In the world of proprietary trading, TradeDay stands out with its unique approach. For traders looking for a real shot in futures trading, completing TradeDay’s Evaluation challenge is the first step. Success here means access to actual funding.
But it’s not just about the money. While reviewing TradeDay prop firm pros & cons, you’ll notice it offers more than cash. The platform is built around supporting traders’ growth with personal coaching, webinars, and learning materials.
TradeDay’s straightforward guidelines and profit-sharing model highlight its commitment to its traders. It’s a system that rewards skill and dedication. However, as with any platform, it’s crucial to consider both sides. Before jumping in, weigh the support and potential profit against the firm’s expectations and your trading goals.
Who Started TradeDay?
Before I begin reviewing TradeDay Funding’s pros and cons, let’s set the scene with some background info. TradeDay, kicking off in 2020, is swiftly carving out a space in the futures trading world, known for its honest, equitable, and supportive approach.
Hailing from Downtown Chicago with branches reaching out to the UK, the firm was sparked into life by the seasoned trio: James Thorpe, Steve Miley, and Tera Vicker. Their rich financial backgrounds and commitment to trader success are big reasons why this platform is on the upswing.
Reviewing TradeDay Prop Firm Pros & Cons
You should be able to tell everything you need to know with a thorough review of TradeDay Prop Firm’s Pros & Cons. Here are the main ones I believe you should be aware of:
Pros:
- Clarity and Earnings: TradeDay is celebrated for its straightforward guidelines and appealing profit-sharing model, easing the path for traders to comprehend and thrive.
- Trial and Education: A 14-day free trial lets newbies dive deep into TradeDay’s offerings, supported by ample educational material and guidance.
- Diverse Trading Tools and Instruments: Offers an array of platforms and instruments, satisfying a variety of trading styles and preferences.
- Flexible Funding and Account Choices: With diverse funding options and account sizes, it caters to a wide audience, from newbies to pros.
- Reputation and Accessibility: A strong Trustpilot score underlines its reliability. The absence of payout restrictions and several cash-out methods stand out as user-friendly features.
- Bonus Benefits: Perks like free live news squawk and level 1 data feeds for major exchanges underscore TradeDay’s commitment to trader success.
Cons:
- Challenges for Newcomers: The evaluation process can be tough for beginners, and the ban on trading during significant news might hinder some strategies.
- Restrictions: Day trading is the only allowed style, which might not suit everyone’s trading habits.
- Cost Concerns: Higher account sizes come with steeper fees, potentially a hurdle for those aiming big.
- Limited Scope: Focused solely on futures trading and, for now, only available via Tradovate, it might not meet every trader’s needs.
Important Rules About TradeDay
I’ve covered the basics and reviewed the TradeDay pros & cons, Now, the heart of the experience—the TradeDay Evaluation Program—really tests your trading chops. It starts with a one-day 1 Step Evaluation where you chase a profit target in a simulated market. It feels like dipping your toes in the water before the real plunge.
Then comes the Evaluation Challenge: ten days of trading that push you to adapt and strategize like you would in the actual market. This phase is not just about hitting profit targets but doing so consistently and wisely, a true test of patience and skill.
Here’s a clearer picture of what I mean:
Evaluation Challenge Objectives:
- Ensure trading for at least 10 days to establish a solid track record.
- Meet or exceed the set profit targets to prove you’ve got a winning strategy.
- Keep your daily profits balanced; no single day should blow out your total earnings, highlighting the need for good risk management.
Rules to Live by in the Challenge:
- Manage your risks by keeping the drawdown within set limits.
- Trade within the designated times, respecting the market hours set by TradeDay.
- Stick to the approved trading products, keeping your trades within the platform’s guidelines.
Failure to stick to these rules means a setback, but it’s not the end of the road since you can get back on track with a reset token.
The options TradeDay offers are pretty varied, catering to different levels of ambition and resources, with account sizes ranging from $10,000 to $250,000. This flexibility allows traders to find a fit that matches their strategy and comfort level.
Here’s the breakdown:
| Account Size | Monthly Cost | Profit Target | Max Drawdown |
| $10k | $99 | 10% ($1,000) | 5% ($500) |
| $25k | $125 | 6% ($1,500) | 3% ($750) |
| $50k | $165 | 5% ($2,500) | 2.5% ($1,250) |
| $100k | $275 | 5% ($5,000) | 2% ($2,000) |
| $150k | $350 | 5% ($7,500) | 1.7% ($2,500) |
| $250k | $750 | 4.8% ($12,000) | 1.6% ($4,000) |
These setups give you a clear idea of what’s at stake and what you can aim for, providing a structured path to scaling up your trading efforts.
In terms of trading volume, TradeDay sets limits based on your account size and performance, which makes sense. You start small and grow as you prove yourself. Plus, they throw in a wide range of instruments to trade, from equity and forex futures to commodities, giving you a playground to apply and expand your market knowledge.
The platform support is also worth noting—access to top-tier tools like Ninjatrader and TradingView means you’re well-equipped to analyze the markets and execute your trades effectively.
Lastly, the structured trading hours and rules, like wrapping up positions before the market closes and avoiding weekend trades, align well with disciplined trading practices, ensuring you’re not just gambling away in the heat of the moment.
In essence, TradeDay crafts a journey from the simulated safety nets to the real market swings, all while fostering a disciplined approach to trading. It’s not just about making quick bucks but about learning the ropes, managing risks, and gradually upping the ante as your skills and confidence grow.
If TradeDay sounds like the prop firm you have been waiting for, Click Here to get started today.