Jeremy Biberdorf
By: Jeremy Biberdorf
March 31, 2024

TradeDay Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
March 31, 2024

Disclosure

Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
TradeDay Logo

4.5/5

4.5 rating based on 5 ratings

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In a Nutshell: TradeDay is a prop trading firm that provides a unique platform for traders to engage in profitable futures trading. It operates on a model that offers funding to traders who successfully pass its unique Evaluation challenge, designed to test and identify individuals ready to trade the live futures market. Beyond this, TradeDay offers many resources, including coaching, webinars, and educational tools to assist traders in their journey. It stands out with its clear and easy-to-follow rules and an attractive profit-sharing model, ensuring traders are rewarded for their skills and dedication.

This prop trading company, founded by experienced traders James Thorpe, Steve Miley, and Tera Vicker, is rooted in a dedication to cultivating success in the futures trading market. Its approach, characterized by transparency, fairness, and a nurturing environment, is driving the platform’s rise in popularity.

A good look into TradeDay’s offerings, including their diverse programs, competitive pricing, and resource-rich platform, showcases its commitment to shaping competent and profitable traders.

Whether you’re a novice going into futures trading or an experienced trader seeking fresh avenues, my  TradeDay review is tailored to meet your informational needs. It offers insight into a platform that stands as a beacon for both trading beginners and seasoned professionals alike.

Service TypeFees Promotion
Prop Trading FirmVariable FeeUse Coupon ‘modestmoney’ and Get 20% off!
Pros & Cons
Pros
  • Clear, easy-to-understand rules
  • Appealing profit-sharing structure
  • Free 14-day trial for new users
  • Wide variety of learning resources
  • A broad range of trading instruments
  • Multiple trading platform options
  • Variety of account sizes to fit different needs
  • High Trustpilot rating reflecting quality service
Cons
  • The evaluation challenge might be hard for beginners
  • No trading during significant news events
  • Only day trading is allowed
  • Higher fees for larger account sizes

TradeDay Overview

Initial Capital$10,000 – $250,000
Price Range$80 – $600
Profit SplitFirst $10,000 then 90%
Daily Loss
Max Drawdown1.5% – 5%
Profit Target4.8% – 10%
Tradable ProductsFutures

What is TradeDay

tradeday.com websites

TradeDay is a proprietary trading firm specializing in futures trading. Through its distinct Evaluation challenge, the firm funds traders who demonstrate proficiency in trading and market expertise. The company extends a suite of resources, including tailored coaching, webinars, and essential trading tools, to guide traders toward success.

With straightforward rules and an attractive profit-sharing scheme, TradeDay caters to both futures trading beginners and seasoned traders looking for new ventures.

TradeDay offers traders a diverse array of trading instruments, from equity futures to foreign exchange, bonds, agriculture, energy, and metal futures. TradeDay’s account sizes vary from $10,000 to $250,000, and the limit on contract numbers is determined by the account size and the trader’s accrued profits.

The firm accommodates different trading strategies and financial capabilities, offering flexibility to its traders. Leverage my special discount by clicking on this link; register today to seize this opportunity.

External TradeDay Reviews & Ratings

SiteRating
Google My Business4.9 from 55 reviews
Trustpilottradeday trustpilot review
Online Prop Trading4.7
Reviews.io4.4 from 10 reviews
Sitejabber4.4 from 5 reviews

Firsthand User Experience with TradeDay

After reading through every Trade Day review at my disposal, here are some reviews from traders who have experienced the platform firsthand:

“Passed evaluation and received funded account within 24 hours. Simple no hassle process, fantastic service from the best prop firm around.”
“Best there is. Staff is super responsive and helpful, from ceo to customer support. No better value for money in the market at the moment.”
“TradeDay is hands down THE BEST!
I have worked with several other firms and none comes close to TradeDay. Whenever I had a question and/or concern I had a reply within the hour. That is UNHEARD of. Also, TradeDay makes everything very crystal clear and transparent. They don’t try to confuse with the challenge or have arcane rules in place. Nor do they make you do a million challenges to get funded. It’s simple 7 days of consistency, meet your challenge, and BOOM funded.”
“It is my opinion that TradeDay is a tremendous source for aspiring traders. I have been trading full time for around 3 years and I can say that their education is top notch. I honestly wish I had found them sooner because I believe they could’ve cut my learning curve in half.
Additionally, their customer service is phenomenal- their response time is great and it is usually one of founders who helps you directly.
Overall, I chose to give a 5 star rating because my experience with them has been pleasant all around. I wish their firm much success in the future and I look forward to working with them further.”

