TradeDay Review: What Real Traders Say About Prop Trading Opportunities
Thinking about trying your hand at trading? You've probably heard of TradeDay, and you might be wondering if it's the right fit for you. We have always been fascinated by the world of trading, and TradeDay seemed like a really interesting platform to explore. So we decided to dig in and get insights from real people who have used TradeDay – bloggers, YouTubers, and even actual traders! We wanted to know what it's really like. So we analyzed the different ways you can use the platform. Like their “Evaluation Programs” and “Profit Split” plans. We also looked into how they got paid, how helpful the customer service is, and all the cool tools TradeDay offers.
Our goal is to give you the whole picture, the good and the bad, so you can decide if TradeDay is the right place for your trading journey. By the end of this review, you'll have all the information you need to know if TradeDay is a good match for your goals.
About TradeDay
TradeDay is a cool prop trading platform that helps people just like you get started. It's like a special club for aspiring traders who want to jump right in and trade live markets from day one.
TradeDay has a team of experts who have been in the trading business for a long time – over 80 years! They know what it takes to be successful in the world of futures trading. They created a program that gives traders everything they need: tools to help them trade, classes to learn, and even mentors to guide them along the way.
TradeDay Meta Review - Insights and Highlights
Discover firsthand opinions about TradeDay. Is it a hit or miss? We’ve aggregated user and pro reviewers feedback for you. below are the key takeaways:
Pros:
"Free trial available to test the system and platform."
"You can use algos or bots to trade automatically. "
"100% profit split for the first $10k in profit, and 90% after that."
"One-stage evaluation process."
"No recurring subscription fees once you qualify for funding."
"Live funded account available from day one upon completing the evaluation"
"Free access to Tradovate software and use of CQG data feed."
"Withdrawals available from day one, with no waiting period or limits (though there is a minimum withdrawal amount of $500)."
"Ability to scale up trading size as you accumulate profit."
"Drawdown updated at End of Day, rather than after every trade."
"Traders praise TradeDay for its transparent processes, efficient customer service, and the comprehensive resources it provides, highlighting the firm's commitment to trader success."
"TradeDay fosters a sense of community among its traders, encouraging knowledge sharing and mutual growth through forums, discussions, and live trading rooms. "
"No Monthly Fee on Eval and Funded Sim accounts."
"No Withdrawal restrictions and No Activation Fee."
"No Consistency rule on funded accounts."
"Great customer support."
"Really good Profit/Loss Ratio on evals."
Cons:
"Holding positions overnight is not allowed."
"You can't trade news."
"The Steep Evaluation Challenge (particularly daunting for beginners)."
"No option for multiple accounts."
"Limited availability of promotional offers."
"No flipping contracts to pass Evals."
"Higher Evaluation Cost"
Final Thoughts:
"TradeDay is a good platform for traders looking for a transparent, efficient and well-supported platform with a community feel. However, the evaluation challenge may be difficult for beginners and the restrictions on news trading and overnight positions may not be suitable for all traders."
"TradeDay is a reputable platform with a good free trial, allowing traders to learn and potentially transition to professional trading. The platform offers several attractive features like immediate access to real capital, flexible account sizes, and a user-friendly approach. However, the lack of multiple account options may limit some traders."
"TradeDay offers several compelling features like no withdrawal restrictions, no activation fees, no monthly fees for funded Sim accounts, end-of-day trailing drawdown, and good customer support. However, it also has higher evaluation costs, a single account limit, a mandatory 10-day evaluation period, restrictions on trading tier one news events, a scaling plan for funded accounts, and additional requirements for live accounts. Traders should weigh these pros and cons based on their personal trading needs and preferences."
"So you're thinking about making the leap to professional trading? TradeDay is definitely worth checking out. They've got a lot going for them, like a free trial so you can test the waters, and their evaluation process is pretty straightforward. The best part? No monthly fees once you get funded! Plus, you get to trade real money right away – no waiting around. And they make it easy to take your earnings out, which is always a good thing. People who've used TradeDay seem to really like how transparent they are, and their customer service is top-notch. They also have a great community feel, which is awesome for getting support and learning from others.
Now, TradeDay isn't perfect. Their evaluation challenge is tough, so if you're brand new to trading, it might be a bit of a hurdle. They also have some rules about news trading and holding positions overnight that might not work for everyone. And their evaluation fee is a bit steep, plus you can only have one account. So those are things to think about.
Overall, TradeDay is a pretty solid platform, but it's definitely not for everyone. It's like any job – you need the right skills and the right personality to succeed. Think about your trading style, your experience level, and how much you're willing to spend. It's all about finding the right fit, and TradeDay might be a great option if it lines up with your goals."
How to start trading with TradeDay?
To begin trading with TradeDay, you need to register on their website and choose an evaluation program that suits your trading style and goals. After passing the evaluation, you can access a funded account to start trading with real capital.
How does the evaluation process work?
TradeDay’s evaluation process involves trading within specified parameters to demonstrate your trading skills. The evaluation has predefined rules, such as maximum drawdown limits and profit targets, which you must adhere to in order to pass and qualify for a funded account.
What is the profit split structure at TradeDay?
TradeDay offers a competitive profit split structure where traders can earn a significant portion of the profits they generate. The exact percentage may vary, so it’s best to review the latest details on their website or contact their support team for the most current information.
How and when are payouts processed?
Payouts at TradeDay are typically processed monthly. Traders can request a payout once they meet the minimum profit threshold. The payouts are processed through various payment methods, ensuring flexibility and convenience for traders.
Are there any restrictions on the types of trading strategies?
TradeDay allows a wide range of trading strategies, including scalping, day trading, and swing trading. However, all strategies must adhere to the platform’s risk management rules, which are clearly outlined during the evaluation phase.
How does TradeDay handle account drawdowns?
TradeDay has strict drawdown limits in place to manage risk. These limits are clearly defined in the evaluation rules and must be followed to maintain the funded account status. Exceeding the drawdown limits can result in the loss of the funded account.
What educational resources are available to members?
TradeDay provides a variety of educational resources including courses, daily morning meetings, regular live streams, a dedicated trader development area, a lively Discord group, and a forums section to get questions answered.
Can I scale my maximum position size as my account grows?
Yes, TradeDay uses a scaling plan where traders are given extra contracts to trade for every $2,000 in profit added to their account balance.