What is Fast Track Trading?
Fast Track Trading is a prop trading firm that offers futures traders instant access to trading capital, irrespective of any sort of evaluation process. With account sizes from $25,000 up to $300,000, Fast Track Trading provides variable options that suit different levels of traders.
The difference with Fast Track Trading is that there is no challenge. While most firms would require traders to pass one or more evaluation stages to prove their trading skills, Fast Track Trading skips this completely.
Traders can start trading real funds from day one, and seize as many opportunities as present in the markets, free from the burden of an evaluation. The firm focuses strictly on futures trading, including equity futures, agricultural futures, and energy futures.
Is Fast Track Trading Legal?
Yes, Fast Track Trading is a legitimate prop trading firm. While it isn’t subject to standard financial regulations in many places because these companies simply operate differently than brokerages, Fast Track Trading still follows the industry yardstick for a transparent and secure trading environment.
The reason why most prop firms are not regulated like brokers is because, unlike brokers, they do not exactly hold traders’ funds. Instead, the prop firm makes its trading capital available to traders, howbeit for a small access fee.
FTT traders are checked via a proper KYC procedure to verify their identities, which is an important part of fraud protection under money laundering legislation.
While the firm isn’t regulated by government agencies like the Securities and Exchange Commission (SEC), we discovered that the firm ranks highly on review websites like Trustpilot. This is because it has established a solid reputation within the trading community for offering a secure trading environment. On the website, the Prop firm goes a step further to publish transparency documents that re-establish their credibility.
The Challenges and Costs of Fast Track Trading Explained
After registration on the Fast Track Trading website and paying for the account you wish to trade, you will given your login details. You can immediately start trading your funded account once you have opened your account on any of the supported platforms of your choice with your login details.
The biggest test for traders is the 5% trailing drawdown. This means that traders cannot let the balance of their accounts go lower than a certain percentage of their current capital. When this happens, the account will be disabled and the trader will lose access to the funds.
As profit or loss is made, the 5% trailing drawdown, which is the ceiling or maximum amount of funds that a trader can lose, is updated based on the capital the trader has left at that point in time. The capital that a trader has left per time is typically the original funds given by the prop firm, including any profit or loss made on the account.
While there is no minimum number of trading days, traders must be very attentive to the profit targets and the daily loss limits. The firm’s trailing drawdown rule is liberal, but it requires consistent risk management practices.
This is because FTT has a consistency rule in place, where, upon withdrawal of funds, your total gain cannot have more than 20% of that amount made in a single day. Let’s say you have $10,000 in profit that you’d like to withdraw. Following the Consistency Rule, a day’s profit cannot be more than $2,000 (20% of $10,000).
If you gained $3,000 in one day, you won’t be able to request a payout until your total increases to where $3,000 is not more than 20 per cent of your total gains.
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