month).

Maximum Payouts:

There are maximum withdrawal limits for the first three “withdrawal months” to ensure responsible risk management.

• $25k Account: Maximum withdrawal per payout (twice monthly) – $1,500

• $50k Account: Maximum withdrawal per payout (twice monthly) – $2,000

• $100k Account: Maximum withdrawal per payout (twice monthly) – $2,500

• $150k Account: Maximum withdrawal per payout (twice monthly) – $2,750

• $250k Account: Maximum withdrawal per payout (twice monthly) – $3,000

These limits are lifted after the third successful withdrawal month.

Maintaining Account Balance:

• Legends Trading provides clear information about payout schedules, minimums, and maximums within the client portal.

Trading Platforms & Instruments

Legends Trading empowers you to trade with confidence and access a diverse range of markets with industry-leading trading platforms.

• Advanced Trading Platforms: Leverage the power of industry-leading platforms like NinjaTrader and Tradovate. These platforms offer an array of advanced tools and functionalities for in-depth market analysis, automated trading strategies, and seamless order execution.

• Platform Versatility: Trade with ease on your preferred device – mobile, Mac, or PC. Legends Trading provides platform flexibility to suit your trading style and location.

• Unparalleled Market Access: Explore a wide choice of US futures markets, including the S&P 500 (ES), Nasdaq 100 (NQ), Crude Oil (CL), Gold (GC), the Nikkei 225 (NKD), Bitcoin (BTC), and many more.

This combination of powerful trading platforms, mobile accessibility, and diverse market access allows you to tailor your trading experience and capitalize on opportunities across a wide spectrum of asset classes.

Legends Trading Tournaments

The futures prop firm has created an innovative way to keep traders engaged, offering a unique challenge that blends skill, strategy, and competition where traders, both seasoned veterans and novices, converge to showcase their prowess in the dynamic realm of futures trading. These Legends Trading tournaments give traders the chance to compete and thrive in a fair and inclusive environment.

Registrations: The Legends Arena Awaits! Register Now!

• The tournaments are designed to be inclusive yet competitive, allowing multi entry per person.
• Unlock your chance to compete in the Grand Prix Evolution tournament for a nominal entry fee of $124
• Secure your spot in the prestigious World Cup Virtual Trading Championship® for just $99
• Click here for more information regarding entries, registration dates and start of the tournaments.

Ranking: The Daily Battle for Supremacy

The heart of The Legends Trading Tournaments lies in their dynamic ranking system. Participants can view their standings in real-time through the Legends Dashboard area, updated daily at the close of trading. This transparency not only fuels competition but also allows traders to gauge their performance, strategize, and adapt as the tournament progresses.

Earnings: Prizes for the Winners

The tournament offers not only the glory of victory but also tangible rewards for the top 3 participants. The prize structures are designed to cater to a wide range of traders, from the novices to the seasoned, ensuring that every effort is recognized and rewarded.

Highlights of the monthly Grand Prix Evolution Tournament, include:

• – $125,000 Virtual Trading Account
• – Ninja Trader or Tradovate Platform ($99 value)
• – Real-Time CME Market Data Level 1 Bundle
• – Performance Tracking & Ranking Dashboard
• – PRIZES for top 3 Winners:

• 1st place: $125K Evaluation Account and Flytech Computer*
  •       2nd place: $125K Evaluation Account*
  •       3rd place: $125K Evaluation Account*

Highlights of the monthly World Cup Virtual Trading ChampionshipⓇ, include:

• – $10,000 Virtual Trading Account
• – Ninja Trader or Tradovate Platform ($99 value)
• – Real-Time Market Data Included
• – Performance Tracking & Ranking Dashboard
• – PRIZES for top 3 Winners:
  •       1st place: $150K Evaluation Account*      2nd place: $100K Evaluation Account*
  •       3rd place: $50K Evaluation Account*

The Legends Trading’ Pros and Cons

Conclusion

Legends Trading presents a unique opportunity for aspiring funded futures traders. Their program offers a clear path to gain access to substantial capital, potentially propelling your trading career forward. CEO Greg Khojikian is committed to ethics and prioritizes quality over quantity with a step-by-step approach. If you’re a seasoned trader confident in your skills and comfortable with the performance demands, Legends Trading could be a valuable stepping stone. For less experienced traders, it may be prudent to start with the practice account to improve trading skills and build a solid foundation before attempting the Legends Trading Evaluation. With its focus on advanced tools and a commitment to fostering skilled traders, Legends Trading is well-positioned to become a serious contender in the competitive world of futures prop trading. The combination of a data-driven approach and a talent for nurturing top performers creates a strong foundation for sustained success. As Legends Trading continues to develop its capabilities and attract exceptional traders, it has the potential to disrupt the industry and establish itself as a market leader. Nonetheless, we recommend thoroughly analyzing the firm’s strengths and weaknesses and compare them to industry leaders like Topstep, Apex Trader Funding, and MyFundedFutures. Each one of these prop firms offer access to multiple account options for undercapitalized traders, enabling them to perform in the futures market. Just as Legends Trading, these prop firms grant you access to sophisticated trading platforms and futures contracts as well as offering attractive payout structures.

Make an informed decision with our comprehensive Prop Firm Plus reviews:

• Apex Trader Review 2024

• MyFundedFutures Review 2024

• Topstep Review 2024

Frequently Asked Questions (FAQs)

How Do I Get Started?

Our Legends Trading quick-start packages are easy to use. Select one of our trading packages based on your goals, skills, and comfort level. Trade in our Live Evaluation, and if you achieve the designated profit goal for the package you’ve selected, X-, properly managing your risk and position size, and trade for ten days you are eligible to move to step 2, our

What Happens if I Go Over My Trailing Max Loss Parameters?

The Legends Trading programs are designed to simultaneously test your trading strategy and risk management skills. If you exceed your Max Drawdown, your current evaluation will be disqualified from funding. You will need to purchase a Reset or wait until the renewal of your subscription for a complimentary Rest for Disqualified clients.

What Happens if I Achieve Guidelines but don’t Hit My Profit Goal?

While managing risk is one of the most important aspects of trading, making a consistent profit is also an essential criterion. The 10-day rule is the minimum needed for the Evaluation to be considered accurate, but candidates can take as long as they need to pass the evaluation.

How Long Does It Take to Get Approved for a Legends Funded Trading Account?

Becoming a Legends Funded Trader can happen in as little as 10 days. First, you’ll demonstrate your skill in our Live Evaluation. Then, if you meet the simple criteria of that process, you’ll move on to the Live Simulation in Step 2. If you meet the requirements in our Live Simulation, you’ll be eligible for evaluation by one of our Funding Partners.

Can I Withdraw Profits at the Legends Maker Stage?

The Legends Maker Step is to identify Future Legends that can show consistency in their performance. Once you’ve met the qualifications of xminimum days traded and the profit goal, you’ll be able to request a profit payout immediately.

How Does a Payout Work for Step 2 in the Evaluation Phase?

After completing the Legends Maker stage, you’ll be able to request your profits through the client portal via Bank Wire, ACH, PayPal, and Crypto.

How Does a Payout Work for Funded Trading Accounts?

Once you are matched with one of our funding partners, your trades will be executed through a regulated, licensed brokerage. Simply log into the client portal and request funds which will be processed within 1-5 days.