This review is a comprehensive analysis of TradeDay, a futures trading platform catering to traders at all levels. With its emphasis on education, mentoring, and support, TradeDay offers a unique virtual trading room environment.
TradeDay Review
Welcome to our comprehensive review of TradeDay, a trading platform designed to support aspiring traders in their journey toward success in futures trading. In this review, we will provide an unbiased analysis of TradeDay’s key features, including its funding program options, educational resources, user-friendly platform, as well as fees, tradable assets, restrictions, and trading challenge. Whether you’re a beginner or an experienced trader, we aim to provide you with a thorough understanding of TradeDay’s offerings.
About TradeDay
TradeDay is a trading platform with a rich history and a commitment to helping traders navigate the complexities of the futures market. Founded by experienced traders with over 80 years of combined industry experience, TradeDay offers a unique virtual trading room environment that mirrors the advantages professionals enjoy on proprietary trading desks, hedge funds, and banks. The platform places a strong emphasis on education, mentoring, and support, catering to traders at all levels of expertise.
TradeDay provides traders with a diverse range of resources and tools to enhance their trading journey. Comprehensive educational courses are designed to take beginners from zero to hero, while daily morning meetings, live streams, and a dedicated trader development area ensure ongoing support and knowledge sharing. Engaging with fellow traders is facilitated through live trading room chat and a forums section, where traders can seek answers to their questions and exchange insights.
TradeDay’s commitment to history and transparency builds trust among traders. The founders’ extensive industry experience, spanning several decades, showcases their deep understanding of the futures market and establishes their credibility. Transparency is ingrained in the platform’s culture, fostering open communication and an environment of honesty and integrity.
Experienced industry experts like James Thorpe, Steve Miley, and Tera Vicker form part of TradeDay’s team. They contribute their expertise and knowledge to help traders gain an edge in the markets. James Thorpe brings 15 years of full-time trading experience and ten years of managing professional trading groups. Steve Miley, the founder of the renowned Market Chartist research group, has ten years of trading experience in futures, forex, and CFDs. With ten years of full-time European bond futures trading and extensive mentoring background, Tera Vicker adds valuable insights. These experts, among others, further reinforce TradeDay’s commitment to providing guidance, mentoring, and education to traders at all levels.
Funding Program Options
TradeDay’s unique approach of placing funded traders in real, live markets with actual capital allows for an authentic trading experience and real outcomes. This distinction comes with a significant advantage: TradeDay has no payout restrictions. As a funded trader with TradeDay, you have the freedom to request your profits whenever you are funded and take them. This means you have full control over your earnings, providing flexibility and transparency. Additionally, TradeDay offers various tiers of funding options, empowering traders to trade with company capital and earn a share of the profits. Here are the available tiers:
$10K Tier: This entry-level tier allows traders to trade with a $10,000 account. Traders have a profit target of $1,000 and a trailing maximum drawdown of $500. Position limits for this tier include one mini or ten micro contracts. Additionally, traders at this tier receive access to TradeDay’s educational resources, mentoring programs, and the trading community.
$25K Tier: Provides traders with a larger account size of $25,000. Traders have a profit target of $1,500 and a trailing maximum drawdown of $750. Position limits for this tier include two mini or 20 micro contracts. Traders at this tier enjoy all the benefits offered in the $10K tier, including access to educational resources and mentoring programs.
$50K Tier: Traders have a $50,000 account to trade with. The profit target for this tier is set at $2,500, with a trailing maximum drawdown of $1,250. Position limits for this tier include five mini or 50 micro contracts. Traders at this tier have access to all the educational resources, mentoring programs, and trading communities available on TradeDay’s platform.
$100K Tier: Offers traders a $100,000 trading account. Traders have a profit target of $5,000 and a trailing maximum drawdown of $2,000. Position limits for this tier include ten mini or 100 micro contracts. Traders at this tier receive all the benefits provided in the lower tiers, including access to educational resources, mentoring programs, and the trading community.
$150K Tier: Traders at this tier have a substantial trading account size of $150,000. They have a profit target of $7,500 and a trailing maximum drawdown of $2,500. Position limits for this tier include 15 mini or 150 micro contracts. In addition to the benefits available in the lower tiers, traders at this tier also receive free one-on-one coaching sessions to enhance their trading skills further.
$250K Tier: Offers traders a significant trading account of $250,000. Traders have a profit target of $12,000 and a trailing maximum drawdown of $4,000. Position limits for this tier include 25 mini or 250 micro contracts. Traders at this tier receive all the benefits available in the lower tiers, including free one-on-one coaching sessions to support their trading journey.
It’s important to note that each tier has a monthly fee, which covers access to TradeDay’s platform and its features. Depending on which tier a trader opts for, they can trade larger position sizes and earn higher profits. Traders should carefully consider their trading goals, risk tolerance, and commitment before choosing a funded trading tier.