TradeDay Customer Review Analysis

Many positive TradeDay reviewers remarked how transparent and easy the entire process was. Another common praise TradeDay users had was that the TradeDay team genuinely cares about their traders’ success.

Like all prop firm companies, there are some negative reviewers. Most of the negative ratings came from those who had failed TradeDay evaluations. TradeDay usually politely responded with a reference to the simple rules that had been broken.

If you have a thirst for more reviews, you can consider searching TradeDay Reddit reviews. I must note that I read through them and didn’t find them particularly useful. Most of the TradeDay Reddit threads turned into random commentary about the prop trading industry in general.

How TradeDay Works

how tradeday works

TradeDay operates as a prop trading firm focusing on futures trading. Its process caters to both seasoned traders and novices. While new traders can benefit from the rich educational resources provided to enhance their trading skills, experienced traders have the flexibility to immediately jump into TradeDay’s Evaluation Challenge.

This challenge is set within a simulated trading environment where traders need to accomplish three objectives: achieve a set profit target, trade for a minimum of 7 days, and showcase consistency in their trading strategies.

Three crucial rules govern the evaluation: day trading only, trading only permitted products, and not exceeding a certain trailing drawdown limit. Breaking these rules ends the evaluation, but participants have the chance to reset the evaluation by paying $99 or waiting until their subscription renews for a free reset.

Successful completion of the Evaluation Challenge guarantees traders funding from TradeDay. The payout structure is attractive, with traders retaining the first $10,000 they make and 90% of the profits thereafter. Withdrawals aren’t restricted, and higher trading account balances allow for bigger trading positions.

For those not yet ready for the Evaluation Challenge, TradeDay offers a 14-day free trial. This enables potential traders to navigate the platform, trade in a simulated market, and utilize educational resources available on the website.

TradeDay Evaluation Program Rules

TradeDay’s Evaluation Process is a rigorous journey to becoming a funded trader, involving two key steps: the 1 Step Evaluation and the Evaluation Challenge. I will break down the details below:

1 Step Evaluation: This initial phase is a one-day simulated trading experience where you’re tasked with achieving a profit target. Success in this phase leads to the more challenging Evaluation Challenge.

Evaluation Challenge: Spanning 10 trading days, this segment puts your skills to the test under simulated market conditions. You need to hit a profit target while adhering to specific trading rules and guidelines. It’s a challenging phase, reflecting real market dynamics, making it tough even for seasoned traders.

The Evaluation Challenge is designed to be transparent and fair. Between October 2023 and March 2024 the trader pass rate was 30.59%. Despite the challenge, TradeDay supports its traders with extensive resources and education. For those still weighing their options, TradeDay offers a 14-day free trial to trade on a simulated account without restrictions.

Objectives and Rules of the Evaluation Challenge:

Objective 1: Trade for at least 7 days to establish consistency and a reliable track record.

Objective 2: Achieve the set profit target, showcasing your ability to devise and execute a successful trading strategy.

Objective 3: Display consistent profitability, where no single day’s profit should exceed 30% of total profits, emphasizing risk management and stable trading strategies.

Key Rules:

Rule 1: Keep the trailing drawdown within limits, demonstrating your risk management skills.

Rule 2: Trade only during allowed times as per TradeDay’s schedule, ensuring compliance with the trading hours.

Rule 3: Stick to the permitted trading products listed by TradeDay, maintaining adherence to the platform’s regulations and guidelines.

Violating any of these rules results in challenge failure. However, traders can purchase a reset token to reattempt the Evaluation Challenge. Successful traders not only gain access to TradeDay’s capital but also keep the first $10,000 they earn, followed by retaining 90% of subsequent profits.

This arrangement offers traders significant capital without relying solely on personal funds, reducing individual risk and opening doors to increased earning potential through TradeDay’s expertise and resources.

Understanding TradeDay’s Program Goals and Rules

TradeDay sets out specific targets and guidelines that vary based on the size of the trading account. Each account size has its distinct profit goals and maximum drawdown limits.

Regardless of the size of the account, there are universal rules:

  1. Minimum Trading Days: It’s required to trade for at least 7 days.
  2. Challenge Duration: There’s no limit to your trading time; you can take as long as you need.

