Take Profit Trader Review 2024

Overview

Take Profit Trader, founded by James Sixsmith, stands out as a prop trading firm with a strong emphasis on trader-centric values. 

Built on Sixsmith's personal journey from a struggling trader to profitability, the company aims to correct common mistakes traders make by offering free, high-quality education, a refreshing approach in an industry often criticized for expensive courses. 

Sixsmith’s commitment to customer service and transparency is evident through nearly 24/7 live support and straightforward aptitude tests, avoiding the frustrating "carnival rules" seen at many other firms. 

With plans to offer access to all asset classes and instant withdrawals, Take Profit Trader is designed to empower traders and provide a seamless, customer-first experience. 

This firm breaks away from the norm by focusing on helping traders succeed without unnecessary barriers.

How It Works

Take Profit Trader offers a refreshing approach to funding by providing a simple, one-step process to help traders unlock their full potential. Unlike other firms that complicate the funding journey with multiple phases and tricky rules, Take Profit Trader focuses on a no-frills, no-gimmick system. 

Their platform is designed to streamline the path to consistent profitability, allowing traders to start withdrawing profits from their PRO account as early as day one. This straightforward model makes it ideal for traders looking for an efficient, transparent way to access capital and achieve sustainable growth without unnecessary hurdles.

1. Select Your Account Size

Select your Futures account. Register and define the maximum contract size you'll manage, ideally fit your skills, buy a subscription now and go on.

2. Prove You Can Trade

Reach a profit target while proving you can follow a set of risk rules. You become a PRO trader as soon as your skills are verified.

3. Start Earning Money

No downtime. Once approved, get your PRO account and start trading for day one withdrawable profits.

4. Withdraw Into Your Account

Money is nothing until it is in your pocket. We know how important it is. Withdraw your profits with our automated system. You keep 80%.

5. Upgrade to PRO+

Elevate your experience by upgrading to PRO+. As a PRO+ member, you’ll enjoy unparalleled benefits. You can say goodbye to the daily loss limit and you’ll secure a 90/10 profit split.

What Futures Can you Trade?

Differences between Take Profit and other Prop Firms

The below table displays how Take Profit Trader differentiates itself from other competitors.

Take Profit design platform and services to provide traders the opportunity of day one profits in PRO.

Take Profit Trader Vs Trading your own Money

Account Setup

All technology and account setup done by us. No more documention and painful account setup experiences.

Risk Management

Lack of discipline haunts traders. Take Profit risk management system and rules will make sure you stay disciplined during your trades.

Capital

Simply put, most traders are undercapitalized. Level the playing field by using Take Profit accounts, not your own funds.

Risk of Loss

Trading your own funds can lead to severe losses, however with Take Profit Trader your losses are limited to your associated challenge fees.

Account Size and Pricing

Purchase the subscription that meets your needs as a Trader.

Below you can see the parameters for each trading account Take Profit offers.

Earnings Objective

Each account size has its own profit target, which are plausibly realisable and similar to those found elsewhere in the industry. Below we detail the profit target and maximum contract number for each account size:

• $25,000 account: 3 contracts; $1,500 profit target

• $50,000 account: 6 contracts; $3,000 profit target

• $75,000 account: 9 contracts; $4,500 profit target

• $100,000 account: 12 contracts; $6,000 profit target

• $150,000 account: 15 contracts, $9,000 profit target

Daily Loss Limit

Managing risk effectively is a fundamental part of trading profitably. One of the key criteria for risk management is the daily loss cap. Take Profit Trader has set fair caps that encourage traders to trade responsibly.

Maximum Trailing Drawdown

One oversight in risk management that arises commonly is neglect of the EOD trailing drawdown. Take Profit Trader has streamlined this rule for Test accounts, so that it is calculated at the end of each trading day rather than during the course of individual trades. The table below lists the EOD trailing drawdown for each account size, followed by an illustration of how the EOD trailing drawdowns work.

In the Control Center, you will see the maximum trailing drawdown built into the metric “Minimum account balance”.

The diagram depicts a $25,000 account. With the maximum trailing drawdown set at $1,500 for a $25,000 account, the minimum account balance starts at $23,500 (as $25,000 – $1,500 = $23,500).

The mechanism is known as “trailing” because the minimum account balance “trails” the account balance as it increases. For example, if you earn $1,000 on your first trading day, your balance will rise to $26,000 while your minimum account balance adjusts to $24,500. 

In this scenario, the minimum account balance will persistently “trail” $1,500 behind your highest EOD account balance until it reaches $25,000. Once it aligns with the account’s starting point, it ceases to “trail” your account higher.

The illustration below should make this clearer.

Breaching the minimum account balance will lead to your account being immediately liquidated.

Profit Sharing

Take Profit Trader’s profit-sharing arrangement prioritises the trader, with an 90/10 split allowing traders to retain a substantial 90% of all profits they generate. The firm keeps a modest 10%, underscoring their dedication to putting their traders first.

