Apex Trader Funding went through a tough patch in June. Their growth was so accelerated that they decided they needed a dedicated server with Rythmic. I applaud the effort, but the implementation was difficult and error prone. I still hear complaints of lag and difficulty exiting trades. Don’t get me wrong, I still think Apex is great. But their growing pains and justified rules adjustments, I decided to consider other prop firms.
Take Profit Trader caught my eye because they were running a special where you pay no activation fees. Yes, the eval fee was more expensive at a discounted $103 for a $50k account, but if you could pass your eval, that was the extent of the charges. So, all in for a Pro account (PA account at Apex) was $103. vs. Apex with an 80% discount of $34 PLUS $140 lifetime PA fee, TPT was much cheaper. $103 vs. $174
But what about the eval and PA rules?
The major difference between Apex and TPT is the trailing draw down vs. the end of day draw down. Again, we’re using the $50k accounts for comparison.
Apex uses a $2500 drawdown in their eval account. The account is blown when the balance falls below the trailing draw down. The key here is the trailing drawdown trails your account DURING a trade. So, if you’re up $2600 in one trade, and then the trade reverses and goes below a $99 PROFIT, you’ve blown the trade – because your total net drop was more than $2500.
Take Profit Trader uses a $2000 END OF DAY drawdown. So, it doesn’t matter if you were up $5000 and then lost $4000, you’re still good. However, they do also have a max daily loss limit of $1100 on the $50k account. So, it’s a bit confusing. You could be up $2000 on closed trades and then lose $2000 and it won’t blow the account because your net for the day is $0.
Another consideration is the daily loss limit is based on unrealized losses. So, if during the trade, your daily account balance goes below $1100, you’ve blown the account
What about after the eval?
Both companies offer a trailing drawdown that stops trailing at the account level more or less. ie, Apex trail stops at $50,100 and TPT stops at $50,000. But Apex’s drawdown is $2,500 and TPT’s remains at $2,000 AND TPT’s drawdown converts to intraday vs. end of day – ie – the same as Apex. So I think Apex wins this battle.
Still, once you grow the account to have a buffer, there is no difference. EXCEPT, the Pro Account at TPT keeps the daily loss limit! This is a major difference. You could have a $15,000 buffer. But if you exceed the $1,100 daily loss limit, all is lost! It’s a rule that is extremely punishing. But, if you’re aware, then the solution is to make sure you don’t break it!
What about withdrawals?
Take Profit Trader shines on withdrawals. Once you reach a $2000 buffer, TPT pays 80% of withdrawals pretty much on demand. Apex pays 100% up to $25000. So it shines there, but only disburses payments twice per month and only after ten days of trading per account. Additionally, the process of approving a withdrawal can take ten to fifteen (or even more) days before actual payment is received. With TPT, once financials are in place, it can be as quick as the next day.
Is Take Profit Trader worth a try?
Each has it’s own minefield of rules, but both are doable and can be a great way to earn a buck or two.