In the ever-evolving landscape of online trading, individuals seek opportunities to capitalize on financial markets. However, the complexities and risks associated with trading often deter many from fully engaging in this lucrative venture. Enter TradeDay, a renowned prop firm designed with traders' interests at its core, dedicated to providing a comprehensive solution. Whether you're exploring TradeDay funding options, looking for an in-depth TradeDay review, or aiming to understand the essential TradeDay rules, this post is your gateway to unlocking valuable insights. Join us as we delve into the world of TradeDay, exploring its services, programs, and the crucial guidelines that govern its trading platform.
TradeDay is a trading platform that is aimed at educating, funding, and guiding futures traders throughout their trading journey. At TradeDay, traders have the luxury of enjoying professional trading tools, trader development programs, top-notch research, live market commentary, and so on. As a member, you will also have access to well-graded support and guidance. Not only that, their trading desk likewise helps provide an environment with like-minded people, which helps foster good energy. Likewise, with their no-fee funding program, you have the luxury of trading as much as you want without the fear of insufficient funds.
During our TradeDay review, we saw that the firm likewise provides an open space that enhances learning for prospective traders and also gives them the chance to engage in their evaluation challenge in the space of 10 days. In this challenge, traders are to follow some laid-down rules and specific targets. Traders that accomplish the target when following the stipulated rules will get their initial funds of $10k from the firm and likewise keep the remaining 90% thereafter. You will likewise get an offer for a 14-day free trial with no need to add a credit card.
Understanding and adhering to the rules governing funded traders on the TradeDay platform is crucial for maximizing success and thriving in the dynamic world of online trading.
1. Maximum Trailing Drawdown
One of the foundational rules on TradeDay is the maximum trailing drawdown. Traders must avoid hitting or exceeding this predefined drawdown limit. The drawdown is calculated on an End-of-Day basis and serves as a risk management measure. Following this rule is essential for safeguarding capital and maintaining overall trading performance.
2. Position Closure Timing
Traders on TradeDay are required to close all positions at least 10 minutes before the close of the CME Globex trading day. This timing ensures that traders exit their positions before market closure, reducing the risk associated with after-hours market movements. Adhering to this rule is crucial for effective risk management and compliance with TradeDay's guidelines.
3. Avoidance of Tier 1 Data Releases
TradeDay prohibits traders from engaging in trading activities during tier 1 data releases. These releases typically involve significant market-moving economic indicators. By avoiding trades during these releases, traders minimize the risk of adverse price movements and enhance their ability to navigate market volatility more accurately.
4. Product Restrictions
TradeDay enforces product-specific rules, allowing traders to engage only in trading activities with products permitted by the platform. This restriction ensures that traders operate within predefined market instruments, aligning with TradeDay's strategy and risk management framework.
5. Slippage Risk Management (Funded Live Accounts)
For Funded Live accounts, TradeDay implements a slippage risk management rule. This policy aims to manage the impact of slippage, particularly in live market conditions. It involves a strategic reduction of position limits to address potential slippage risks, demonstrating TradeDay's commitment to maintaining a secure and controlled trading environment for its funded live traders.
By internalizing and following these guidelines, traders can foster a disciplined and rule-compliant trading approach on the TradeDay platform.
Looking for more funding options? Check out our Apex Trader Funding Review for an in-depth review of another leading funding company.
Our TradeDay review revealed that TradeDay prioritizes funding traders straight into the live market because they believe it aligns them with traders and establishes a profitable trading group. However, traders have expressed concerns about professional market data fees associated with live funding. TradeDay, being a platform that puts its users first, has listened to their feedback.
Traders who pass the evaluation on TradeDay are presented with two choices: to be funded into the live market (funded live account) or funded into the sim payout account (funded SIM account). Here are the benefits of TradeDay's funded SIM account:
Benefits of TradeDay's Funded SIM Account:
This option provides traders with the flexibility and cost-saving benefits they seek while trading on TradeDay.
Let's compare the funding systems of Apex, Bulenox, and TradeDay, specifically focusing on the $50k evaluation:
When comparing these funding systems, TradeDay stands out as the option that offers no restrictions on payouts, making it a more flexible choice for traders.
TradeDay offers traders access to advanced software and multiple trading platforms, providing a seamless experience for traders of all levels.
When you join TradeDay, you gain access to the superior software called Tradovate. Unlike the basic software used by most firms, Tradovate is a modern, web-based platform with an intuitive interface. It supports various devices, including PCs, MACs, tablets, and mobile phones, allowing traders to access TradeDay from anywhere. Tradovate also offers a more stable CQG feed, enhancing the reliability of market data. Moreover, TradeDay allows traders to connect their preferred software while keeping Tradovate as a backup option.
As a TradeDay member, you have the advantage of choosing from four trading platforms, all available at no cost. TradeDay's partnership with Tradovate has enabled the integration of their fast, reliable, and stable platform into the TradeDay system. By using Tradovate, traders can access a wide range of charts and tools to monitor the market and efficiently manage their trading activities. The user-friendly interface makes Tradovate suitable for both professional traders and beginners. Additionally, traders can incorporate TradingView as an add-on at no extra cost. For those who prefer other platforms, TradeDay also provides access to NinjaTrader and Jigsaw Trading.
