Take Profit Trader Review – A Look at This Futures Prop Trading Firm
Take Profit Trader is a prop trading firm that provides funded futures trading accounts to aspiring traders. But is Take Profit Trader a recommended platform for new futures traders? Here we review key details on their pro account offerings, payout structure, rules and more.
Overview of Take Profit Trader
Founded in 2020, Take Profit Trader aims to identify and empower successful futures traders by providing capital through funded trading accounts once skills are verified.
Some key features:
- Funded accounts from $1,000 up to $50,000
- 80% profit payout to traders
- Daily loss limits to manage risk
- Access to TradingView, platform guides
- Supportive trading community
Take Profit Trader focuses specifically on futures prop trading rather than forex or stocks. They offer an appealing profit split for funded traders.
Take Profit Trader Funded Account Tiers
Take Profit Trader offers five account levels based on size:
- Bronze – $1,000 account size
- Silver – $6,000 account size
- Gold – $15,000 account size
- Platinum – $25,000 account size
- Pro – $50,000 account size
Larger accounts have higher potential daily loss limits. For example, the $1,000 Bronze account has a $150 daily loss limit.
Obtaining a Funded Trading Account
To get a funded account from Take Profit Trader, traders must:
- Pass a free evaluation account proving skills
- Select account tier and pay monthly access fee
- Deposit refundable security payment
- Maintain rules and reach profit target
- Withdraw profits above target
The monthly access fees range from $150 to $360 depending on account size. Traders keep 80% of profits above the profit target.
Take Profit Trader Payout Structure
Take Profit Trader offers an 80% profit payout to traders out of net profits, calculated daily.
For example, on a $25,000 account with a 10% monthly profit target:
- Trader profits $2,500 to get funded (10% of $25,000)
- Remaining $7,500 net profit x 0.8 = $6,000 payout to trader
- Take Profit Trader keeps $1,500
20% goes to the firm, and the trader receives the remaining 80% of profits above the target.
Pros and Cons of Trading With Take Profit Trader
Here are some of the main advantages and potential drawbacks:
Pros
- Lucrative 80% profit payout percentage
- Multiple account size options
- Active trading day community and support
Cons
- Specialized in futures only – no forex or stocks
- Strict risk rules to maintain account
- High monthly platform fees
As with any prop firm, the funded model is beneficial if profits exceed costs. But breaching loss limits results in account resets.
Is Take Profit Trader Recommended?
Take Profit Trader offers an attractive way to access well-sized futures trading accounts for a potential career path in prop trading.
However, traders should be wary risking their own capital to maintain the account and seek reviews on withdrawal speeds. But for consistent, disciplined futures traders, the profit split upside merits consideration.
As with any prop firm, scrutinize the specific rules, fees, and track record carefully before funding an account. But the potential rewards may outweigh the costs with smart money management.
Q: What is Take Profit Trader?
A: Take Profit Trader is a futures prop trading firm that allows traders to take advantage of various trader programs to reach a profit target.
Q: What is a prop trading firm?
A: A prop trading firm, short for proprietary trading firm, provides traders with the opportunity to trade the firm’s capital. Traders can utilize the firm’s resources and strategies to generate profits.
Q: What are the trader programs offered by Take Profit Trader?
A: Take Profit Trader offers different trader programs based on account size. Traders can choose from five different account sizes and select the program that suits their needs.
Q: How can I become a funded trader with Take Profit Trader?
A: To become a funded trader with Take Profit Trader, you need to demonstrate your trading skills and reach a profit target. Once you meet the requirements, you can become a funded trader and trade with the firm’s capital.
Q: What is the advantage of trading with Take Profit Trader?
A: Trading with Take Profit Trader comes with several advantages. You can benefit from the firm’s expertise, resources, and in-depth analysis. Additionally, the firm provides services to benefit the trader, such as risk management drawdown rules and a knowledge base.
Q: Are there any fees to join Take Profit Trader?
A: Take Profit Trader does not charge any fees to join. Traders can join for free and only need to meet the requirements of the trader programs to start trading with the firm’s capital.
Q: Can I trade in any asset class with Take Profit Trader?
A: Take Profit Trader focuses on futures trading. Traders can trade in various futures contracts within different asset classes.
Q: Is Take Profit Trader suitable for new traders?
A: Take Profit Trader caters to traders of all experience levels. New traders can benefit from the resources and support provided by the firm to enhance their trading skills.
Q: What is a take profit order?
A: A take profit order is an order placed by a trader to automatically close a position when it reaches a certain profit level. It allows traders to lock in their profits and manage their trades.
Q: Is Take Profit Trader recommended by traders?
A: Take Profit Trader has received positive reviews from traders who have utilized their services. However, it is always recommended to do your own research and evaluate the firm based on your specific needs and trading goals.
Conclusion
For skilled futures traders looking to amplify profits, Take Profit Trader provides a funded account path with a lucrative 80% payout on net profits. Despite strict risk rules, their highest tier accounts provide sufficient size for full-time trading. Aspiring prop traders can evaluate the model with minimal risk before committing capital.