Trading Platform

Take Profit Trader provides traders with a choice of over 15 different trading platforms, giving them the flexibility to find one that best suits their needs. For data feeds, the prop firm generally recommends using the CQG Data Feed over the Rithmic Data Feed. Below we list the trading platforms compatible with each data feed:

For CQG Data Feed:

• NinjaTrader

• TradingView

• Tradovate

For Rithmic Data Feed:

• R-Trader

• Quantower

• Motivewave

• Bookmap

• Agena

• Sierra Chart Trading and Charting

• Multi Charts

• Jigsaw Trading

• Order Flow Trading

• eSignal

• Investor RT

• Trade Navigator

• net

• Photon Trader

• OScalp

• Atas

The range of platforms on offer means there is one to cater to every trading strategy and goal, thereby ensuring that all traders partnering with Take Profit Trader can succeed in trading profitably.

Multiple Accounts

Take Profit Trader allows traders to use multiple Test accounts at one time, and copy trading is permitted on both Test and PRO accounts. 

However, it’s not possible to trade on more than one PRO account at a time, suggesting that even if you successfully pass multiple tests, only one PRO account will be activated, and the next PRO account won’t be authorised until the first one is lost or cancelled.

Is Take Profit Trader Legit?

When evaluating trading firms, assessing their legitimacy is paramount. Many well-known commercial banks like JP Morgan Chase and Bank of America are restricted from prop trading due to the Volcker Rule. As a result, smaller firms dedicated to prop trading have emerged to fill the void left by larger institutions. 

Based on the available information, Take Profit Trader appears to be a credible and reputable prop trading, with clearly set out practices and rules that should instil traders with confidence.

Take Profit Trader has over 800 Trustpilot reviews, with an impressive average rating of 4.3 out of 5 stars. Feedback on the firm’s services is overwhelmingly positive, with praise for everything from customer service to prompt and reliable payouts. 

Although a small percentage of reviews are negative, these are consistently and promptly responded to by the firm, leading to almost all issues being resolved. This serves to further underscore Take Profit Trader’s commitment to the needs of their traders, and that they are always striving to improve the service they offer.

Take Profit Funding Programs

Traders should select an evaluation program that aligns with their trading preferences. Once you enrol, you’ll receive a designated amount of capital for both your Test and PRO Accounts. The futures prop firm’s robust risk management protocols are designed to ensure disciplined trading practices. While all trading carries inherent risk, any losses incurred on the PRO Account are absorbed by Take Profit trader prop firm rather than the trader.

The table below compares the features and rules for Test, PRO and PRO+ Accounts.

Test Accounts

Test accounts are akin to a trial period for a PRO account, allowing Take Profit Trader to evaluate your trading skills. When you join the firm, these accounts will be displayed as the default option.

To access your Test accounts and see how they’re performing, visit the Control Centre and click on an account to display its trading dashboard. If you’ve reset an account, you’ll find it beneath the first account listed in the Control Centre.

PRO Accounts

Traders who successfully complete a trading test qualify for a PRO account, from which they can derive real income. There is a PRO account tab at the top of the Take Profit Trader website, which enables you to easily switch between your Test and PRO accounts. The credentials and licence key for your PRO account are the same as for your Test account.

Each PRO account can be reset three times, making the process more convenient and efficient for traders by removing the need to take the test repeatedly.

Day-One Payouts In Your PRO Account

It’s no secret, trading is hard. And for some, prop trading may be even harder as it forces you to be disciplined, manage your risk, and adhere to strict profit taking. That’s why Take Profit don’t think you should have to wait days, weeks, or even months to get the profit you already earned.

Instead here at TPT, when you make it on day one you can take it on day one. There’s no withdrawal restrictions on your profits above the buffer. No minimum amount of profitable days you need to trade, no maximum amount you can withdraw, and no waiting for some random “payout window”.

Advantage

With Take Profit Trader PRO accounts, traders can request payouts from the very first day, making it easy to access your earnings immediately through a straightforward withdrawal process. 

Enjoy an attractive profit split of 90/10, ensuring you keep the majority of your hard-earned profits. 

For added flexibility, the PRO account can be reset up to three times, allowing you to adapt your strategy as needed. 

Take Profit offer a wide selection of trading platforms to suit your preferences, paired with a diverse range of futures instruments to explore. 

Plausible profit targets set realistic expectations for traders, and for those looking to add an element of excitement, we regularly host trading competitions with enticing prizes. 

Join us to experience a trading environment designed for both accessibility and potential profitability.

Disadvantage

While Take Profit trading platform offers many robust features, it's important to note that not many educational materials are provided for those seeking additional guidance. 

Additionally, there are restrictions on holding positions overnight and during significant news events, which may limit some trading strategies. 

Furthermore, Take Profit does not offer a free trial, so potential users should carefully consider their commitment before signing up.

Conclusion

For traders aiming to capitalize on the futures market, Take Profit Trader presents a compelling opportunity. With a diverse selection of trading instruments and various account size options tailored to different trading capabilities, this prop firm distinguishes itself as an exceptional choice. 

Although its current offerings are limited to futures trading and lack features like automated trading and the ability to hold positions overnight, the firm’s commitment to evolving and providing traders with immediate returns sets it apart from competitors.

Take Profit Trader combines comprehensive services with advanced technology at a competitive price, making it a valuable option for traders who employ sound strategies and effective money management practices. Overall, it has the potential to be an ideal partner for those looking to enhance profits while minimizing risks.

However, it is crucial for traders to conduct thorough research before selecting a prop firm. In addition to this overview of Take Profit Trader, individuals should consider their specific needs, financial situations, and risk tolerance to make a well-informed decision.

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