TradeDay was founded by James Thorpe, Steve Miley, and Tera Vicker in 2020; it is a proprietary trading firm based in Chicago, Illinois.
TradeDay’s legitimacy is verified by more than 180 day traders around the world in Trustpilot. TradeDay has transparent rules and quick Customer Service and has good educational resources.
TradeDay sets both a profit target, a consistency rule, and a trailing drawdown. However, TradeDay funds traders with ether Sim and Live accounts, provides a very clear FAQ section and doesn’t set restrictions on withdrawals.
TradeDay offers 6 account sizes with different prices, either for beginners or advanced traders. After purchasing from TradeDay, traders get email login credentials. They can then trade on platforms like Tradovate or NinjaTrader.
TradeDay has 5 rules for traders during the challenge: including a maximum trailing drawdown. Additionally, traders are required to reach a profit target and use specific trading instruments during specific trading hours.
In this article, we comprehensively review the TradeDay prop firm and we offer essential information to help day traders answer all their questions and begin an evaluation with TradeDay.
what is TradeDay?
TradeDay is a prop trading firm established in Chicago, Illinois by James Thorpe, Steve Miley, and Tera Vicker in 2020. James Thorpe and Tera Vicker are the managers of the Chicago department, and Steve Miley is the manager of the London department. TradeDay offers futures traders access to funded trading accounts upon passing a trading evaluation, called Tiers.
A prop trading firm is a company that trades financial assets using its own capital, not client money. Unlike investment firms, their main goal is direct market profits. Prop trading firms typically employ professional traders who use a variety of strategies to try to generate profits for the firm. Traders are rewarded based on their performance.
who are TradeDay’s founders?
TradeDay’s founders are James Thorpe, Steve Miley, and Tera Vicker.
James Thorpe, Chicago: Experienced trader; former CEO of Mercury Derivatives and Clear Capital Group; managed international trading teams.
Steve Miley, London: 10 years trading; founded Market Chartist; senior analyst roles at Merrill Lynch and Credit Suisse; Dean at Bullseye Academy.
Tera Vicker, Chicago: European bond futures trader; led at Advanced Trading Ltd; arbitrage at Faltech; brokered at Chicago Mercantile Exchange and CBC Futures, London.
What makes TradeDay Legit?
TradeDay is considered legit due to its explicit FAQ section, effective customer service team, and revealing its real founders’ identity to the community. The company boasts a 4.6-star rating on Trustpilot from over 180 reviews. Traders like TradeDay’s fast payouts. The company is commended for its professionalism of the company and its transparent evaluation process. All this information indicates that users generally view the company as trustworthy not a scam.
Some criticisms found the trading platforms outdated and cluttered. Others noted high commissions compared to other brokers and restrictive maximum drawdown allowances.
Does TradeDay send payouts to its traders?
Yes, TradeDay sends payouts to its traders. They use ACH for US traders, Bank Wire for others, and PayPal. Traders can withdraw their profits whenever they like, there are no restrictions on the amounts or frequency of withdrawals.
Does TradeDay provide a comprehensive FAQ section?
Yes, TradeDay provides a comprehensive FAQ section with all possible questions and answers that users may need to get started with TradeDay.
Does TradeDay have good User Reviews and Testimonials?
Yes, TradeDay has garnered favorable testimonials from its clientele. On Trustpilot, TradeDay has a rating of 4.6 out of 5 stars, based on over 180 reviews. 84% of these reviews are 5-star ratings. But about 4% of reviews claim that TradeDay is a scam and isn’t worth trying.
Does TradeDay have good Customer Support?
Yes, TradeDay has quick and effective customer support. According to user reviews, the company’s customer support team is prompt and effective. They are available via email, phone, and live chat.
what are TradeDay’s advantages?
TradeDay has 6 advantages. Here is a list of TradeDay’s advantages:
- Free Trial: TradeDay provides a 14-day trial for traders to test their program.
- Availability of education center: TradeDay has good education resources.
- Open learning community: Traders can communicate and learn from each other.
- Flexible Account Sizes: TradeDay funds traders with account balances ranging from $10,000 up to $250,000.
- Attractive Payouts: They offer 100% of profits for the first $10,000 in profits. Then adjusts to a 90% for the next months.
- Free license to NinjaTrader Platform: TradeDay’s Traders use NinjaTrader for free.
what are TradeDay’s disadvantages?
TradeDay has 4 disadvantages. Here is a list of TradeDay’s disadvantages:
- Restrictions for some countries: TradeDay prohibited 58 from their services including Russia, South Africa, Nigeria, and Indonesia.
- Necessity to follow a consistency rule: TradeDay does impose a consistency rule.
- Limited Accounts: Traders cannot operate multiple accounts simultaneously.
- Tight Trailing Drawdown: TradeDay has a stringent trailing drawdown policy, limiting potential losses.
What are TradeDay’s pricing tiers?
TradeDay pricing varies from $137 to $657 depending on the chosen account size. The table below lists the fees for each account size:
| Account size (Tier) | Price |
|---|---|
| $10K | $99 |
| $25K | $125 |
| $50K | $165 |
| $100K | $275 |
| $150K | $350 |
| $250K | $750 |
Does TradeDay offer price discounts?
Yes, TradeDay grants discounts on their prices, ranging from 20% off to 60% off. To receive these discounts, traders should use this TradeDay discount link and enter coupon code: TFDAY. TFDAY coupon code is dynamic, it automatically reflect the most recent discount available upon use. TradeDay applied the discount instantly upon purchasing the evaluation.
