Do you want to become a prop trader and are looking for a funded trading program to take your skills to the next level? If so, TradeDay might just be the prop trading firm you’ve been searching for. With the rise of prop firms offering funded accounts and profit-sharing opportunities, it’s essential to find one that aligns with your trading goals.
Whether you’re a seasoned trader seeking fresh opportunities or a novice looking to break into the world of futures trading, this TradeDay review has got you covered. Read on to learn how TradeDay can help you reach your trading goals.
What Is TradeDay?
Founded in 2020 and headquartered in Downtown Chicago, TradeDay provides extensive educational resources and allows traders to scale up as their account grows. With a 14-day free trial, full integration of NinjaTrader and Tradovate, and a team with vast financial industry experience, TradeDay is an attractive option for traders seeking growth opportunities.
How TradeDay Works
TradeDay operates as a prop trading firm, with its main focus on futures trading. The company provides an opportunity for traders to engage in funded trading, offering real live funding from day one once traders pass the Evaluation Challenge.
To get started with TradeDay, traders first receive access to extensive educational materials and resources, aimed at improving their trading knowledge and skills. The company’s interest lies in helping traders succeed, as they benefit from a share of any profits made by their traders.
The Evaluation Challenge serves as a gateway to a funded account, and TradeDay sets achievable objectives for traders to prove their trading abilities. Traders must achieve a specific profit target, trade for at least ten days, and demonstrate consistency in their trading strategies within a simulated trading environment.
Throughout the evaluation process, participants are required to abide by three fundamental rules: restricting trades to day trading only, limiting trading to permitted products, and ensuring they do not surpass a specified trailing drawdown limit. Breaking any of these rules will end the evaluation.
Successfully completing the Evaluation Challenge guarantees traders funding from TradeDay. The payout structure is one of the best in the industry, allowing traders to retain the first $10,000 they make and 90% of the profits thereafter.
TradeDay is particularly beneficial for talented traders who lack the necessary funds to start trading on their own. By providing funded accounts, TradeDay opens up opportunities for traders to showcase their skills without bearing the full financial risk.
For those who are not yet ready to take on the Evaluation Challenge, TradeDay offers a 14-day free trial. During this trial period, potential traders can explore the platform, trade in a simulated market environment, and access various educational resources available on the website.
TradeDay Rules and Objectives
TradeDay offers traders a range of funding tiers, each tailored to different financial capacities and trading objectives. Traders can choose from six account sizes, starting from $10,000 and going up to $250,000.
The funding tiers and their respective monthly costs, profit targets (PT), and trailing maximum drawdown (TMD) limits are as follows:
- $10,000: $99 per month, PT of $1,000, and TMD of $500.
- $25,000: $125 per month, PT of $1,500, and TMD of $750.
- $50,000: $165 per month, PT of $2,500, and TMD of $1,250.
- $100,000: $275 per month, PT of $5,000, and TMD of $2,000.
- $150,000: $350 per month, PT of $7,500, and TMD of $2,500.
- $250,000: $750 per month, PT of $12,000, and TMD of $4,000.
In case a trader does not succeed in the evaluation, they have the option to purchase a reset for $99 or wait for their subscription to renew.
TradeDay also provides additional optional packages. For $39 per month, traders can access webinars, articles, research, and a squawk service to enhance their trading knowledge and skills.
TradeDay Review: The Pros & Cons
- Attractive profit-sharing structure
- Free 14-day trial for newcomers
- Transparent and easy-to-understand rules
- Extensive selection of learning resources
- Diverse range of trading instruments
- Various account sizes to cater to individual needs
- Multiple trading platform choices
- Trading not permitted during significant news events
- Limited to day trading only
- Evaluation challenge may present difficulties for beginners
- Availability limited in certain countries
- No option for multiple accounts
TradeDay stands out as one of the best prop trading firms in the market, offering a unique and promising opportunity for traders to venture into profitable futures trading. With its straightforward and achievable evaluation challenge, traders have the chance to access funded stock trading accounts and potentially earn significant profits.
The platform’s comprehensive educational resources, appealing profit-sharing structure, and variety of account sizes make it a suitable choice for both seasoned traders and novices seeking to enhance their trading skills.
If you’re looking for an opportunity to kickstart your trading journey with one of the best funded stock trading accounts available, TradeDay might be the platform for you. Click here to get started with TradeDay today!