Take Profit Trader

Test account Rules

Rule 1: Hit Your Profit Target - For each account size at Take Profit Trader there is a defined profit target. By referencing the table below, you can find the profit target for each account size.

Rule 2: Do Not Exceed Maximum Position Size -

Your maximum position size is a static number of contracts, depending on what size account you choose to trade. 

Rule 3:

Do Not Hit End-Of-Day (EOD) Maximum Trailing Drawdown - The most common risk management error we see is a failure of EOD trailing drawdown. The good news is that we have simplified this rule for test accounts to be calculated at the end of the day, instead of in the middle of each trade.  Included in the table is the value for EOD trailing drawdown, and below you will see a diagram to explain a visual of how EOD trailing drawdown works.

Rule 4:

Trade Approved Products, During Approved Hours - Approved Products:

For futures, most products on the CME, CBOT, NYMEX, and COMEX are permitted. If there is something that you would like to trade and the order is getting rejected, please let us know. You can find the list of permitted products here.

Approved Times:

As a general rule, we do not allow a position to be held from one day to the next. This means that every position can only be open during the following hours:

Futures: 6PM Eastern - 5PM Eastern. We define the end of the trading day to be 5PM Eastern time. Any position held past 5PM Eastern will result in an automatic failure of test and loss of account.

Positions can be re-opened at 6 PM eastern time and held into the next day, but anything opened at 6 PM eastern time or later will count as a trade for the following day. 

It’s also important to ALWAYS be aware of what time your asset stops trading. If your asset stops trading and you get “stuck” in a trade because the market is closed, you will not be able to exit the trade before the 5PM deadline and this will result in liquidation of your account.

*Market hours may vary due to Holidays and it is the trader's responsibility to be aware of such variations. Failure to do so will result in liquidation of the account.

Rule 5: Be Consistent Our goal at Take Profit, before we fund traders, is to make sure they’re consistent. We have two rules in place for consistency, and although they are somewhat arbitrary, we take them very seriously. 1. Number of Days

In order to prove that you can make money and manage risk, we ask that you show us trades over a MINIMUM 5 trading days. A trading day is defined as any trading day in which you have executed at least one trade.

Please note, your test can take as long as you would like, but must meet the minimum number of days to be approved. If you reach the profit target in 2 days, you need to still trade 3 more days to show you can manage risk.

We know this rule can be frustrating, but simply trading and getting lucky for a few days is not enough to prove that you're capable of managing funds.

2. Percentage of Profits Anybody can get lucky. In order to combat our trading test to be treated like a lottery ticket, we ask that one trading day doesn't exceed more than 50% of your total profits. This one is pretty simple to follow. See formula below:

Your highest profit day / Total profit = Consistency percentage Example:  50K account with a 3K profit target.  One trading day you make $2,000. The rest of the days you make a combined $1,100.  If we use our formula we see that  $2,000/$3,100 = 65% This number needs to be less than 50% to be eligible for a pro account. If you are in this situation, you would need to make another $901 to get below the threshold.  $2,000/$4,001 = under 50% 

PRO account rules:

Trading bots/Algos

We have seen MILLIONS lost when retail traders try and trade on very small timeframes (hundreds of trades lasting a few seconds), so we DO NOT allow this.

Limit Up/Down

At the time of writing this, the world is going crazy. Futures markets (and other markets too) have circuit breakers built into them, to limit how far the market can go in a single day. 

The CME has a list of the price limits for each particular day. They are listed here:

CME PRICE LIMITS

It is the traders responsibility to be out of all trades before these limits are hit. In the event that the market gets close to the limits, our company must "hedge" against traders who are holding positions near price limits. 

If a price limit is hit, and you have not exited your position, this will cost you to lose your pro account. 

Trade your Account

We care about our capital sitting on the sidelines, so we want to see you trading. In order to keep the PRO Account, you will be required to trade at least one day per calendar week (Sunday-Friday). A ''traded-day'' is defined as a day, where you hold an open position on your most traded instruments for at least one minute.

This ensures that you are actively trading your PRO Account the same that you were trading your test and not "squatting" on your Pro Account. 

Please note, we understand that different things can happen in life. We are open to make exceptions for this rule in certain life circumstances that you might face. Please reach out to us if something has or will come up that prohibits you from trading for a certain period of time.

Removal of Consistency Rule

This one is more obvious, but we do not care about consistency in your pro account. We want you to make as much as possible. There is no such thing as a consistency rule in your Pro Account. 

 

Intraday vs. End-of-Day Trailing Drawdown

Once in a PRO account, the Trailing Drawdown is calculated intraday based on your peak balance which includes realized and unrealized gains. The Drawdown will follow your account intraday as you experience gains, but will not exceed the starting balance. The maximum drawdown amount is equal to the test account where you passed your test.

News rule

All PRO Accounts must be out of all positions, and have no open orders, one minute before, during, and after the news events that follow:

- FOMC meeting minutes/announcements. These occur on Wednesdays at 2pm eastern time. (You are allowed to trade through FED speakers.) - NON-Farm payroll (NFP). (These events occur on Friday’s at 8:30am eastern, once per month.) - Consumer Price Index – CPI

In addition to these news events, the following news events are prohibited for specific instruments:

- News event: crude oil inventories. Prohibited product - crude oil - News event: bond auctions. Prohibited products - 10 year note, 30 year bond

PRO+ Account Rules

Listed below are the rules that are applicable for PRO+ accounts.

1. The TRADER must only trade approved instruments during trading hours.
2. The TRADER must not allow their Account Balance to reach or exceed the maximum intraday trailing drawdown limit, including open positions.
3. To maintain the Pro+ Account active, the TRADER must trade at least once per calendar week.
4. The TRADER is not allowed to trade during limit up or limit down periods. Any trades that are open during these times will be closed at the limit up/down price, and all orders will be invalid, whether they have been filled or not. All profits from these trades will be forfeited. The relevant price limits can be found here.
5. News rule: All PRO+ Accounts must have no open positions and orders one minute before, during, and after the news events that follow:

- FOMC meeting minutes/announcements. These occur on Wednesdays at 2pm eastern time. (Trading through FED speakers is allowed.) - NON-Farm payroll (NFP). (These events occur on Friday’s at 8:30am eastern, once per month.) - Consumer Price Index – CPI

Additionally, the following news events are prohibited for specific instruments:

- News event: crude oil inventories. Prohibited product - crude oil - News event: bond auctions. Prohibited products - 10 year note, 30 year bond