TradeDay Review 2024

With Futures Trading becoming a more attractive career, it has several challenges and complexities that require considerable time and effort to master. In addition to these innate drawbacks, minimal assistance is available to beginners and aspiring traders, which potentially increases the risk. TradeDay aims to focus more on assisting investors in reaping the opportunities of Futures Trading without being affected by the challenges it poses.

TradeDay is headquartered in Chicago, United States and was co-founded by Steve Miley in 2020. It is an education, mentoring, and funding platform for anyone interested in learning to trade. TradeDay provides professional trading tools, like trader development programs, live market commentary, and institutional-grade research, to give our traders the edge they need to succeed in today’s markets. TradeDay aims to up the playing field for aspiring traders.

The model provided by the firm facilitates a learning platform for traders and gives them an opportunity to participate in their evaluation challenge. Those who pass the challenge will be provided with funds to start their trading journey. The challenge has some set rules to be followed and specific targets to be achieved by the participants. If they accomplish the targets by following the rules, the company will provide them with initial funds. Traders are allowed to keep the first $5000 they make and 80% of whatever they make through trading thereafter. This model is based on a subscription fee from the traders.

TradeDay has kept it simple with only 2 account sizes, but the ability to grow your available trading size.

Also, TradeDay offers a 14-day Free Trial with no requirement to add a credit card which is not something often offered within the funded trading program industry. Also, it is 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 on the renewal of the monthly TradeDay membership fee. This means that if you fail the Evaluation Challenge, you can either purchase a reset; they will charge you $99 for every reset to restart the challenge immediately or wait until your monthly membership fee renews after which they will restart the challenge for you. 

Account Size

Price/month

Contracts

Goal

Drawdown

$50,000

$165

2

$2,000

$1,500

$100,000

$350

4

$4,000

$3,000

When you sign up with TradeDay you will connect via Tradovate which currently is unique as most companies offer NinjaTrader. Tradovate offers huge benefits to traders as it is simple to use and learn, a nice user interface and most important is web based. It can be used on PC or Mac, mobile phone, tablet, etc. There is both a Tradovate native app, and you can use it in a web browser.

Along with Tradovate, you will be using a CQG feed. While most companies use Rithmic, Rithmic has become increasingly unstable, so having CQG as your data feed is a huge benefit as well.

You can of course use your own software as well. I’m a fan of Jigsaw Daytradr, so I connect Jigsaw to my TradeDay connection and trade within it with Tradovate open as well as a backup.

As well once funded, you can continue to use Tradovate for free!

Our review on TradeDay Funding believes futures traders have all the tools they need to not only improve their day trading skills but to turn them into a profession

No-Fee Trading Platform

TradeDay has chosen Tradovate as its partner. 

Tradovate has proven itself as a fast, reliable, and stable platform. It has all the tools you need to get started and succeed, and it works across MAC OS, Windows, IOS, and Android. Tradovate comes with no fees and includes all the basic charts for managing your day trading career. While it lacks many of the advanced features of trading platforms like NinjaTrader and TradeStation, beginners can get acquainted with all the basic concepts with Tradovate. Tradovate is the only platform They offer. It was chosen for its functionality, speed, and reliability. It is Windows, Mac, Android, and IOS compatible. It also integrates well with Tradingview to their users as an add-on to Tradovate at no extra cost, and Jigsaw (if you have a Jigsaw license). As TradeDay grows they plan to introduce other trading platforms according to customer demand. 

Charts

Tradovate has a surprising lack of advanced charting options. When compared to other platforms and the 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 all the basic charts you would expect, such as:

 

  • • Candlestick charts
  • • Bar charts
  • • Line graphs
  • • Point & figure
  • • Heike nashi
  • • Renko

You can also display data for ticks, volume, range, and momentum. However, for day traders these charts can be clunky and can get in the way of trades. 
As any short-term trader knows, every second is crucial. The clumsiness of these charts, because of no auto-scaling, means these charting options may not provide the right amount of support for the serious trader.

Education and Coaching

TradeDay Funding’s commitment to education and coaching enables not only beginners but veterans to learn new tricks to increase their profitability. Some of these coaching options are included for free in the 14-day Free Trial and the Beginner , whereas Advanced users looking for greater risk limits can benefit from a monthly one-on-one session with James or Steve for the lifetime of the Evaluation Challenge, the Advanced might be the way to go.