In addition to these common rules, each account size comes with a specific profit target and maximum drawdown limit. These are outlined below:

Account SizeProfit TargetMax Drawdown (trailing)
$10k$1,000 (10%)$1,000 (10%)
$25k$1,500 (6%)$1,500 (6%)
$50k$2,500 (5%)$2,000 (4%)
$100k$5,000 (5%)$3,000 (3.0%)
$150k$7,500 (5%)$4,000 (2.7%)
$250k$12,000 (4.8%)$5,000 (2%)

I want to note that TradeDay’s evaluation process consists of a single step, unlike many other firms that typically operate with a two-step process.

TradeDay Account Sizes

TradeDay offers a variety of account sizes to cater to different trading needs and financial capacities. Traders have five options to choose from, with balances ranging from $10,000 to as high as $250,000.

The monthly costs for these accounts are proportional to the account size, beginning at $80 per month for the smallest account. For those seeking more significant trading capacities, the monthly cost can go up to $600 for the largest account size. Below are the account sizes and corresponding prices

  • $10,000 for $80 per month
  • $25,000 for $100 per month
  • $50,000 for $132 per month
  • $100,000 for $220 per month
  • $150,000 for $280 per month
  • $250,000 for $600 per month

This variety in account sizes allows traders to select the account that best aligns with their trading strategies and financial capabilities.

TradeDay Contract Limits

At TradeDay, the limits placed on the number of contracts you can trade depend on two main factors: your account size and your accumulated profits. The available options range from trading 1 mini contract (or its equivalent of 10 micros) with a $10,000 account balance, scaling up to 25 mini contracts (or 50 micros) for a sizable $250,000 account.

Let me breakdown the specifics:

$10,000 Account Balance: Trade up to 1 mini contract (or 10 micro contracts)

$25,000 Account Balance: Trade up to 2 mini contracts (or 20 micro contracts)

$50,000 Account Balance: Trade up to 5 mini contracts (or 50 micro contracts)

$100,000 Account Balance: Trade up to 10 mini contracts (or 50 micro contracts)

$150,000 Account Balance: Trade up to 15 mini contracts (or 50 micro contracts)

$250,000 Account Balance: Trade up to 25 mini contracts (or 50 micro contracts)

This tiered approach allows traders to gradually increase their trading volume in line with their account balance and earnings.

TradeDay Instruments

TradeDay provides its traders access to a wide range of instruments. The diversity of these assets allows traders to choose the field they are most comfortable in or have the most expertise in. Below are the types of futures you can trade with TradeDay:

  • Equity Futures
  • Foreign Exchange Futures
  • Bond Futures
  • Agricultural Futures
  • Energy Futures
  • Metal Futures

So, whether you’re interested in foreign exchange or metals, or any other asset class, TradeDay provides a platform to engage in the futures market.

TradeDay’s Trading Platforms

tradeday trading desk

TradeDay ensures its users have access to a collection of leading futures trading platforms to give traders the opportunity to trade efficiently and effectively. Below are the platforms they use:

  • Tradovate (Chosen partner)
  • Ninjatrader
  • TradingView (You will need your own license)
  • Jigsaw Trading (You will need your own Jigsaw LIVE license)

These platforms provided by TradeDay offer a variety of tools and features to assist in your trading endeavors.

TradeDay’s Trading Hours

TradeDay stipulates that all trading positions must be concluded before the day’s end. Specifically, every position needs to be closed a minimum of 10 minutes prior to the market’s close.

Moreover, maintaining open positions over the weekend is not permissible.

This policy aligns with TradeDay’s commitment to promoting day trading strategies, making it an ideal choice for day traders.

What Does TradeDay’s Payout Structure Look Like?

At the beginning of your trading journey with TradeDay, you enjoy a 100% payout for the first $10,000 of your earnings. Essentially, you get to keep every penny you make up until this amount.

After you cross the $10,000 threshold, the payout structure shifts to a 90/10 split. In this arrangement, you, as the trader, receive 90% of your profits, while TradeDay, the prop firm, retains 10%. This balanced model ensures you continue to reap the majority of your earnings while contributing a small portion back to the platform that facilitates your trading endeavors.

