TradeDay Review 2024

TradeDay Review 2024

TradeDay Funding Review 2024: As futures prop trading becomes an increasingly popular career choice, the difficulties facing traders are also becoming ever more apparent. These challenges require serious dedication if traders are to conquer them, and there is a conspicuous lack of guidance and support on offer in the industry. TradeDay endeavours to enable aspiring futures traders to take advantage of opportunities in the market while reducing the risks they face along the way.

Who is TradeDay

TradeDay is an educational, mentoring and financing platform set up in 2020 by Steve Miley to support aspiring traders. Based in Chicago, US, the firm offers a comprehensive suite of professional trading tools, equipping traders with essential resources like development programs, live market analysis, and industry-leading research. TradeDay’s main objective is to improve the base from which traders operate, ensuring they have the competitive edge necessary for success in the modern-day futures market.

TradeDay operates on a unique model, with an evaluation program designed to facilitate traders’ learning and development. Successful candidates, who adhere to a set of rules and achieve the evaluation’s targets, are provided with funding to start trading. They retain 100% of the first $10,000 they generate in profits, with a 90% profit share thereafter. To participate, traders pay a subscription fee.

TradeDay Evaluations and Pricing

TradeDay’s approach is straightforward: it offers two account sizes, which allow traders to expand them as they progress. Traders can take advantage of a 14-day Free Trial (which doesn’t even require credit card details to register for) to familiarise themselves with the platform before committing.

If you break a rule during the evaluation, you can wait until your monthly membership fee renews, when TradeDay will provide a free reset, or you can purchase a reset for a $99 fee. This restarts your evaluation straight away, independently of your monthly membership fee.

It’s now possible to qualify for trading in as few as 7 days. Funded traders retain the entirety of the first $10,000 they generate in profits, with a 90% profit share thereafter.

Aspiring futures funded traders who aren’t quite ready to start an evaluation with TradeDay can access all the firm’s educational content for a $39 monthly fee.

Trading Platforms Available

In contrast to lots of other prop trading firms that offer NinjaTrader as their trading platform, TradeDay provides connection via Tradovate free of charge to its funded traders. This is of significant advantage to traders, as the platform is user-friendly, with an accessible interface. Crucially, it’s web-based, so can be accessed through a range of devices (including PCs, Macs, mobiles, and tablets), with a Tradovate native app that can be used in a web browser.

In addition to Tradovate, TradeDay uses a CQG feed, another notable advantage compared to competitors predominantly reliant on Rithmic, which has shown increasing instability of late. However, if preferred, traders can use their own software.

You can also connect your own NinjaTrader, TradingView, and Jigsaw licenses, to the Tradovate evaluation. We particularly recommend Jigsaw DayTradr, which can be connected to TradeDay accounts while keeping Tradovate available as a backup option.

For NinjaTrader users, you can use your own license, but please note using your own license does not reduce the TradeDay commission costs. Click here to see commissions.

Begin your 14-day Free Trial today and enjoy a 20% Discount with the coupon code: GETFUNDED

TradeDay Funding Features

Feedback from futures traders partnering with TradeDay report that the firm provides all necessary tools not only to enhance their day trading skills, but to help them become fully-fledged professional traders. Traders are just required to demonstrate their ability to generate profits, at which point TradeDay guarantees to provide the resources and funding for all their trading efforts.

No-Fee Trading Platform

TradeDay prop firm works with Tradovate as its partner, a platform renowned for its speed and reliability. Tradovate provides a comprehensive array of tools to get you started and then sustain long-term success in the industry. Compatible with Mac OS, iOS, Windows and Android, the platform charges no extra fees and includes basic charting capabilities for managing day trading activities.

Although Tradovate may lack some of the more sophisticated features offered by platforms like TradeStation and NinjaTrader, its simplicity enables traders with less experience to acclimatise quickly. As the sole platform offered by TradeDay, Tradovate was selected for its functionality, speed, and dependability. Furthermore, it integrates with TradingView as an add-on at no additional cost, and also with Jigsaw for those who have a license.

TradeDay aims to expand its offerings as it expands, including more trading platforms to meet its traders’ requirements.

Charts

Tradovate provides a selection of basic charts, including candlestick and bar charts, line graphs, point and figure, Heiken Ashi and Renko. These enable the display of data for ticks, volume, range and momentum. However, in comparison to the charting options offered by other platforms, this is a limited and fairly unsophisticated range. The available charts may prove cumbersome and potentially disruptive to trading, given every second counts in short-term trading. As such, serious traders may find it necessary to use third-party charting that provides auto-scaling platform to maximise the value they can extract from their trades.

Education and Coaching

TradeDay place a strong emphasis on education and mentorship to improve the profitability of all its traders, from newcomers to the industry through to seasoned professionals. A selection of these training programs is included in the free trial and with Beginner accounts. Advanced traders seeking expanded risk limits can opt for individual sessions with James or Steve (the founders of the firm) which provide personalised guidance for the duration of their evaluation.

Key features of TradeDay’s educational offerings are:

• Daily pre-open meeting and live streams
• Sessions focusing on trading mentality
• Access to the trader development program led by Steve Ward

All sessions are carefully designed to cater to traders with varying skillsets and levels of experience, ensuring that everyone who participates benefits from clear progression paths tailored to their individual needs.

