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Hello.
If anyone has tried this newer funded program feel free to share.
They have a similar structure to the "better" programs out there with instant funds withdrawal.
Why all the programs aren't doing this still tracks my brain but whatever.
The website could use more meat, but like I said it's a newer effort so I'll hold back criticism.
Please!, don't let the "shiny buttons" (i.e. fast withdrawal) for any of these Futures funded prop firms sway your decision.
You are in this for the long haul, right? Even the signup fee for the initial evaluation is not the most important item to pay attention to. Remember the long haul mentality?
Here is my experience to date with TakeProfitTraders.
Dear Sir(s):
1.) The website contact form does not seem to be monitored.
2.) The process required to get your "free" trading book did not result in my receiving the book although it stated that it was now "on the way" (spam mail checked) [I did finally received it after some public
outcry] It was the usual useless PDF that one would expect in exchange for getting your email address.
3.) When using the "contact us" requesting what the required, but unpublished "assignment fee" was for each account, I received no response. I did receive a timely response from "Rod" (Futures Fanatics) what
the fee was. (Very odd place to have to get my answer) Now their site makes no mention whatsoever of such a fee requirement. I requested clarity, but have received no response.
4.) This Is A Big One!!: How can you possibly think traders (real traders) would not notice the absence of stating what the trading commissions are?
5.) And finally: (FUTURES.IO SUBSCRIBERS PLEASE READ!)
With all due respect when I turn on my screens in the morning my goal is profitability and minimizing risk. After a deep dive into your rules I find your trading/commission rules really bizarre. A few of the
sentences don't even make grammatical sense. I believe I would be spending most of my time concentrating on complying with some very, very weird commission and trade-count rules that would be far too
distracting when trying to concentrate on the prime objective, "trading & profitability.
[As of this posting I still can not locate what the trading commissions are, except that they state "all will be revealed" after you "pass" the evaluation(s) and receive the contract to sign]
6.) Further, as a 25+ yr day trader I learned early on that when it comes to trading Futures, scaling in/scaling out is absolutely imperative. In a single trade from all in, to all out (flat) I may have executed (by your parameters) up to 30 trades, in a single total trade over a total period of 20 to 60 minutes. I do not do high frequency trading. As your rules stand today I am sorry I cannot choose to participate in your program and will advise my associates (a very large group) the same.
My correspondence requests with them have been polite and pure gentlemanly
I would NOT recommend Take Profit Trader, it was a horrible experience. They are a year old and the way they have Rithmic configured for their Datafeed was terrible. It gave me the worst possible fills and caused me to lose money. I contacted them and they had no idea how to fix the problem. I did not have this problem with any other prop firm such as LeeLoo, OneUp or Apex. The second I would get into a trade it would get me out with a huge loss. When I spoke to other traders they had the same issue, what a SCAM.
Finally I contacted NinjaTrader and they told me how to fix the problem, yes, they said the problem was Rithmic and the way it was configured.
it seems your problem is with their data feed and not with the firm.
I had a similar problem with another firm and an investigation proved that the problem was that my charts were lagging because of some 3rd party scripts.
It is BEST to use the NT Brokerage data feed as your first connection and then open the data feed to the Prop Firm as the 2nd connection. Ninja will use the data from the first connection. The second connection to the prop firm (Rithmic) will give you access to your prop firm accounts at that firm.
Lastly, always have a chart trader or DOM open and compare the chart trader (right side margin panel) and check your charts against these... Ninja told me this is the way to check for lag in the charts. Your charts lagging because of indicators is not the fault of the prop firm.
I've also found out that the daily loss limit is always in effect, even once you're funded and way in profit. It never goes, so you're always going to be one bad day away from blowing the account.
I'll never understand the logic of firms that don't allow you to scale the funded account. Surely if we're thousands in profit it'd make sense for them to allow us to trade bigger amounts? A lot of these accounts will never be suitable for trading eminis anyway, such as their "$25k" account, allows you to trade 3 eminis with a daily loss of $500. I wouldn't feel comfortable trading 1 contract let alone 3.
Does anyone know if they put you in a live account with real money? Or is it SIM trading?
I suspect that increasing the permitted position-sizes without removing (or at least increasing pro rata) the daily loss-limit is fairly well correlated with sim trading.
This is where TradeDay (which you and I have discussed before) has a good edge, in my opinion: the daily loss limit and trailing max drawdown are both removed once the account (a real, live, funded one) reaches a profit-level the same size as the original trailing drawdown, $1,500 for the nominal $50k account or $3,000 for the nominal $100k account. You're just not allowed to dip below the initial threshold (i.e. zero). The funding company's own money is no longer at risk, after all, that way.
I agree completely. Those accounts are surely for e-micros, not for e-minis. The way I trade, with tight stop-losses, I might be willing to try trading one lot of an e-mini with a $1,000 daily loss limit, but only as a slightly tongue-in-cheek "ambitious first try" and thinking the position-size is really quite a bit too big, and it's definitely not something I'd do with my own money.
I have no experience with that or any other funded program.
Ultimately, in my opinion, I find the sector of funded programs to be one big graft that plays on the emotions of fledgling traders who don't want to invest the time and do the work.
If you need "funding," then you aren't ready to trade. You need to grow your trading account, not by trading. But by doing the following:
1. Save your money in a separate bank account.
2. When you've saved a sizeable amount of money (e.g. 25K - 50K), wait for a bear market (company, sector-wide, or market-wide).
3. Once a bear market has been confirmed, go bargain hunting for solid companies, and invest for a long-term hold (2 - 5 years).
In the meanwhile, as your money is growing in the equities market, LEARN how to trade. Develop strategies.
When your investment has become a "10+ bagger," you'll have no need for funding, and you should have the necessary training to trade your own money.
I know this will fall on deaf ears. Hence, beginners will perpetually go from one funded program to the latest funded program.
Trading: CME Futures & US Treasury Bonds Futures (week) and Bitcoin (week-end)
Posts: 88 since Feb 2021
Thanks Given: 95
Thanks Received: 65
Beginners should definitely not use a sizeable amount of money to trade because chances are they'll blow the account, they have a market tuition to pay.
I personally wish I had found some of those prop firms sooner in my journey.
Yes, the rules are there to make you blow your evaluations but if you actually work with them they teach you sound discipline.
Just in the past 2 months alone I have recouped all of what I've lost in the markets and then some, thanks to prop firms accounts and trade copiers.