Its 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 aimed at different levels, with high marks given for the clear progression paths on offer to account holders.

Performance Coaching Plan

If you are on the Beginner package you can get mentoring through asking questions in the forums and attending their regular live streams where you will be able to fire questions at James and Steve. 

1-on-1 sessions are also available for purchase within the main site. 

If you are on the Advanced program, you will also get a 1-on-1 session every month if you would like it. 
You will have the opportunity to go over your trades and receive advice on where you made mistakes. 
Optional 50-minute one-on-one mentoring session every month for the lifetime of the Evaluation Challenge, is included for free on the Advanced program whereas for funded traders this service is free. 
As part of the Advanced service, you’ll 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.

These coaches have years’ worth of experience in trading on the open market. Many of the coaches employed by TradeDay Funding have also worked on real trading floors and have experience in coaching and mentoring new traders to achieve their goals.

Community Help

One of the best features TradeDay Funding has to offer is a thriving community. Users may ask questions in the Site activity and chat, where both simulation users and funded traders are happy to answer questions.

Multiple Accounts Not Allowed

TradeDay does not allow the creation of multiple accounts. They are funding traders with their own money and like to see them develop their account to expand their capital to their own trading.

The basic guidelines and some other specifics can be reviewed at 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

In any case, please be aware that trading involves a lot of risk. So, if you are new to trading this might seem confusing. Reading carefully through the FAQ sections and knowing what you are paying for will make things easier.

The general rules will be the same as the evaluation. You’ll 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 you can trade.

TradeDay is one of the only prop trading firms out there who does not charge you once you pass. No set up fee and no withdraw fee but if you withdraw an amount under $500, they charge a small withdrawal fee made up to the bank fees. There are no additional ongoing fees or setup fees. Extremely beneficial for traders. You will have to pay a data fee though since you are considered a professional trader once funded.

TradeDay offers the ability to withdraw whenever you like! No minimum traded days, no rules around how often you can withdraw. Withdraws can take up to 7 days to process. Withdrawals and payouts are free which is fantastic if the amount is over $500. If less than $500, they do charge you the bank fee to discourage people 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
  • No multiple accounts available
  • Currently only Tradovate available (NinjaTrader is coming soon)
  • No frequent promos

TradeDay is completely legit and can be a great platform to test your skills and a great way to get into professional day trading. The array of educational content 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. One thing also worth highlighting is the 14-day Free Trial which is not seen often 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.

Please refer to the following pages of our website to read about similar other Prop Firms leading the industry such as: Bulenox Review

  • You must have a live membership in order to have your trading evaluated. You cannot cancel your membership and continue to buy resets.

The monthly subscription gives you access to TradeDay’s member’s area and one free evaluation.

Your first payment starts on the day you sign up for a paid membership, then it will recur monthly until you pass the evaluation, or choose to cancel your subscription. 

You do not need to pass the evaluation within one month, you can take as long as you like to pass. If you are in an active evaluation, the evaluation challenge will not reset when your monthly subscription renews.

If you fail the evaluation you can reset your challenge and start again for a separate fee of $99, this does not affect your monthly billing which is independent of the evaluation.

You can reset your challenge as many times as you like, reset tokens are available for purchase within the site.

Yes, you can cancel at anytime.

But please note that you will not be evaluated after you have canceled your subscription, TradeDay requires an live subscription in order to evaluate your trading.

——–

It’s a straightforward process.

Navigate to the drop-down menu at the top right of any page in the member’s area, and from there select CANCEL MEMBERSHIP, from here you will be able to cancel your account immediately.

Billing stops as soon as you cancel.

You will immediately receive an email confirming your cancellation and your credit card will not be charged again. 

We will close down access to your trading account with our broker (so, before you cancel, make sure you’ve saved any data you wanted to save).

You can upgrade from the 14-Day Free Trial, or our Research and Resources membership to an evaluation at any time. 

Unfortunately, we do not allow members to upgrade or downgrade between evaluations at any time.

However, you can cancel your current membership and start a different membership, but this will restart the evaluation. 

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