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.