TradeDay Review for 2024

What is TradeDay?

TradeDay is a fairly new trader funding program looking very promising quickly. The TradeDay is a funded futures program looking to stand out from the competition with their actual live funding from day one once you pass. In addition, their website highlights that they Guarantee to fund you once you pass your Evaluation Challenge.

TradeDay's extensive educational offering and its desire to grow with traders by allowing you to scale up your trading size as your account grows. To make things even more enticing, they offer a 14 Day Free Trial to get your feet wet and get familiarized with the platform.

The company was established in 2020 and is headquartered in Downtown Chicago, with presence spanning as far as UK. The founders of TradeDay prop firm are James Thorpe and Steve Miley who have immense financial industry experience.

TradeDay Trader Funding Update - March 2023

TradeDay has launched a new website and introduced new programs, incorporating feedback from traders, partners, and the broader trading community to meet market expectations and remain the preferred choice for traders seeking funding.

Key improvements for new and existing members include:

1. New evaluation plans for new members featuring higher profit targets, tighter Trailing Max Drawdown (TMD), no daily stop-loss limits, and larger fixed position limits.
2. Minimum trading days for new traders reduced from 15 to 10.
3. Enhanced payouts for funded traders, with 100% of the first $10K profit and 90% after that.
4. Six different funding levels are available, offering more choices.
5. A $39/month plan for traders who value TradeDay's tools and resources but don't require funding.

Here is a summary of the new programs:

These changes aim to simplify the evaluation process, reduce restrictions, and offer more flexibility to traders, staying true to TradeDay's core value of funding traders in live markets. To learn more about the updates, visit TradeDay's new website and check out their blog post detailing the changes. If you have any questions, feel free to reach out to the TradeDay team.

TradeDay Promo Code: OPTSAVE

TradeDay Trader Funding company is offering 20% OFF with a coupon code OPTSAVE. This promo was released to celebrate the news of TradeDay becoming a pioneer of funding company offering the full integration of Ninja Trader and Tradovate.

Promo start date: December 5th, 12PM EST

Promo end date: December 11th, 12AM EST

TradeDay Review Sections

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TradeDay is quickly becoming a favorite in the world of funded futures traders. They stand out by offering fully funded real money accounts starting from day one of funding. The review clearly shows that they are serious about developing profitable traders. TradeDay allows you to withdraw at your full profit split rate starting on day 1. This is unlike any other company. Tradovate is their software and a popular choice among traders. It can be used on any device, including mobile, web browsers, and Mac computers.

TradeDay keeps it simple, with just two account sizes and the possibility to increase your trading size. You have three options to choose from:

• 14 Day Free Trial
• TradeDay Beginner Program
• TradeDay Advanced Program

One important thing to note is that even though you get access to the TradeDay community, education resources, trading platform, Trader Development section, and research; your trading is not being evaluated for funding. This means that even if you do spectacular, you will not qualify to receive a funded account. Only paying traders can qualify for funding after passing Evaluation Challenge.

TradeDay Beginner Program

These will provide you with everything you need to be funded. In addition, this will teach you everything you need about futures markets and give you the tools to develop your strategies. It also provides mentoring resources that will help you grow as a trader.

With Beginner Program, you get full access to the following TradeDay features:

• Full access to the TradeDay community
• Full access to the education resources
• Full access to the trading platform
• Full access to the Trader Development section
• Full access to the research
• Evaluation and live account with our standard risk limits
  

TradeDay Advanced Program

If you aren't a beginner and are looking for greater risk limits, you should consider the Advanced Program offered by TradeDay. Perhaps you feel like you could benefit from one-on-one sessions with the founders of TradeDay.

With Advanced Program, you get full access to the following TradeDay features:

• All the features that are available to the Beginner
• Optional 50-minute one-on-one mentoring session every month for the lifetime of the Evaluation Challenge
• Evaluation and live account with double the daily loss and drawdown limits of the Beginner
• Evaluation and live account with double the position size limits of the Beginner
  

TradeDay Multiple Accounts

• They do not allow multiple accounts. Instead, they fund you with their capital. They would prefer to see traders grow their accounts and trade more size than signing up for multiple accounts that will limit their trading abilities.
  

