Are you considering partnering with a prop trading firm? In this Take Profit Trader review, we will explore all there is to know about the firm, and whether it is the right fit for you.
Before diving into the Take Profit Trader review, let's understand the industry. Proprietary trading, or prop trading, allows financial institutions to earn profits from market activity, rather than client trade commissions. Using a prop trading vs. hedge fund has become increasingly popular due to its potential profitability, whereas a hedge fund may lower risk and lower profit returns. However, finding the right firm for your specific needs can be challenging.
Take Profit Trader, based in Orlando, Florida, USA, is a renowned proprietary trading firm that specifically caters to futures traders by providing them with funding. This enables traders to participate in various asset classes without risking their own capital, aligning with the model of proprietary trading, where the firm invests its capital into different financial instruments.
All CME (CME, CBOT, NYMEX, COMEX) Futures assets are available for trading, including Micros. Therefore, traders have access to a variety of instruments, including Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy Futures, Interest Rate Futures, and Metals Futures.
Many users commend the platform for its streamlined system that guides traders from the start of their journey. After users register and define the capital size they'll manage, they are required to prove their trading skills. They do this by reaching a profit target while adhering to a set of risk rules. This is a common practice among the best prop trading firms to ensure that the traders they fund have the necessary skills and risk management capabilities.
Once users' skills are verified, they become funded traders. They can then start earning money immediately with no downtime. What sets Take Profit Trader apart is the flexibility it gives its users when it comes to withdrawing their profits. Users keep 80% of their earnings and can withdraw their profits from day 1 in their Pro/Pro+ account. This is simply done through the wallet in their dashboard at their convenience. The ability to withdraw profits on their schedule, and not on the prop firm's schedule is considered by many users to be a game-changer.
Take Profit Trader also offers an upgrade to a PRO+ account, which has added benefits like no daily loss limit, and an enhanced profit split of 90/10. Upgrading to the PRO+ account is designed to be as easy as signing up for a challenge or moving from a standard to a Pro account.
Pricing is also considered fair, with users mentioning that the costs associated with the platform are more than reasonable for the services they receive. The company also offers promotional deals and contests for added engagement.
At Take Profit Trader, traders can choose from five different account sizes: $25,000, $50,000, $75,000, $100,000, and $150,000. This variety of options is designed to accommodate traders with different risk appetites and financial abilities. The associated fees start at $150 per month for the smallest account size and increase incrementally up to $360 per month for the largest account.
Take Profit Trader does not only focus on trading, but also on building an engaging trading community. The firm offers exciting promos and contests that make trading enjoyable while also giving traders the opportunity to maximize their profits
Customer service is another area where Take Profit Trader shines. Reviews mention their top-tier customer service, which includes prompt and professional responses, adding to the overall positive experience on the platform.
One significant limitation of Take Profit Trader is the trading restrictions it imposes. Unlike many prop trading firms, Take Profit Trader does not allow its traders to trade forex, stocks, or cryptocurrencies. These restrictions can significantly hinder traders who specialize in or wish to explore these markets. Forex, stocks, and cryptocurrencies are among the most traded assets worldwide. Thus, can offer tremendous potential in terms of diversification and profit-making.
Many prop trading firms leverage various platforms to facilitate their trading activities, including MetaTrader. However, Take Profit Trader does not offer the MetaTrader platform. MetaTrader is highly regarded for its advanced technical analysis capabilities, algorithmic trading options, and the ability to utilize trading robots for automated trades. Not having this platform available can put traders at a disadvantage. Especially, those accustomed to the robust features offered by MetaTrader.
Traders typically join a prop trading firm to capitalize on the firm's capital, which allows them to trade larger volumes and, ideally, earn larger profits. However, a monthly evaluation fee can eat into those profits and may discourage some traders. Such costs are even more burdensome for new traders who are still honing their skills and may not be consistently profitable.
Many traders hesitated to sign up for other prop firms due to complex rules and withdrawal procedures. However, after going through the knowledge base at Take Profit Trader, they found it to be a better fit. Traders appreciate that the firm allows them to reach their targets at their own pace. Thus, leading to a fulfilling trading experience.
But how do you pick the best fit for you amongst the multitude of best funded stock trading accounts available? It's important to consider what each firm offers and how their models align with your trading goals.
Based on customer feedback, Take Profit Trader consistently meets trader expectations. In fact, many users note significant success on the platform. This level of trader satisfaction is crucial for a prop trading firm's success. Thus, indicates that Take Profit Trader might be a firm worth considering.
If you're thinking about stepping into trading or expanding your existing portfolio, Take Profit Trader could be your ideal partner. They are not just a platform; they're an avenue for growth. For traders who are looking to become professionals, learning how to become a prop trader can be a game-changer.
If you're ready to take the next step, click here to get started on your journey with Take Profit Trader.