According to data, over 19,943 prop traders are working in the U.S. This large community is invested in finding the best prop trading firms where they can find better trading opportunities with excellent yield and profit-sharing models.
Take Profit Trader is one of the most researched prop trading firms in the market currently. Since the platform’s launch, the prop trading firm has gained traction within the prop traders’ community, making it a viable choice for many traders interested in expanding their portfolio and exploring new opportunities the platform provides.
But is it good for prop traders looking for a decent platform to make great yields or new prop traders trying out firms for the first time?
Here’s a Take Profit Trader review that will look into the platform, what it offers, and the pros and cons you should consider before signing up. Let’s dive into it.
What is Take Profit Trader?
Take Profit Trader is a prop firm in Orlando, Florida, U.S., that helps fund a prop trader’s trading journey. The firm mainly focuses on traders specializing in Futures, working with a simple model that they provide funding for your trading, and you use your trading skills to generate profits consistently.
Take Profit Trader is a user-friendly platform with zero hidden gimmicks and tricks, ensuring established and new traders have a smooth trading experience.
Through Take Profit Trader, you can trade all CME, such as CBOT, CME, COMEX, and NYMEX Future assets, including the Micros. Some of the instruments you can trade using Take Profit Trader include:
- Equity Futures
- Agricultural Futures
- Foreign Exchange Futures
- Energy Futures
- Metals Futures
- Interest Rate Futures
Since Take Profit Trader is purely a prop trading firm, it is not suited for hedge fund traders who work for hedge funds. Hedge funds raise their capital through outside investors or limited partners, while prop trading firms do not.
Take Profit Trader focuses on more than just facilitating prop trading. It provides comprehensive learning resources that budding prop traders can use to improve their skills and knowledge about the industry and make more informed decisions to ensure they earn consistently.
What are The Account Sizes for Take Profit Trader?
Take Profit Trader offers five different account sizes. These offer balances ranging from:
- $25000
- $50000
- $75000
- $100000
- $150000
Take Profit Trader offers one of the best-funded stock trading accounts, with the smallest account costing as low as $150 monthly. The largest account only goes for $360 monthly.
Take Profit Trader offers no leverage with its trading accounts. This means that the trading account’s balance is its buying power, representing a leverage of 1:1.
Your trading account limits are defined by the maximum number of contracts you can trade. This depends on your account’s size and profit. Typically, the accounts and subsequent maximum number of contracts or micros are set as follows:
- Balance – $25000: Maximum 3 contracts or 30 micros
- Balance – $50000: Maximum 6 contracts or 60 micros
- Balance – $75000: Maximum 9 contracts or 90 micros
- Balance – $100000: Maximum 12 contracts or 120 micros
- Balance – $150000: Maximum 15 contracts or 150 micros
What are the Program Goals and Rules for Take Profit Trader?
Depending on your account size, Take Profit Trader offers different profit target goals and maximum drawdowns that you should avoid. However, the rules are the same regardless of your account size.
You get a minimum of 10 trading days, with no maximum time set. The firm requires a minimum profit target of 6%, with maximum daily loss and end-of-day trailing down limits differing depending on the account size.
The smallest account has a maximum daily loss of $500, representing 2%, with the largest account having a limit of $3,300, representing 2.2%. Here’s the complete breakdown per account:
- Starting Capital $25,000: Max Daily Loss $500 (2%)
- Starting Capital $50,000: Max Daily Loss $1100 (2.2%)
- Starting Capital $75,000: Max Daily Loss $1600 (2.1%)
- Starting Capital $100,000: Max Daily Loss $2200 (2.2%)
- Starting Capital $150,000: Max Daily Loss $3300 (2.2%)
What is the Payout from Take Profit Trader?
Take Profit Trader works with a profit split of 80/20. This means the prop trader takes 80% of the profits while the firm takes 20%. This is a rather generous split compared to other popular options.
What are the Pros and Cons of Take Profit Trader According to Take Profit Trader Reviews?
The following are the pros and cons of Take Profit Trader according to several Take Profit Trader reviews:
Pros:
- No minimum days are required before the first withdrawal
- 80% profit share
- Wide choice of trading platforms
- Three resets for pro accounts
- Instant withdrawal process
- Regular trading competitions with prizes
- Good variety of future instruments
- Realistic profit targets
- High-quality customer support
Cons:
- No support for trading in stocks, forex, or crypto
- Automated trading is not allowed
- Evaluations cost a monthly fee
- No free trial
- You can’t hold positions overnight or during news
Learn More About Take Profit Trader
Take Profit Trader is a promising prop trading firm that suits experienced prop traders and beginners trying to grasp the competitive environment. The platform is easy to use, has realistic profit goals, and offers one of the best customer service experiences. However, some experienced traders may find the lack of support for automated trading and crypto quite limiting.
Give Take Profit Trader a try and see how it will change your prop trading experience.
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