TradeDay will allow you to connect through Tradovate. This is a unique feature as many companies currently offer NinjaTrader. Tradovate is a great tool for traders because it's easy to use, simple to learn, and has a very user-friendly interface. It is also web-based. You can use it on a PC, Mac, mobile phone, or tablet. You can either use Tradovate natively or in a web browser.

You will also be using Tradovate and a CQG feed. Although Rithmic is the preferred data collection method for most companies, Rithmic has become more unstable over time. Therefore, CQG will be your data feed.

Your software can be used. For example, I love Jigsaw Daytradr, so I connect Jigsaw with my TradeDay network and use Tradovate as a backup. Tradovate can be used for as long as you want, even after it is funded.

Details and Evaluation Rules

These are some of the basic rules. Make sure you read their specific rules.

• The obvious one: make money and be consistent
• 1 Step Evaluation
• Trade for 15 days
• You can only trade the products that are permitted
• Trailing drawdown is calculated at the end and not between trades. Traders get a huge benefit.
• Don't exceed the Daily Loss Limit
• Close all of the positions out before the market closes each day
• Follow the scaling plan and do not exceed your permitted position size

This may seem overwhelming if you're new to trading. However, you should read their FAQs thoroughly to understand what you are getting into.

Rules for a Funded Account

These general rules will apply to the evaluation. As you build up your balance, you'll return to scaling. Every $1,000 you earn in profit will be converted into a contract you can trade.

Funded account fees

TradeDay is the only firm that doesn't charge a dime for your pass. There is no setup fee, and there is no withdrawal fee. There is one caveat: if you withdraw less than $500, they will charge the bank fee to cover the cost. There are no setup fees or ongoing fees. Traders will enjoy a huge benefit.

However, you will need to pay a data fee because once funds have been received, you are considered a professional trader.

Funded account withdrawal frequency & methods

TradeDay allows you to withdraw whenever and wherever you want! There are no minimum trading days or restrictions on how often you may withdraw. However, it can take up to 7 days for withdrawals to be processed. It is free if the withdrawal or payout exceeds $500. To discourage withdrawals of small amounts, banks will charge a fee if the amount is less than $500.

TradeDay is a platform for education and mentoring. They offer funding options, and continue to develop the platform.

TradeDay offers education for all sorts of levels of traders. From beginners to more seasoned traders, anyone can expand their knowledge with the help of TradeDay Funding education resources. Once you sign up, you will get access to courses such as What Are Futures? Trading Terminology, Order Types, How Do I Set Up My Trading Screen, etc. 

You can also access more advanced courses for Fundamental Analysis, Technical Analysis, Psychology of Trading, and much more. These courses are considered more of a "deep-dive" and can be found under the Trader Development section of the platform.

TradeDay also broadcasts daily meetings where they share tips about handling the current market situations they are covering during these broadcasts.

If your experience is not closely related to Futures, TradeDay can still help you get up to speed. They have designed a curriculum to introduce you to Futures space, Futures Contracts, and how they differ from other asset classes.

Tradeday offers many different ways to make the most of it.

• To better understand trading, you can work through the courses.
• Ask questions and participate in the forums. TradeDay's team is available to answer any questions you may have.
• To be ready for trading, attend the daily pre-opening meeting.
• Please participate in our live streams to get answers to your questions and help you solve your problems.
• You can also use the Trader Development program.

Mentorship: You can receive mentoring by asking questions in the forums and participating in our live streams, where you can ask questions to James and Steve. You can also purchase 1-on-1 sessions on the main site. You can also receive a 1-on-1 session if you choose if you are on the Advanced Program.

TradeDay prop trading company seems to offer a great mix of education, functionality, fair pricing, and support. Programs to choose from are structured simply and without much confusion. The prop company is focused on getting good traders to join and make money together. The TradeDay address is: TradeDay LLC, 2nd Floor, 412 S.Wells, Chicago, Illinois. 60201 and only works with regulated brokers.

See more of The Best Funded Trader Programs for 2023

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Read more about the risks associated with funded trading.