Does TradeDay allow multiple accounts?
No, TradeDay doesn’t allow multiple accounts. Day traders can only have 1 TradeDay account active at the same time.
How does TradeDay work?
TradeDay’s procedure consists of 9 steps, the trader ensures the system works correctly by following these 9 steps below:
- Visit the pricing page for membership options.
- Purchase an evaluation membership to begin the assessment.
- Watch the intro video upon the first login.
- Access the Trading Room for tools and resources.
- Achieve evaluation objectives: profit, 10-day trading, and consistency.
- Adhere to rules: trading hours, permitted products, and loss limits.
- Get a funded trading account.
- Keep your initial $10,000 and 90% subsequent profits without limits.
- Restart evaluation if rules are broken.
Does TradeDay’s Dashboard provide live data?
No, TradeDay’s Dashboard doesn’t provide live data on trading account balances. Account Data can be verified through Tradovate.
What are TradeDay Rules?
There are 3 main rules for TradeDay. The Guidelines are listed below:
- Avoid hitting the trailing maximum drawdown.
- Don’t trade during unauthorized times.
- Exclude trading instruments not allowed.
Traders are also requested to meet the 3 trading objectives listed below:
- Trade minimum 10 trading days.
- Reach the profit target.
- Follow the consistency rule; no day greater than 30% of your total profits.
The table below shows the trailing drawdown value and the contract size of every account size:
| Account size | Trailing Drawdown | Contract Size |
|---|---|---|
| $10K | $500 | 1 (10 Micros) |
| $25K | $750 | 2 (20 Micros) |
| $50K | $1,250 | 5 (50 Micros) |
| $100K | $2,000 | 10 (50 Micros) |
| $150K | $2,500 | 15 (50 Micros) |
| $250K | $4,000 | 25 (50 Micros) |
How does TradeDay’s Trailing Maximum Drawdown work?
TradeDay sets a Trailing Maximum Drawdown (TMD) limit based on end-of-day account balances. The Trailing Maximum Drawdown acts as a ceiling to the maximum loss a trader can incur. It’s adjusted upwards with profit gains but remains static with losses, pegged to the highest account balance achieved. For instance, if a trader starts with $100,000 and the TMD is set at $98,000, it will increase as the trader earns but freeze at $100,000 once reached. The TMD provides a risk management tool, ensuring traders don’t incur unlimited losses and allowing TradeDay to gauge a trader’s consistency and strategy effectiveness.
What are TradeDay’s Trading Hours?
TradeDay’s trading rules stipulate that all positions must be closed 10 minutes before the market’s closing time. For instance, if trading crude oil, which closes at 4:00 pm CT daily, positions should be closed by 3:50 pm CT. While the market is open, traders can trade anytime, but not during TradeDay’s tier 1 economic data releases. Different products have different closing times, so traders should consult the CME Group’s website for specific market closing times. Funded traders are particularly cautioned to adhere to these rules, or they risk account termination. The rules are in place to manage risks associated with unforeseen market events during closures.
What are TradeDay’s Instruments?
TradeDay’s Instruments are listed below:
- Equity Futures: E-mini S&P 500, Micro E-mini S&P/Nasdaq, E-mini Nasdaq-100, E-mini Russell 2000, Nikkei/USD, E-mini Dow.
- Currency Futures: Australian Dollar, British Pound, Euro FX, Japanese Yen.
- Interest Rate Futures: 2/5/10-Year T-Notes, U.S. Treasury Bond, Ultra Bond.
- Energy Futures: Crude Oil, Micro Crude Oil, E-mini Natural Gas.
- Metal Futures: Copper, Gold, Silver.
- Agricultural Futures: Lean Hog, Live Cattle, Soybean, Corn, Wheat.
TradeDay uses which trading platforms?
TradeDay uses the 4 trading platforms listed below:
- Tradovate
- NinjaTrader
- TradingView
- Jigsaw
How To Set Up Tradovate for TradeDay?
To Set Up Tradovate for TradeDay, traders must follow the following 10 steps to trade using Tradovate:
- Log into TradeDay website.
- Navigate to the trading room page.
- Click “Start Trading Now”.
- Select ‘launch Tradovate trading platform’.
- Input your TradeDay username (prefix “TD_”) and password.
- Review the “Market Data Subscriber Certification”; if agreeable, select “Next”.
- Check both boxes on the next page and enter your name.
- Click “Sign”.
- Accept the “Tradovate End User License Agreement”.
- Choose “Simulation” mode to begin trading.
How To Set Up NinjaTrader 8 for TradeDay?
To Set Up NinjaTrader 10 for TradeDay, traders must follow the following 10 steps:
- Ensure you have the latest version of NinjaTrader 8 installed.
- Sign up or log into your TradeDay account and sign the market data agreement.
- Log into Tradovate first before connecting to NinjaTrader.
- Visit the NinjaTrader Account Page and log in using your TradeDay credentials.
- Download the most recent NinjaTrader version.
- After installation, launch NinjaTrader and go to
Tools > Options. - Select “General Category” and activate “Multi Provider” Mode.
- Establish the Multi Provider connection.
- Switch from NinjaTrader’s default trading account (Sim101) to TradeDay’s evaluation.
- Start trading.
Does TradeDay allow Copiyng Trades?
No, TradeDay doesn’t allow the copying of trades, and TradeDay doesn’t allow multiple account. Traders can only copy trades from their personal accounts.
