Trader2B: the in-depth review.
Updated on: 2022-04-11
For those who wish to invest in stocks but don’t want to wait for years until they make substantial profits, stock trading is a profitable venture. For day traders, stock trading opens the potential to quick profit-making and with the right skills and strategies, a trader can scale as much as they need to. However, some problems stand in the way of potential day traders- the capital to start and a trusted platform to use.
With so many prop trading companies available, it can be a bit challenging to find one that suits your needs with offers that you can take advantage of. To make the process easier for you, we will be taking a deep dive into this firm, what it has to offer, and whether or not it is the most suitable choice for you.
Founded in 2006, Trader2B is a prop trading company based in Miami Florida that offers educational programs and funding to people who want to become day traders. It allows traders to trade with about 230 stocks and has risk management tools that enable day traders to regulate the amount of risk they take while trading; the stocks that traders can trade with can be changed by the company without prior notice to traders. It also provides traders with the opportunity to examine their account performance regularly to understand what works for them and what needs to change.
With this platform, you can gain relevant experience without any financial risks through the Toro challenge that will be discussed later. Once you have tested your strategies and skill with the Toro challenge, you can move on to a Funded Live Account where you are fully reimbursed for the fee you paid for the challenge and you will get to keep 75% of the profit shares.
Some of the pros of trading with this company are that they put no limits on your lot size, your trading style, or your use of tradable instruments. A trader can easily conduct trades on their phone or laptop and it can be done anywhere as long as there is a fast and stable internet connection. If traders perform notably, they get access to capital of up to 1 million dollars which increases their trading capacity.
Let’s take a look at the ToroChallenge, one of the most talked-about features of Trader2B.
The ToroChallenge is a real-time trading system developed by Trader2B to help new traders test their skills and strategies before trading with real money. In this simulated environment, traders can prove if their strategies will be profitable, how well they can manage risks, and if they can make profits from the capital given to them. When a trader has met the profit target of the challenge and shows consistency, they will be given a Funded Live Account.
Joining the ToroChallenge is relatively straightforward. There are 3 packages available for the challenge and the first step is to subscribe to any of the packages.
The ToroChallenge packages are:
− The Starter Pack Toro25: The starter pack goes for $198 per month. It comes with online courses, trading analytics, and it is available on the iOS and Android mobile apps of the firm. It enables traders to make up to 200 round trades and can buy shares up to $25,000. Since the goal is to teach day traders how to make profits and minimize losses, the maximum level of loss allowed to a trader per day is $200.
− The Professional Pack Toro100: This pack is available for $333 per month. It grants users access to educational materials and videos and online support. There are also coaching sessions, KPI analysis of their trades, and performance reviews for traders who subscribe to this package.
Here, the buying power of traders is increased as they can purchase shares up to $100,000 and can make a minimum of 200 round shares. With the increased buying power, the maximum daily loss for users is also increased to $500.
− The Advanced Pack Toro150: This is the last package available for the ToroChallenge and it is available for $466 per month. Subscribers have their team of online support, API trading access, and guide documentation along with other benefits available in the previous packages.
The buying power is further increased to $150,000 and the maximum daily loss for traders is $800.
After choosing one of these packages, you can begin trading during the stipulated market hours and track your progress with the information on your dashboard and the other tools made available to you depending on your package.
ToroChallenge Trading Rules
These rules were created to help traders develop the habit of managing risks, become disciplined, and learn how to make successful trades. Every trader in the ToroChallenge is expected to complete the program and meet the profit targets without breaking any of the rules. Some of the rules about the challenge are:
− A trader can only make trades during market hours. Setting overnight positions is not allowed.
− By 16:00 ET, traders are expected to close their open orders and reduce their positions.
− Traders are expected to trade above their Total Max Drawdown and should maintain a profit target of 6% and meet the consistency rate of at least 10%.
Trader2B will only accept candidates from the ToroChallenge with a profit factor of 1.2 or more. Once the challenge is completed successfully, the initial payment of the user is returned and added to their Funded Live Account.
A Funded Trader doesn’t need to pay the monthly subscription for the ToroChallenge but they are expected to pay around $154.50 for the professional market data provided to them by the platform.
Like most demo accounts, the ToroChallenge is an opportunity for new traders to build the skills and experience needed to be profitable traders by trading in the NYSE and NASDAQ markets without any financial risks. The resources provided during the challenge will also help in building a strong foundation for future trades.
Trader2B has an educational program for both new and experienced day traders. These trading courses are available for users who take the ToroChallenge and provide a trader with basic knowledge on how to be a successful trader.
The educational materials include a free ebook called ‘The Funded Trader Manual’ and 12 units of interactive content compiled by experienced traders on the platform. The modules cover the following subjects:
− Haywood Trader platform setup
− Trading analytics and performance
− ToroChallenge Overview
− Trading plan and setup
− Technical analysis
− Micro & Macro Economic Fundamentals
These modules are usually recorded during market hours which gives users an in-depth understanding of what happens during trades.
