TradeDay gives you the chance to learn and potentially earn big. As a US based proprietary trading firm, TradeDay has funded trader programs to help you grow and develop in the markets.
You can choose from several programs with monthly fees from $99 to $750. TradeDay is not just about providing capital, they want to create an environment where you can refine your trading strategies and build consistency in your performance. With their resources and structure you’ll have everything you need to become a better trader.
What Is TradeDay?
TradeDay is a futures trading firm that gives traders a place to grow and profit. You’ll find a big focus on education and community support so you can navigate the futures trading world. Whether you’re just starting out or looking to improve your skills, TradeDay has what you need to succeed.
They stand out for their community of successful traders. You’ll get:
- Education
- Support
- Networking
TradeDay helps you build consistent strategies and improve your trading performance. With their resources and support you can become a better and more profitable futures trader.
How TradeDay Works
TradeDay gives you a simulated trading environment to practice and develop profitable strategies. You’ll go through an evaluation process to find successful traders. If you meet the profit targets you’ll get a funded trading account.
The platform is community driven so you can learn from other traders and grow with them. TradeDay’s evaluation and ongoing support prepares you for the futures trading challenges.
Get started:
- Sign up for a demo account
- Practice in the simulator
- Go through the evaluation process
- Meet the profit targets
- Get a funded account
By focusing on trader development and community support TradeDay gives you the tools and knowledge to navigate the trading world.
Is TradeDay a Legit Futures Prop Firm?
TradeDay seems to be a real prop trading firm for futures traders. They are based in Chicago, Illinois and have contact information on their website. You can reach them by email or phone if needed. TradeDay has a good reputation among traders and high ratings on review platforms. Their focus on risk management and providing a supportive trading environment will appeal to both new and experienced futures traders looking for funding.
What Can You Trade on TradeDay’s Platform?
TradeDay has over 50 futures contracts to trade. You can access contracts on major exchanges like CME, CBOT, COMEX and NYMEX.
The platform has:
- 5 equity index futures (e.g. E-mini S&P 500, E-mini Nasdaq 100)
- 7 currency futures
- 6 interest rate futures
- 4 energy futures (oil and gas)
- 4 metal futures (gold and silver)
- 8 agricultural futures (grains, livestock etc.)
- 8 micro futures
You can trade popular instruments like E-mini S&P 500 (ES), Euro FX (6E), 10-Year T-Note (ZN), Crude Oil (CL), and Gold (GC). Micro contracts are also available for major futures.
Note that TradeDay is only futures. You won’t be able to trade cryptocurrencies, CFDs, options, forex or individual stocks through their program.
TradeDay’s Account Options and Trading Limits
TradeDay has accounts to fit different trading styles and budgets. You can choose from accounts starting at $10,000 up to $250,000. Each account has specific contract limits that grow with your account size and profits.
For smaller accounts you can trade 1 mini contract or 10 micro contracts with a $10,000 balance. As you move up to larger accounts your trading capacity grows. The largest $250,000 account can trade up to 25 mini contracts or 50 micro contracts.
This tiered system allows you to scale up as your account grows. It helps with risk management and gives you opportunities to make more profits as you develop your skills and strategy.
Instant accounts?
TradeDay does not offer instant funding. You’ll need to go through an evaluation process before getting a funded account. This way traders can show their skills and risk management before getting funded. Instant funding may seem attractive but TradeDay’s evaluation process ensures quality of their funded traders.
Single Stage Assessments?
Profit Goals and Objectives
TradeDay has single stage assessments for all funded account plans. You can choose from accounts from $10,000 to $250,000 with different monthly fees. Each tier has different profit targets and drawdown limits:
To get funded you must:
- Reach the profit target for your chosen tier
- Trade for at least 10 days during the assessment
- Show consistent profits
The consistency rule limits single day profits to 30% of your total gains. If you exceed this limit your profit target increases.
Rules to Follow
To pass your assessment follow these rules:
- Trading Hours: Day trade and close all positions before market close. Don’t have open orders 2 minutes before and after major economic data releases.
- Approved Instruments: Trade only the futures contracts listed by TradeDay.
- End-of-Day Drawdown: Your account balance at the end of each trading day should not be below the trailing drawdown limit. This limit increases as your account grows but never decreases.
