Review of the Premium Trader Program by Funded Trader Plus

July 2023 marks the beginning of a new era of prop firm challenge features. With the leading firms FTMO and MyForexFunds removing their time-limits from all challenge phases, firms who already offer no-time-limit challenges will need to “sweeten the pot” in a different way in order to attract clients to their programs.

Funded Trading Plus, one of the first firms to offer challenges without a time limit, announced on July 18, 2023 that they now offer a new “Premium” program for their 2-Phase challenge. Given the timing of this release, it seems this offering is a competitive response to the major change in prop firm time limit standards.

In this article, we are going to explore what the Premium Account is, how it compares to FTMO, and who this account benefits the most.

First, if you haven’t heard of Funded Trading Plus before, this firm came unto the prop firm scene around 2021, although the organization grew out of Trade Room Plus, a company live trade room that started in 2013. It is founded and run by professionals (no college-drop-outs in their young 20’s, here). I have immense respect for FTP because of their professionalism, transparency, and reliability. They have a kind and hard-working team who are happy to answer your questions quickly.

Funded Trading Plus has offered no-time-limit challenges since their inception. It was one of their main appeals and distinguishing factors. Now that the industry is shifting, it will be interesting to see how this firm differentiates itself in the coming months and years.

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What is FTP’s Premium Account?

The Premium Account is a new, 2-Phase trading challenge, with a 8% profit target in the first phase and a 5% profit target in the second phase. 

The relative drawdown for the Premium Account is 4% daily and 8% overall.

There are no restrictions on when you can trade, you don’t need to use stop losses, and you can hold your trades over the weekend. 

Once funded, the profit split is 80% for you and 20% for the firm, with the option for weekly payouts.

One of Funded Trading Plus’ greatest features is its scaling program. As long as you hit 10% profit of your funded account, you’ll qualify to scale up. Most other firms require a waiting period, such as hitting 10% over 4 months (FTMO), but with FTP you can achieve this and scale at any point in time.

The Premium Account stands alongside Funded Trading Plus’ original 2-phase option, the Advanced Program, which has a profit target of 10% and 5% for the first and second phase, respectively. The Advanced Program has an overall drawdown of 10% and a daily drawdown of 5%, so if you like to work with more drawdown, the Advanced Program may be a better option.

The program is described as being designed with Smart Money Concepts traders in mind

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They also offer one of the quickest scaling plans you can find.

For instance, you can scale up to once a day for a max total of $2,500,000. As long as the scaling target of 10% is in your account, you can scale. FTMO and MFF ask traders to achieve an average of 10% over a couple of months before scaling is even considered as an option.

The Premium Trader Program vs FTMO

FTMO, in comparison, still has the highest profit target at 10% for Phase-1 and 5% for Phase-2 even though they just discontinued their time limit requirement. 

They also have strict funded account rules regarding trading around news, needing to close your position to avoid holding it overnight or holding over the weekend. You can avoid these rules by switching to a “Swing Account” but you’ll need to use 1:30 leverage and the fees and missed order fills for scalping can get pretty costly.

Thus, if you’re a scalper or a day trader who enters around news releases, you’ll want to consider a firm like Funded Trading Plus over FTMO. 

Who is the Premium Trader Program For?

The following types of traders may want to pick FTP for their prop firm challenge:

• Scalpers
• Smart Money Concept Traders
• News traders
• Traders who are aiming to scale their accounts
• Anyone who has been burned by their prior experiences with FTMO or MyForexFunds 

Overall, the Premium Account is one of the best offerings Funded Trading Plus has posted to date. If you’d prefer a one-phase challenge, check out their Experienced Trader Program or if you want to avoid challenges altogether, check out their Master Trader Program.

Remember, do your due diligence, look up their FAQ pages, and don’t be afraid to ask the help desk questions! FTP’s staff is highly reliable, quick to respond, and very helpful.