Funded Live Account
The Funded Live Account is where a day trader can actively trade with an account in real and keep 75% of the profits when using Trader2B and the Haywood Trader platform which is designed to aid high-performance trading.
Funded Traders need to pay pro market data, depending on your requirements, the basic package comes at 154,50$/month.
The Haywood Trader platform has some features and benefits that may make it attractive to potential day traders. Some of these features are:
- Keyboard shortcuts can be customized to fit a person’s trading style, preferred quantity symbols, and destinations. This feature allows multiple shortcuts to be combined into one shortcut.
- Traders can easily modify or cancel their existing orders. Traders can also see the bid and offer prices from different stock exchanges.
- Trades are viewed from consolidated exchanges.
- Users have access to multi-currency management where they can view their account size, portfolio, leverage, buying power, max credit, margin, exposure, and profit and loss.
- Haywood’s API supports C3/C++ applications to present real-time information to users. It also used FIX 4.2 for quick execution of orders.
- Enables users to work with multiple screens and have a personalized layout of their workspace. Users can customize the destination of their orders or shares as well.
- Access to replayed market depth information so that they can simulate trades with reduced risks even when the market is closed.
- Traders can see the historical data of shares for up to 10 years and can use multiple charts at the same time.
- Advanced orders like stop, hidden iceberg, IOC, market open and close, and FOK can be placed by traders.
- Users can stay up to date with the events of the stock market by streaming news provided by the platform and you can filter the news so that you only get what you want to see.
- Monitoring of real-time market quotes through a market watch window.
Plus, the Haywood trader platform has a supervising software called Haywood Support which helps traders with their requests. Traders on the platform use this support tool to assess their risk and execute certain actions when needed. This software can be automatically triggered when a security or trade falls below the specified range to ensure that the user has risk management tools in place to prevent excess loss.
Plus, Haywood Support allows traders to create custom rules which enable them to have different trading groups.
MyMetrics is connected to the Haywood Trading platform to give users performance metrics and trading data based on their trading activity. To check your performance metric and all relevant data, all you have to do is click on the MyMetrics tab on the Trader2B dashboard and it takes you to a page where you can see the metrics of your account.
Data provided on this page include:
− Total number of trades
− Total quantity
− The results from the previous day
− Your Win rate
− Win average
− Loss Average
− Long and shorts
− Best win
− Worst Loss
− Net profit factor
You can also get a more complete report on MyMetrics which shows you your net balance for the previous day, the month’s revenue, the year’s revenue, profit factor, daily volume, daily net, and a chart showing your overall performance for the previous month. Plus, checking the reports section of MyMetrics, allows you to see the key metrics used by Trader2B to provide accurate statistics on a trading account and how you stack up against it.
Payout Details for the Funded Live Account
The trader gets 75% of the profits while the company receives 25% after a successful trade is made. Payout happens on a bi-weekly or monthly basis based on the profits made. Making withdrawals require monthly calculations and a trader can request payment on the 1st and 3rd week of the month.
PayPal and bank wire transfer are the common methods used to make payments on Trader2B and a trader’s account balance is adjusted at the end of every month.
Profitable traders can gradually increase their buying power and the share limits of a trader can be revised at any time. The guidelines for the Funded Live Account are pretty much the same as the ToroChallenge with a little difference. For this account, if a trader reaches their daily max loss on the first day of trading, the max loss allowed to the trader will be reduced the second day and will be cut again on the third day if the trader also fails to make a profit on the second day. When their total account balance is positive, the trader’s daily max loss will return to normal.
Frequently Asked Questions
How can I become an eligible Trader on Trader2B
As long as you are 18 years or older and participate in the ToroChallenge, you can be a trader on the platform.
Can I have multiple accounts?
Depending on your trading strategy, you can have more than one trading account but the number of accounts you have must be within and their use, must be within the rules of the company.
Can I trade cryptocurrencies or Forex?
Those options are not available at the moment but may be in the future.
Do I get a trial?
Trader2B allows a 14-day trial account to get users accustomed to the platform, its functions, and features.
Are the benefits/features mainly for new traders?
Trader2B also has some offers for experienced day traders. Offers like higher weekly payouts, direct market access, and a modern trading desk are available to professional traders.
Can I use the mobile and desktop versions at the same time?
You can’t use both to send orders simultaneously.
Unfortunately, I haven’t managed to enroll and follow the ToroChallenge by Trader2B, I wish I had more time and be able to do so; trading US stocks is definitely a great option for making our money work for us, even better when the risk is all on the Prop Firm’s shoulder right?!
There are certain pros and cons to this company but what matters is if it is the right fit for you based on the information provided.
Before you settle on any prop trading platform, especially as a beginner, it is important that you check reviews about different firms first and see the different offers and educational resources in place to help achieve your trading goals.
Your opinion matters! We will highly appreciate it if you have experience in trading stocks with Trader2B and feel like sharing your experience with us.