Introduction: In the realm of prop trading firms, TradeDay has been carving its niche. And as with every trading platform, there are both proponents and critics. Here’s an unbiased review to shed some light on TradeDay’s operations and offerings.
Learn More About TradeDay
What is TradeDay
TradeDay is a prop trading firm that hails from Chicago, Illinois. It was founded in 2020 by James Thorpe, Steve Miley, and Tera Vicker. While Thorpe and Vicker oversee operations in Chicago, Miley manages the London branch.
Their primary offering is providing funded trading accounts to futures traders who successfully clear their trading evaluation, known as Tiers.
Key Features and Offerings of TradeDay
Transparency and Legitimacy
With a solid 4.6-star rating on Trustpilot, backed by reviews from over 180 day traders, TradeDay’s credibility stands out. Users particularly appreciate the prompt payouts and clear evaluation processes. Additionally, the firm distinguishes itself by publicly revealing its founders, further boosting its trust factor.
Quick and responsive customer service is a strength of TradeDay. Their transparent rules and an expansive FAQ section mean traders have a wealth of information at their fingertips.
Education: For those keen on learning, TradeDay offers valuable educational resources.
TradeDay caters to a broad spectrum of traders, offering six account sizes with varying price points. Whether you’re a novice or a seasoned trader, there’s likely an account tailored for you.
Trading Platforms and Trading Rules
Upon joining, traders receive their login credentials via email and can then operate on platforms such as Tradovate or NinjaTrader. TradeDay has outlined five specific rules for its trading challenge.
These encompass factors like maximum trailing drawdown, mandatory profit targets, and designated trading instruments to be used during specific hours.
TradeDay Pricing Plan
TradeDay is well-regarded in the prop trading landscape for its tiered pricing system. This system is designed to meet the diverse needs of traders, be it those just starting out or seasoned professionals.
The cost associated with each tier directly correlates to the account size provided, giving traders the flexibility to choose based on their strategies and financial capabilities.
- For a $10K account size, traders are charged $99.
- Opting for a $25K account size will cost traders $125.
- The $50K account size comes with a price tag of $165.
- Those seeking a $100K account size will incur a fee of $275.
- A larger $150K account size is available at $350.
- Finally, for the most expansive $250K account size, traders will be charged $750.
This diverse pricing structure is a testament to TradeDay’s commitment to catering to traders of all levels, ensuring that everyone has an opportunity to engage in prop trading regardless of their budget.
What Makes TradeDay Legit?
One of the primary factors pointing to its legitimacy is its in-depth FAQ section. By offering detailed answers to frequently asked questions, the company ensures that traders have clarity about the platform and its offerings.
Furthermore, their customer service team is known for its effectiveness. A responsive support team is always a sign of a company that cares about its users and their experiences. The open revelation of its founders’ identities also provides an added layer of transparency, making traders more comfortable with their association with the platform.
Another significant indicator of its trustworthiness is the company’s impressive 4.6-star rating on Trustpilot, backed by over 180 reviews. Such a high rating, especially from a significant number of users, speaks volumes about the platform’s reliability. Additionally, traders have expressed appreciation for TradeDay’s prompt payouts, reflecting the platform’s commitment to its users. The company’s professionalism and transparent evaluation process further reinforce its legitimacy.
How TradeDay’s Works
A distinct feature of TradeDay is its restriction on multiple accounts. It’s a one-account-per-trader policy. Their evaluation and onboarding process is organized in a systematic 9-step protocol:
- Visit the official pricing page.
- Opt for an evaluation membership.
- Upon first login, an introductory video awaits.
- Access the Trading Room for invaluable tools and resources.
- The evaluation has set objectives: reaching a stipulated profit, ensuring 10 trading days, and maintaining consistency.
- Strict adherence to rules, including trading hours, loss limits, and using only permitted products.
- Successful evaluation culminates in a funded trading account.
- Retain the first $10,000 and thereafter, 90% of profits without constraints.
- Failing to adhere to rules? The evaluation restarts.
Rules and Trailing Maximum Drawdown
TradeDay’s success hinges on the clarity and stringent enforcement of its rules. The primary rules include:
- Trailing Maximum Drawdown (TMD)
An effective risk management tool, TMD works based on end-of-day account balances. Unlike other platforms recalculating intraday, TradeDay has adopted the EOD strategy. Essentially, TMD restricts the losses a trader can endure, always moving upward with profits but remains static with losses.
- Trading Hours
It’s crucial to close all positions 10 minutes prior to market closure. For instance, if trading crude oil (which concludes at 4:00 pm CT), all positions must be closed by 3:50 pm CT.
- Instrument Restrictions
Certain instruments are off-limits. Only authorized instruments, as detailed below, can be tradered:
- Equity Futures: E.g., E-mini S&P 500, Micro E-mini S&P/Nasdaq.
- Currency Futures: E.g., Australian Dollar, Euro FX.
- Interest Rate Futures: E.g., 2-Year T-Notes, U.S. Treasury Bond.
- Energy Futures: E.g., Crude Oil, E-mini Natural Gas.
- Metal Futures: E.g., Copper, Gold.
- Agricultural Futures: E.g., Soybean, Corn.
TradeDay presents a compelling offering for those in the futures trading arena. Their transparency, coupled with a strong support system, makes them a formidable player.
Whether you’re a novice or a seasoned trader, understanding and adhering to their protocols can pave the way for a lucrative trading journey. As always, make informed decisions and trade responsibly. Click here to sign up an account using our TradeDay coupon code
Remember, while the positive reviews and ratings are reassuring, always do your own due diligence before diving into any financial venture.
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