The founders of TradeDay understand how difficult it is to be a consistently profitable trader. Most people who think they can trade profitably, can’t. Those who adopt a casual approach to trading, looking to trade from home as their time allows it, do not even give themselves a proper chance to succeed.
To ensure that their traders are as successful as possible, TradeDay has created a virtual trading room experience. As a prop trading firm, TradeDay profits when its traders do.
The benefits of the environment TradeDay has created for its traders include:
- Information sharing
The corporate entity behind the TradeDay brand is TradeDay LLC. Its address is 2nd floor, 412 S. Wells, Chicago, Illinois, 60607. TradeDay’s phone number is +1 (872) 222 7850.
The website of the prop trading platform is transparent about the people who have founded and operate TradeDay. It features an extensive team in its About Us section.
The official partners of the platform include the CME (Chicago Mercantile Exchange) Group, TradingView, and Tradovate, among others.
Unlike many other prop trading platforms, TradeDay offers only futures through CME’s data feed. The trading environment is live, featuring real-world prices. TradeDay accesses these prices through its cooperation with the Chicago Mercantile Exchange.
The futures-only product offer hardly limits traders’ options, even though the platform observes additional restrictions on the products it accepts for trading. The restrictions are there to ensure that traders are more likely to be profitable long-term.
- TradeDay does not accept high-margin products as they carry extra risk.
- Illiquid products are also on the restriction list as they are difficult to trade.
Tradable Product Selection
The prop trading firm features a detailed list of the futures products it accepts on its official site. Here’s a quick look.
- The FX futures pairs contracts cover currencies like the USD, EUR, AUD, CHF, and other such majors. TradeDay members cannot trade any futures pairs contracts involving minors. Tick sizes start from $1.25 and go up to $12.5.
- The equity index futures contracts include products like the E Mini S&P 500 futures or the Nikkei/USD futures, among others. Tick sizes range from $0.5 to $25 in this product category.
- The bond future contracts cover assets like 2-year Treasury note futures and Ultra Bond futures, among others. The tick size in this product category goes from $7.81 to $31.25.
- Energy futures cover assets like crude oil, Henry Hub natural gas, etc. Tick sizes in this product category are in the $1 to $12.50 range.
- Metal futures cover copper, gold, and silver, featuring tick sizes of $1 to $25.
- The agricultural futures are an interesting category. They cover assets such as lean hog futures, soybean, corn, live cattle, and wheat. Tick sizes start from $6 on soybean oil and can go as high as $12.5 on wheat.
Despite TradeDay’s restrictions on tradable assets, the platform allows for plenty of diversity in tradable assets. Though focused on US markets, it adds some exposure to the international markets via its currency pair futures.
TradeDay’s Prop Trading Objectives and Rules
TradeDay has made its rules as simple as possible for its traders by defining three objectives and three rules they must observe to qualify.
The first objective is to prove long-term profitability and it involves a profit target. The evaluation does not take place in the live markets. But the platform accounts for live trading variables like commissions to simulate an environment as close to real trading as possible. For the $50k balance, the profit requirement is $2,500. Traders who fulfill this requirement have to show a balance of at least $52,500 at the end of their evaluation periods.
The second objective concerns consistency. It requires TradeDay members to trade for at least 10 days. The platform defines a day that counts toward this objective as every day you make a trade. Those who achieve the profit objective early cannot sit back. They must continue trading until they complete 10 days, without trading micro lots to avoid the possibility of losses.
The platform must see 10 days of trading data. Traders who trade for 4-5 days, complete the profit objective, and then scalp micro lots for the remainder of the time will have their 10-day requirement extended.
The third objective is about eliminating the role of luck. And it states that no single day’s profit can make up more than 30% of the target profit. Traders can’t get away with making a large, lucky trade and sitting out the rest of the evaluation scalping micro lots.
The first rule states that trades cannot have open positions when the market closes. The platform only accepts day trading.
TradeDay defines a trading day as beginning at 5 PM CT on one day and closing at market close the next day.
This rule is valid for funded traders as well. TradeDay requires them to close their trades at least 10 minutes before the closing of the markets.
The second rule concerns the products the platform accepts for trading. Like the first rule, the second one is valid for evaluated traders as well as funded traders. TradeDay has a page on its website where it lists every one of the assets it accepts for trading.
The third rule concerns the amount of money TradeDay allow their traders to lose before liquidating their trades and withdrawing funding or considering the evaluation failed. The trailing maximum drawdown is what determines this amount. The platform pegs the TMD to the maximum balance of traders. As your account balance goes up, so does the line that represents your TMD that the platform does not allow you to cross. Once the TMD reaches the starting balance of the account, it freezes there for the lifetime of the account.
The rules are the same for evaluated and funded traders.
The profit split the platform offers is generous. For the first $10,000, traders get a 100% share. From there on, the profit split is a still-generous 90-10 setup.
Ease of Withdrawal
To withdraw money from TradeDay, all traders need to do is send the TradeDay staff an email stating their intention and the amount. It takes the platform five days to process withdrawals.
The funding tiers TradeDay offers range from $10,000 to $250,000. The larger the balance, the more profits one can theoretically rack up. The exact tier levels are:
- $10,000. It costs $99 per month, featuring a profit requirement of $1,000 and a TMD of $500.
- $25,000. This one costs $125 per month. The profit target is $1,500, and the TMD is $750.
- $50,000. It costs $165 per month. The PT is $2,500, and the TMD is $1,250.
- $100,000. It costs $275 per month. The PT is $5,000, and the TMD is $2.000.
- $150,000. The cost is $350, with a PT of $7,500 and the TMD of $2,500.
- $250,000. The cost is $750, with a PT of $12,000 and a TMD of $4,000.
Those who fail an evaluation can get right back by purchasing a reset for $99. They can also wait until their subscription renews to restart the evaluation for free.
TradeDay members may incur a bank fee if their withdrawal does not exceed $500. For $39 per month, traders can gain access to a selection of webinars, articles, research, and a squawk service. This package is optional and does not include trading.
TradeDay’s user review profile is balanced, credible, and realistic. There are good reviews and bad. But the overwhelming majority of reviewers have found TradeDay’s services worthy of a maximum 5-star rating.
What users like about TradeDay:
- People consider the evaluation straightforward. Its rules are easy to understand.
- Traders like the TradeDay support.
- Everyone appreciates the trading and research resources the platform offers.
What users don’t like about TradeDay:
- Some traders consider the fees to be too high.
- Others do not like that the TMD carries the penalty of trade cancellation.
- Still others have found problems with the TradeDay support and the refund policy of the firm.
TradeDay Review Summary
TradeDay is a solid destination for prop trading. Its rules are fair, and its attitude toward the undertaking is serious. The prop firm isn’t looking to hook traders just to get their money. It’s trying to ensure that those who sign up are, indeed, profitable and capable of achieving their trading goals.
The platform creates a trading floor-like experience for its traders, looking to boost their success. TradeDay’s profit-split setup is generous.