TradeDay Customer Review

TradeDay has gathered impressive feedback from its community of traders, as evident from over 400 reviews on Trustpilot. These user evaluations have culminated in an impressive 4.5-star rating out of a 5, which shows TradeDay’s commitment to delivering top-tier services to its users. The firm has been lauded for various aspects, including its exceptional customer service, robust educational resources, and efficient trading platforms. Users also appreciated its equitable trading rules and favorable payout structures. All these positive elements contribute to the platform’s reputation and users’ overall satisfaction.

Is TradeDay Legit?

TradeDay is indeed a legitimate prop company, as evident in their Trustpilot rating. Many satisfied customers highlight TradeDay’s funded trader program as a top-tier resource, providing up-to-date information to aid their trading journeys.

They also compliment the firm’s quick response to queries and ongoing support, demonstrating TradeDay’s dedication to ensuring their traders have the tools necessary to conquer their challenge and manage a funded account successfully.

What’s more, several users appreciate the company’s practical trading parameters and trader-focused structure. The fact that TradeDay offers live accounts backed with real money – as opposed to the demo accounts often found in other prop firms – has been well received. This suggests a high level of commitment to the traders’ success, further asserting TradeDay’s legitimacy.

In simply put, I believe TradeDay is a reliable and genuine prop firm dedicated to equipping its traders with the resources and support they need to succeed in their trading journey.

TradeDay Resources and Education

tradeday education training

TradeDay understands the importance of proper tools and education for trading success. Hence, it offers many resources that not only help to improve your trading abilities but also keep you updated about the ongoing market trends.

They offer professional tools like real-time market commentary and daily research at no cost. This information isn’t just fluff—it’s institutional-grade material used by expert traders.

Even if you don’t have prior trading experience, TradeDay has you covered. They offer educational programs designed to nurture your understanding of markets and trading from the ground up. For those already deep into trading, they provide the option of free, personalized coaching sessions.

Learning from peers is also an important part of the TradeDay experience. There are daily morning meetings, live feeds, and trader development sections where you can connect with experienced traders and like-minded peers.

TradeDay offers a versatile and easy-to-use trading platform compatible with multiple operating systems and includes a forum section and live trading room chat for real-time discussion. On top of these, TradeDay provides round-the-clock market analysis and news, making it a comprehensive resource for both beginner and advanced traders.

Reviewing TradeDay Alternatives

A TradeDay review wouldn’t be complete without discussing the notable TradeDay Competitors in the quickly expanding prop trading landscape. One noteworthy competitor is Apex Trader Funding.

Best known for their One-Step Evaluation Process that funds traders from around the world, Apex Trader has a quickly growing fan club. This Apex Trader review will let you know how they compare to other top prop trading firms.

One top firm that I must mention is City Traders Imperium. If instant funding, a vibrant trading community, and comprehensive educational materials for all traders sound appealing to you, City Traders Imperium is worth considering. My City Traders Imperium review will let you know all you need to determine if they are right for you.

TradeDay Review – Final Thoughts

TradeDay has successfully created a unique niche for itself in the prop trading industry. Its model, centered around a unique Evaluation Challenge and accompanied by a wealth of resources for traders, is nothing short of commendable. The firm’s straightforward rules, coupled with an appealing profit-sharing model, provide an attractive proposition for traders at all experience levels.

The Evaluation Challenge, though potentially tough for beginners, serves as a fair proving ground for aspiring traders. The diverse range of available trading instruments and platform options further enrich the trading experience. Despite the limitation of day trading and prohibition during significant news events, TradeDay remains a versatile platform for futures trading.

Its robust educational content, professional-grade tools, and continuous market analysis make it a comprehensive resource for trading enthusiasts. Furthermore, its high Trustpilot rating reflects the firm’s quality service and commitment to fostering success in futures trading. TradeDay’s rise as a key player in the prop trading world is indeed warranted, and it is a platform worth considering for both new and experienced traders. Seize this opportunity to elevate your trading career by becoming a part of this distinguished prop firm today.

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Frequently Asked Questions

TradeDay has a particular policy regarding news trading. According to this policy, trading during the release of significant news events is not allowed. This is to prevent the increased risk that often accompanies market volatility during such periods.

TradeDay supports the use of algorithms and automated trading systems. For traders interested in utilizing such tools, TradeDay’s suite of supported platforms – NinjaTrader, Tradovate, TradingView, and Jigsaw – provides the necessary capabilities for executing automated trading strategies.

Yes. TradeDay extends an opportunity for potential traders to explore its platform and services via a 14-day free trial.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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