As Futures Trading becomes a more attractive career, it has several challenges and complexities that require time and effort to master. In addition to these inherent drawbacks, there is minimal available assistance for beginners and aspiring traders, and this potentially increases their risks. TradeDay aims to help investors reap the opportunities of Futures trading without the impacts of the disadvantages.
TradeDay, co-founded in 2020 by Steve Miley, is headquartered in Chicago, United State. It is an education, mentoring, and funding platform for anyone interested in learning to trade. TradeDay provides professional trading tools, including trader development programs, live market commentary, and institutional-grade research. This gives traders the edge they need to succeed in today’s market. TradeDay aims to enhance the playing field for aspiring traders.
The firm provides a model that facilitates learning for traders and gives them an opportunity to participate in their evaluation challenge. Those who pass the challenge are provided funds to start their trading journey. Participants must follow some set rules and specific targets as part of the challenge. If they accomplish the targets, in compliance with the rules, the firm will provide them with initial funds. Traders can keep the first $5,000 they generate and 80% of whatever they make trading thereafter. This model is based on a subscription fee paid by traders.
TradeDay keeps it simple with two account sizes while retaining the capacity to grow your available trading size. It also offers a 14-day Free Trial with no requirement to add a credit card, an atypical offering within the funded trading program industry. It is also worth noting that there are fees associated with blowing up your account during the simulation trading phase. TradeDay funding will reset failed evaluations for free upon renewal of the monthly TradeDay membership fee. This means that if you fail the Evaluation Challenge, you can purchase a reset for $99 and restart the challenge immediately or after your monthly membership fee renews.
Funded traders get to keep the first $10K of their profits and 90% thereafter, and it now only takes 10 trading days to get funded.
Then just get access to all our webinars and content…
When you sign up with TradeDay you will connect via Tradovate, a unique offering since most companies offer NinjaTrader. Tradovate offers enormous benefits to traders since it is simple to use and learn, contains a nice user interface, and (most importantly) is web-based. Tradovate can be used on a PC, Mac, mobile phone, or tablet, etc… There is also a Tradovate native app that you can use in a web browser.
In addition to Tradovate, you will also use a CQG feed, which is another huge benefit since most competitors use Rithmic despite it becoming increasingly unstable.
Once funded, you can use Tradovate for free!
TradeDay has chosen Tradovate as its partner and Tradovate has proven itself as a fast, reliable, and stable platform as it has all the tools you need to get started and succeed. Furthermore, it works across MAC OS, Windows, IOS, and Android. Tradovate comes with no fees and includes all the basic charts you need to manage your day trading career. While Tradovate does lack many of the advanced features of other trading platforms like NinjaTrader and TradeStation, it is easy for beginners can get acquainted with all of the basic features with Tradovate. As the only platform TradeDay offers, Tradovate was chosen for its functionality, speed, and reliability. It can also be integrated with Tradingview as an add-on to Tradovate at no extra cost and with Jigsaw if you have a Jigsaw license. As TradeDay grows, it plans to introduce additional trading platforms in accordance with customer demand.
Tradovate has a noticeable lack of advanced charting options. Given what other platforms offer and the overall high-risk nature of trading, serious traders will likely need to use a third-party charting platform to extract the most value from their trades. Tradovate contains the basic charts you would expect, including:
- Candlestick charts
- Bar charts
- Line graphs
- Point & figure
- Heike nashi
With the charting’s features you can display data for ticks, volume, range, and momentum. However, for day traders these charts can be clunky and even interfere with trades. As any short-term trader knows, every second is critical. The clumsiness of these charts, because of no ability for auto-scaling, results in charts not providing the needed support for serious traders.
TradeDay Funding’s commitment to education and coaching enables beginners and veterans alike to increase their profitability. Some of these coaching options are included for free in the 14-day Free Trial and the Beginner programs. Advanced users looking for greater risk limits can benefit from a monthly one-on-one session with James or Steve for the lifetime Evaluation challenge.
Primary education offerings include:
- Daily pre-open meeting and live streams
- Sessions on trading psychology and mindset
- Trader development program with Steve Ward
All classes are tailored for traders at different levels, with high marks given for the clear progression paths on offer to account holders.
If you are using the Beginner package, you are eligible for mentoring through posing questions in the forums and attending regular live streams where you can raise questions live with James and Steve. One-on-one sessions are additionally available for purchase within the main site.
In the Advance program, you are also eligible to receive an additional, one-on-one session every month. This provides the opportunity to go over your trades and receive advice regarding any mistakes.
There are also optional, 50-minute one-on-one mentoring sessions every month for the lifetime of the Evaluation Challenge. This is included for free in the Advanced program and in the funded traders program.
As part of the Advanced service, traders receive:
- 50-minute one-on-one mentoring session every month.
- Personalized advice on your trading strategies.
- Daily meeting and a weekly personal coaching session.
- Access to the trading room.
The coached have years of experience trading on the open market. Many of the coached employed by TradeDay Funding have also worked on real trading floors with experience coaching and mentoring new traders to achieve their goals.
One of TradeDay Funding’s best features is its thriving community. Users can ask questions in the Site’s activity and chat, where both simulation users and funded traders answer questions.
TradeDay does not allow the creation of multiple accounts. The firm funds traders with their own money and likes to see them develop their account to further their own trading.
Basic guideline and other specifics can be accessed on the TradeDay official website.
- 1 Step Evaluation.
- Trade for 15 days.
- Trailing Drawdown stops at the initial balance.
- Trailing Drawdown is calculated at the end of day, not in between trades. Big benefit to traders.
- Do not hit the Daily Loss Limit.
- Follow the scaling plan.
Please be aware that trading involves a lot of risk. If you are new to trading these guidelines might seem confusing. Reading the FAQ sections carefully and knowing what you are paying for will make things easier.
The general rules will the same as the evaluation. You will be back to a scaling plan as you build up a balance. As you add profit to your account, every $1,000 will earn you an additional contract for you to trade.
TradeDay is one of the only prop trading firms that does not charge you once you pass. There is no set up fee and no withdraw fee but if you withdraw an amount under $500, they will charge a small withdrawal fee to make up for the bank fees. There are no additional ongoing fees or setup fees. This is extremely beneficial for traders. Please note that since you are considered a professional trader once funded, you will have to pay a data fee.
TradeDay offers the ability to withdraw whenever you like! There are no minimum traded days and no rules around how often you can withdraw. Withdrawals can take up to 7 days to process. If the amount is over $500, withdrawals and payouts are free, which is a fantastic feature. If the amount is less than $500, they will charge you the bank fee to discourage people from withdrawing small amounts frequently.
- 1 step evaluation.
- Tradovate available as software.
- CQG data feed.
- NO fees once funded – no setup fee, no ongoing fee.
- Live funded account from day 1 once passing, no “sim live”.
- Withdraw from day 1 and as often as you want – no waiting or catches.
- Drawdown updated at End of Day, not after every trade.
- Scale up your trading size available as you earn more profit.
- Offers a 14-day free trial.
- No multiple accounts available.
- Currently only Tradovate available (NinjaTrader is coming soon).
- No frequent promos.
TradeDay is a completely legitimate platform that is great for testing your skills and for transitioning into professional day trading. It’s array of educational tools can enable you to take your day trading to the next level. You can get started with two different account sizes and improve your trading size as you increase your account balance. Another item worth highlighting is the 14-day Free Trial, which is not often offered in the funded trading space. You can also start trading actual capital from Day 1, as well as withdraw profits from Day 1 with no special technicalities.