TradeDay is a Chicago-based prop firm that's shaking up the industry. Founded in 2020, this newcomer has quickly made a name for itself by offering traders a chance to play with the big boys – without risking their own capital. With account sizes ranging from $10,000 to a whopping $250,000, TradeDay is all about giving you the flexibility to trade your way. But here's the kicker: they're not just another faceless firm.TradeDay is winning hearts (and trades) with its clear rules, efficient service, and attractive profit splits.
What is TradeDay?
TradeDay is an innovative platform designed to help traders of all skill levels learn, practice, and ultimately become funded to trade futures contracts. The company leverages over 80 years of combined industry experience to provide a comprehensive learning environment that sets traders up for success.
The platform offers a range of features, including:
- Educational courses and resources
- Simulated trading environment
- Live market commentary and analysis
- Trader development programs
- Institutional-grade research
- Evaluation challenge for funded trading accounts
The primary goal is to identify and fund talented traders who demonstrate profitability, sound risk management, and discipline. Bypassing the company's evaluation challenge, traders can receive funded accounts and keep a significant portion of their profits.
How TradeDay Works
To become a funded trader on TradeDay, you must first pass the platform's Evaluation Challenge. This challenge assesses your trading skills based on key principles of successful trading.
Here's how it works:
- Join: Sign up for a TradeDay account and gain access to the platform's educational resources, simulated trading environment, and community features.
- Prepare for the Challenge: Utilize TradeDay's courses, market analysis, and mentoring to develop and refine your trading strategies.
- Take the Evaluation Challenge: Once you feel ready, begin the Evaluation Challenge. You'll need to meet specific profit targets and adhere to risk management rules over a minimum of 7 trading days.
- Get Funded: If you successfully complete the challenge without violating any rules, It will provide you with a funded trading account. You'll keep the first $10,000 in profits and 90% thereafter, with no restrictions on withdrawal frequency.
The Evaluation Challenge rules are transparent and consistent for all participants. Some key guidelines include:
- Day trading only (no overnight positions)
- Closing all positions before market close each day
- No holding positions over tier 1 market data releases
- Trading only permitted products on the CME Exchange Group Futures
If you violate a rule during the challenge, your evaluation will end. However, you can restart the challenge immediately by purchasing a reset for $99 or waiting for your next subscription renewal.
Platforms and Tools
TradeDay provides a robust suite of platforms and tools to support your trading journey:
| Platform | Description |
|---|---|
| Mobile App | Trade on the go with a mobile app, available for iOS and Android devices. |
| Desktop Platform | Access advanced charting, market analysis, and trading features on desktop platforms for Windows and macOS. |
| Web Platform | Enjoy the flexibility of trading from any web browser with TradeDay's web-based platform. |
In addition to its trading platforms, TradeDay offers a range of tools and resources:
- Market Commentary: Stay informed with 24-hour market commentary and news, used by professional trading groups, hedge funds, and banks.
- Research: Access award-winning research from The MarketChartist, delivered daily to help you make informed trading decisions.
- Educational Courses: Develop your skills with TradeDay's comprehensive trading courses, suitable for beginners to advanced traders.
- Trader Development: Participate in daily morning meetings, live streams, and dedicated trader development sessions.
- Community: Engage with fellow traders and mentors through Its Discord group and forums.
Account Types and Payouts
It offers a range of account types to suit different trader needs and experience levels. The platform provides six main tiers, each with varying profit targets, position limits, and monthly subscription fees.
The entry-level account is priced at $99 per month, with a profit target of $1,000 and a position limit of 1 mini contract (or 10 micro contracts). As traders move up the tiers, both the profit targets and position limits increase.
The mid-range option, priced at $275 per month, has a profit target of $5,000 and allows for up to 10 mini contracts (or 50 micro contracts). The highest tier, designed for more experienced traders, is priced at $750 per month with a profit target of $12,000 and a position limit of 25 mini contracts (or 50 micro contracts).
| Price ($/month) | Profit Target ($) | Trailing Max Drawdown ($) | Position Limits (mini/micro) |
|---|---|---|---|
| 99 | 1,000 | 1,000 | 1/10 |
| 125 | 1,500 | 1,500 | 2/20 |
| 165 | 2,500 | 2,000 | 5/50 |
| 275 | 5,000 | 3,000 | 10/50 |
| 350 | 7,500 | 4,000 | 15/50 |
| 750 | 12,000 | 5,000 | 25/50 |
Upon successfully completing the Evaluation Challenge, you'll receive a funded account with the following payout terms:
- Keep the first $10,000 in profits
- Earn 90% of profits thereafter
- No restrictions on withdrawal frequency
The size of your funded account will determine the maximum position sizes you can trade. As your account balance grows, you'll have the opportunity to trade larger positions and potentially earn greater profits.
It's important to note that TradeDay does not charge additional commissions on your trades once you become a funded trader. The platform is free for funded traders, allowing you to focus on your trading performance without worrying about extra fees.
Answering your Queries
Does TradeDay charge commissions to Funded Traders?
No, It is free for funded traders and does not charge additional commissions on trading.
What Educational resources does TradeDay provide?
TradeDay offers courses, daily morning meetings, live streams, market commentary, research, and a trader development area.
What Products Can Be Traded on TradeDay?
Traders can trade CME Group-listed futures products.
Is there a Daily Drawdown Limit?
TradeDay does not have a daily drawdown limit, but they do have an end-of-day drawdown limit.
What Trading Software can be used with TradeDay?
TradeDay offers Tradovate as a trading platform, which works on mobile, Mac, and in browsers.
How are Withdrawals Processed?
Withdrawals are processed within 5 days of request, with no fees and a minimum withdrawal amount of $250.
Is TradeDay suitable for Beginners?
Yes, TradeDay offers courses and resources for traders of all levels, from beginners to advanced.
Does TradeDay Guarantee Success?
No, TradeDay does not guarantee success. However, they aim to improve traders' skills and increase their chances of success in the markets.
To Conclude
TradeDay is a comprehensive platform that empowers futures traders to learn, practice, and succeed in a funded trading environment. By combining educational resources, expert mentoring, and advanced trading tools, They offer a unique pathway for aspiring traders to turn their passion into a profitable career.
TradeDay offers an exciting yet challenging avenue for those looking to engage in fast-paced financial markets. While the potential for quick profits is alluring, it's crucial to approach day trading with caution and thorough preparation. Success in this field requires a combination of market knowledge, quick decision-making skills, and disciplined risk management.
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