By offering accessible software and a choice of free trading platforms, TradeDay empowers traders with the tools they need to succeed in the dynamic world of online trading.
TradeDay's exclusive commitment to education allows both beginners and professional traders to gain more knowledge about the trading world, which, on the other hand, helps to generate more profit. The education system at TradeDay is mainly established for people with no knowledge of the trading world. They are tailored for traders depending on their level. Therefore, if you don't know anything about trading futures, at TradeDay there are unlimited courses available to help you scale up from zero to here in no time. And if you are just looking to broaden your knowledge, TradeDay is also a good choice.
You are not limited to their courses alone. You also stand to enjoy the luxury of having a professional mentor who is well-versed in the trading world. In this phase, you have the luxury of joining their regular daily morning meetings, regular live streams, and their existing trader development area, where you can practically learn, discuss, and apply what you learned.
Nothing is more essential than being in an environment of like-minded people. Of course, such an environment helps bring about rapid growth for the occupants. This also applies to traders at TradeDay. During our TradeDay review, we likewise found out that with their lively discord group and constant forum sections, you can get concise answers to the questions you have in mind. Which will help foster a better environment for rapid growth.
Tradeday features a fast and stable platform for its traders. These trading platforms are available for all users using iOS, macOS, Android, and Windows devices. Likewise, they also incorporate real-time market data that helps traders access valuable market data without any delay and also helps them make quality and faster business decisions.
24-hour commentary and news
Tradeday also provides 24-hour commentary and news about the trading world to their traders. Due to this, you don't miss out on any info that might be useful. Also, news about professional trading groups, hedge funds, and banks is provided. Hence, by joining TradeDay, you have access to all the information you need to grow, make decisions, and achieve your trading goals easily.
Technical Analysis Research
Another luxury you stand to enjoy from TradeDay is their daily delivery of Market Chartist's award-winning research and courses. With this alone, you are sure to get the right information about the market, which will aid in developing your skills. At TradeDay, you have a lot of opportunity to develop even without asking for it. What else are you looking for in a trading platform that you can't find on TradeDay? NOTHING
The Right Guide
You are not only joining TradeDay to be funded. You will likewise get the right guidance from their team of successful traders, who have built exclusive trading desks and monitored and trained hundreds of traders.
The Right Support
What feels better than having someone's back in whatever decision you make? This is what you get from TradeDay. You are always sure to have their full support, full-time, without the fear of being left alone. You will receive lectures from top leaders and find a conducive environment that will foster quicker success.
The Right Path
You are assured of being set on the right path when you join TradeDay. There is no loophole to fall through, as you will be placed on the path to success. You will be taught and tested on everything needed. Once you pass the test, your trading will instantly be funded, and that doesn't mark the end of their support because they are still there to monitor your growth.
The Right Platform
With the right platform, you can use your mobile phone or PC. This means that you can trade when in your office or even in transit. This assures 24/7 access to your account.
TradeDay offers flexibility in withdrawals with no specific day requirements. While withdrawals above $500 may take up to 7 days to process, they are fee-free. Amounts below $500 may incur bank fees, emphasizing the benefit of maintaining a balance above $500 for free withdrawals.
TradeDay stands to be a legitimate platform, with its sole purpose directed towards training and funding traders. With TradeDay, traders have the opportunity to display and test their skills and also improve them. With their intensive education, you will easily advance to the next level. During our TradeDay review, we saw that TradeDay funding offers a 14-day free trial for newly joined traders, unlike other funding platforms you can find on the market. Trading with your initial capital as well as withdrawing that same day are allowed on TradeDay. Finally, TradeDay Funding got a recommendation as an excellent platform from Trustpilot, where it got a rating of 4.5 out of 5 after 345 reviews were carried out. This showcases TradeDay's legitimacy even more.
Is it difficult to be a successful trader?
Nothing comes easy; hence, the answer to the question is yes. However, the catch is to join TradeDay. They have a record of having trained a huge number of successful traders; hence, joining them guarantees you a successful trading journey.
Can everyone join TradeDay?
Tradeday is built for prospective traders hoping to be successful traders, and also for traders who want to develop their trading skills. Hence, not everyone can join TradeDay. Trading is not an easy undertaking. Therefore, if you are determined to be a profitable and successful trader and also ready to develop your skills, then TradeDay is the right platform for you.
Are only day traders allowed on TradeDay?
As we already said, they are a day trading community. People interested in short-term trading will find TradeDay more suitable. However, with enough risk management and trading discipline skills, traders involved in long-term trading can manage effectively.
Does TradeDay guarantee success?
Sadly, No! They do not guarantee success. Your success is determined by you. But be assured that everything you'd need to guarantee your success will be presented to you at TradeDay. And with them, your chances of being successful are much higher.