Performance Coaching Plan

Traders enrolled in the Beginner TradeDay funding program are given access to mentoring through forum participation (where any queries are asked and answered), as well as regular live streams featuring interactive sessions with James and Steve. Individual coaching sessions are available to purchase from TradeDay’s website.

The Advanced program gives traders the added benefit of a 50-minute individual mentoring session each month, included at no extra cost and offering the opportunity to review trades and receive expert guidance addressing mistakes and potential areas for improvement.

The Advanced program also includes daily meetings, a weekly personal coaching session, and access to the trading room. TradeDay’s coaches have years of hands-on experience in trading within the open market, with many coming from a background on real trading floors. As such, they are perfectly placed to mentor new traders and guide them towards achieving their trading objectives.

Community Help

TradeDay’s vibrant and supportive trading community is one of the firm’s standout features. Both simulation and funded users can access the site’s chat function to put their questions to their peers and benefit from valuable insights and support.

Multiple Accounts Not Allowed

TradeDay doesn’t permit the use of multiple accounts. This is because the firm is using its own capital to fund its traders, and therefore encourages them to develop one single account with a sense of accountability and commitment to their individual trading progress.

TradeDay Evaluation Rules and Details

Below we outline the rules for TradeDay’s evaluation, but you can also find more specific details on the firm’s website.

• One stage evaluation.
• Minimum requirement of 11 trading days.
• Trailing Drawdown stops at the initial balance.
• Trailing Drawdown is calculated at the end of day, rather than between each trade, which provides a significant advantage to traders.
• Adhere to the scaling plan.

It’s imperative to recognise that trading carries inherent risks. Those who are new to the industry may find these guidelines appear complex at first. Carefully examining TradeDay’s FAQ page will help to provide clarity on what you’ll get when you sign up with the firm.

Funded Account Rules                                                                                           

Rules for funded accounts are the same as in the evaluation phase. As your account balance grows, you’ll revert to a scaling plan, which stipulates that for every $2,000 in profit added to your account, you’ll be given an extra contract to trade.

Funded Account Fees

TradeDay is one of very few prop trading firms that doesn’t charge a fee once you’ve successfully completed the evaluation. There is a $139 one-off activation fee for both funded simulation and live accounts. Do bear in mind that live funded traders (though not simulated funded traders) are classified as professionals, meaning you’ll be charged data fees once you reach this stage.

Withdraw Frequency and Withdrawal Methods for Funded Accounts

There are no restrictions on how often you can request withdrawals with TradeDay, and no minimum number of trading days, though there is a minimum withdrawal threshold of $250. Withdrawals are usually processed within a week.

Conclusion

TradeDay is a reputable platform that provides traders with an excellent opportunity to assess and improve their day trading skills, with the potential to transition into professional trading. There are two different account sizes to get you going with the flexibility to adjust trading size as your account balance grows and an impressive range of educational resources to help you do so. Another noteworthy feature is the 14-day Free Trial, not always a given in the prop trading industry. Furthermore, you get to start trading with real capital from day one, and withdraw profits immediately without any restrictions, adding to the platform’s appeal and user-friendly approach.

Ready to become a Funded Futures Trader with TradeDay? Begin your 14-day Free Trial today and enjoy a 20% Discount with our exclusive Coupon Code: GETFUNDED

Additionally, we would recommend gauging all advantages and disadvantages of TradeDay and compare it to its main competitors. TradeDay has many competitors, including industry leaders Topstep, Apex Trader Funding, and MyFundedFutures. Each one of these prop firms offer access to multiple account options for undercapitalized traders, enabling them to perform in the futures market. Just as TradeDay, these prop firms grant you access to sophisticated trading platforms and futures contracts as well as offering attractive payout structures.

To learn more, get all the information you need in our comprehensive prop firm reviews:

• Apex Trader Review 2024
• MyFundedFutures Review 2024
• Take Profit Trader Review 2024
• Topstep Review 2024

TradeDay FAQs

How does monthly billing work?

• You must have a live membership in order to have your trading evaluated. You cannot cancel your membership and continue to buy resets.

The monthly subscription gives you access to TradeDay’s member’s area and one free evaluation.

Your first payment starts on the day you sign up for a paid membership, then it will recur monthly until you pass the evaluation, or choose to cancel your subscription. 

You do not need to pass the evaluation within one month, you can take as long as you like to pass. If you are in an active evaluation, the evaluation challenge will not reset when your monthly subscription renews.

If you fail the evaluation you can reset your challenge and start again for a separate fee of $99, this does not affect your monthly billing which is independent of the evaluation.

You can reset your challenge as many times as you like, reset tokens are available for purchase within the site.

Can I cancel at any time?

Yes, you can cancel at anytime.

But please note that you will not be evaluated after you have canceled your subscription, TradeDay requires an live subscription in order to evaluate your trading.

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It’s a straightforward process.

Navigate to the drop-down menu at the top right of any page in the member’s area, and from there select CANCEL MEMBERSHIP, from here you will be able to cancel your account immediately.

Billing stops as soon as you cancel.

What happens after I cancel my monthly billing?

You will immediately receive an email confirming your cancellation and your credit card will not be charged again. 

We will close down access to your trading account with our broker (so, before you cancel, make sure you’ve saved any data you wanted to save).

Can I upgrade my membership?

You can upgrade from the 14-Day Free Trial, or our Research and Resources membership to an evaluation at any time. 

Unfortunately, we do not allow members to upgrade or downgrade between evaluations at any time.

However, you can cancel your current membership and start a different membership, but this will restart the evaluation.