Position size limits are based on your account tier:
- $10,000: 1 mini or 10 micro contracts
- $25,000: 2 mini or 20 micro contracts
- $50,000: 5 mini or 50 micro contracts
- $100,000 – $250,000: 10-25 mini or 50 micro contracts
Assessment Resets
If you don’t meet the requirements you have two options to reset your assessment:
- Pay $99 to reset immediately
- Wait for your monthly subscription to renew which includes a reset
Remember if you decide to stop participating cancel your subscription to avoid further charges.
Subscription Renewals
Your TradeDay subscription renews monthly. If you’re in an active assessment you’ll continue to be billed. Failed assessments can be reset by waiting for the renewal date or paying the $99 reset fee.
Once funded you keep 100% of your first $10,000 in profits. After that you keep 90% of additional gains in a 90/10 split with TradeDay.
Multiple Stages?
TradeDay keeps it simple with a single stage process. No multiple phases or challenges to prove your trading skills. Just one consolidated evaluation period to show your abilities.
Funded Traders: FundedSim and FundedLive Accounts
Once you pass the evaluation challenge you’ll move to a FundedSim or FundedLive account with TradeDay. Both account types offer profit sharing so you can withdraw up to $10,000 of your initial profits with a 100% profit split. Once you reach $10,000 in profits the split changes to 90/10 and 90% of profits are withdrawable.
FundedSim Account:
- Simulated environment
- No monthly exchange fees
- Trade until you reach $5,000 in profits
- Full $5,000 profit withdrawal
- Automatic transition to FundedLive after $5,000
FundedLive Account:
- Live trading in live futures markets
- Setup takes about a week due to broker paperwork
- Professional trader status with $122 monthly exchange fees per exchange
- Subject to the 20/20 rule for funded traders
- Progress tracking only through Tradovate platform
You can choose to start with a FundedSim account or go straight into a FundedLive account after the evaluation. FundedSim is a risk free environment to build your profits before live trading.
FundedLive account considerations:
- All orders are placed in real-time on futures exchanges
- Broker and clearing firm paperwork and setup
- Professional trader designation and fees
- 20/20 rule
- Only Tradovate for performance tracking
As you move through these funded accounts you’ll be able to show your trading skills, build profits and potentially scale your trading career. The structured approach allows you to gradually get used to live markets while enjoying profit sharing.
My Thoughts on TradeDay
TradeDay has a lot to offer for aspiring traders. You’ll get a generous profit split, educational resources, mentoring, a community and a trading desk with tools to help you improve.
One thing that stands out is their consistency rule. This may impact your trading strategy as you may need to take profits earlier to avoid raising your profit target. Consider how this fits with your trading style.
TradeDay promotes a “free reset” but be aware that this may come with a monthly renewal fee. Make sure to clarify this before you commit.
Before you start, check out their FAQ section. You’ll find over 100 articles to help you learn. But some information on live funded account brokers and futures contract commissions is harder to find.
If you’re focused on futures trading you may also want to look into Apex Trader Funding as an alternative. Compare different platforms to find the best one for your trading career development.
Payout Options
You can receive your earnings through bank wire transfers worldwide, ACH transfers to US accounts or PayPal. These options give you fast and easy access to your trading profits.
Learning Resources and Trading Support
TradeDay gives you all the educational tools you need to improve your futures trading. You’ll find courses from beginner fundamentals to advanced techniques, webinars and in-depth research materials.
Connect with other traders in the virtual trading room where you can share ideas and learn from experienced market participants. The platform’s automated systems and user friendly interface makes trading easier and more efficient.
To take you further TradeDay offers:
- Market analysis tools
- Strategy guides
- Trading community forums
- One on one coaching
- Regularly updated FAQs
These help you stay up to date with market trends and improve your trading over time.
Do TradeDay offer refunds for evaluation fees?
TradeDay don’t offer refunds on their evaluation fees. But you can try the platform and access educational materials for 14 days. This trial ends when you make your first trade or after 2 weeks, whichever comes first.
Note: Monthly fees apply once you start trading. Fees vary by account size, no activation fee.
Who manages TradeDay’s trading accounts?
TradeDay is a prop firm that funds its traders directly. They partner with Tradovate for platform services but the broker that manages the funded accounts is undisclosed. You won’t have an intermediary when trading with TradeDay as they fund traders directly.
Which platforms can I use with TradeDay?
TradeDay gives you access to several popular platforms. You can use Tradovate for free. You can also connect your own licenses for NinjaTrader, TradingView or Jigsaw to trade through TradeDay.