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 operates in a simulated environment and the profits inside that account are simulated, once you withdraw the profits paid to you are absolutely real. You can initiate withdrawals from your PRO account on the first day, and the profits will be paid out either through an automated process via Plaid to US bank accounts or via PayPal or Wise, typically within one business day.
How do live market (PRO+) accounts work? Where do my orders go?
Take Profit uses Tradovate as its regulated broker for live (PRO+) accounts. All orders are passed through the exact same risk rules as they are in the simulated environment, the only difference is the orders are actually sent to the exchange from Tradovate, instead of staying in Tradovate’s simulated environment.
What changes when I get to PRO+?
Almost nothing changes. There is one extra step that happens, and that is your order gets sent to the exchange by the same regulated broker. In simulated environments (test and PRO) the order stays in their internal system, but in a live environment (PRO+) it is routed to the exchange, by the broker.
Don’t most people fail in trading? Is your test hard?
Trading is extremely difficult. It’s a multi-trillion dollar industry where traders can make a “normal” month's salary in a single trading day, so you SHOULD expect that it will be hard to compete. This is not easy and it’s not some “get rich quick” opportunity. While we don’t know what the industry percentage for failure is, we can tell you that from 1/1/23 - 8/31/23, 20.37% of our currently registered users at Take Profit Trader have successfully passed a trading test. So yes, our trading test is challenging AND the markets are challenging. But you can increase your chances of getting funded by trading smaller, slower, and striving for consistently conservative gains instead of big “YOLO” wins. A failure of a test can cost, at MOST, $360, but oftentimes much less than that. The same failure, if you opened your own brokerage account, would have cost you several thousand dollars. So, while it may take you several times to pass a test with Take Profit Trader, the TRUE cost of being a losing trader will be much lower in a prop environment (with Take Profit Trader), than if you were to trade your test account side by side with a brokerage account (assuming you’re trading the same positions).
Who pays out my profits from the PRO account?
Take Profit Trader pays you on any simulated profits withdrawn from your PRO account. These payouts come from a combination of collected test fees, tech fees, and shared PRO+ profits when applicable. The profits in your PRO account are SIM, but the money you are paid is 100% real.
Is Take Profit Trader a broker?
No, we are not a broker. We use ONLY regulated brokers who pass stringent compliance by the NFA and CFTC (Tradovate/NinjaTrader). We are not affiliated with them at all, meaning we get no kickbacks, referral fees, or commissions from your trades.
I can now trade five PRO accounts?
Yes, that's correct. We now allow you to trade five PRO accounts at once instead of three.
How does the NOFEE40 promo work?
During this “NOFEE40” special promo you’ll get a 40% lifetime discount off any account, your $130 PRO account activation fees waived for life, and 100% of your first month’s test subscription fee refunded to you in that account's first withdrawal. There is no time limit or expiration for getting your activation fees waived or initial test fee refunded. Whenever you pass, you’ll pay no extra activation fees. Whenever you withdraw, you’ll get the refund. All the details
can be found here.