In addition to its funded trading program, TradeDay offers a wealth of educational resources and institutional-grade research in its member’s area. Traders gain access to various educational materials, including tutorials, webinars, articles, and guides, designed to enhance their trading knowledge and skills. This robust educational content equips traders with the tools to make informed trading decisions and navigate the markets effectively.
Furthermore, TradeDay provides a free squawk service called LiveSquawk to its members. Squawk services deliver real-time audio news broadcasts, keeping traders updated on market events, economic indicators, breaking news, and other relevant information that may impact their trading strategies. With LiveSquawk, traders can stay ahead of the curve, receiving crucial market updates and insights directly through an audio feed.
Fees
When considering a trading platform, understanding the fee structure is crucial for traders to assess the overall cost and value proposition. TradeDay offers different funding program options tailored to traders’ individual goals and preferences, each with its own pricing, profit target, trailing maximum drawdown, and position limits.
Here are the funding fees for each tier:
$10K tier: Priced at $99/month with a profit target of $1000, trailing maximum drawdown of $500, and position limits of 1 mini (10 micros).
$25K tier: Priced at $125/month with a profit target of $1500, trailing maximum drawdown of $750, and position limits of 2 mini (20 micros).
$50K tier: Priced at $165/month with a profit target of $2500, trailing maximum drawdown of $1250, and position limits of 5 mini (50 micros).
$100K tier: Priced at $275/month with a profit target of $5000, trailing maximum drawdown of $2000, and position limits of 10 mini (50 micros).
$150K tier: Priced at $350/month with a profit target of $7500, trailing maximum drawdown of $2500, and position limits of 15 mini (50 micros). This tier also includes free 1-on-1 coaching.
$250K tier: Priced at $750/month with a profit target of $12000, trailing maximum drawdown of $4000, and position limits of 25 mini (50 micros). This tier also includes free 1-on-1 coaching.
Once you have a funded trading account, the only additional fees you will be responsible for are the CME Market Data fees and your trading commissions. The CME Market Data fees amount to $122 per month, per Exchange and are passed on directly to traders, paid on their credit card. TradeDay has no control over these fees.
As you trade TradeDay’s capital, you are considered a Market Professional, subject to the CME’s Market Professional data charge. It’s essential to factor in these charges when assessing the overall costs associated with trading on the TradeDay platform.
However, while you remain a live, funded trader at TradeDay, the monthly membership fee is waived. TradeDay covers any trading platform fees, liveSquawk connection fees, and Technical Analysis research delivered to you. This means you can continue to enjoy the benefits of the TradeDay membership site without incurring the monthly membership fee.
Tradable Assets
TradeDay offers a diverse range of tradable assets carefully selected to provide ample opportunities while prioritizing risk management. Traders on the TradeDay platform can access a variety of asset classes, including equity index futures, forex futures pairs, bond futures, energy futures, metals futures, and agricultural futures.
Below is a summary of the permitted products available on TradeDay, grouped by asset class:
Equity Index Futures Contracts:
| Contract Code | Tick Size | Data Feed |
| E-mini S&P 500 Futures (ES) | $12.50 | CME |
| Micro E-mini S&P 500 Index Futures (MES) | $1.25 | CME |
| E-mini Nasdaq-100 Futures (NQ) | $5.00 | CME |
| Micro E-mini Nasdaq-100 Index Futures (MNQ) | $0.50 | CME |
| E-mini Russell 2000 Index Futures (RTY) | $5.00 | CME |
| Micro E-mini Russell 2000 Index Futures (M2K) | $0.50 | CME |
| Nikkei/USD Futures (NKD) | $25.00 | CME |
| E-mini Dow ($5) Futures (YM) | $5.00 | CBOT |
| Micro E-mini Dow Jones Industrial Average Index Futures (MYM) | $0.50 | CBOT |
FX Futures Pairs Contracts:
| Contract Code | Tick Size | Data Feed |
| Australian Dollar Futures (6A) | $5.00 | CME |
| British Pound Futures (6B) | $6.25 | CME |
| Canadian Dollar Futures (6C) | $6.25 | CME |
| Euro FX Futures (6E) | $6.25 | CME |
| Micro Euro FX Futures (M6E) | $1.25 | CME |
| Japanese Yen Futures (6J) | $6.25 | CME |
| Swiss Franc Futures (6S) | $12.50 | CME |
| New Zealand Dollar Futures (6N) | $5.00 | CME |
Bond Futures Contracts:
| Contract Code | Tick Size | Data Feed |
| 2-Year T-Note Futures (ZT) | $7.81 | CBOT |
| 5-Year T-Note Futures (ZF) | $7.81 | CBOT |
| 10-Year T-Note Futures (ZN) | $15.63 | CBOT |
| U.S. Treasury Bond Futures (ZB) | $31.25 | CBOT |
| Ultra Bond Futures (UB) | $31.25 | CBOT |
| Ultra Note Futures (TN) | $15.63 | CBOT |
Energy Futures Contracts:
| Contract Code | Tick Size | Data Feed |
| Crude Oil Futures (CL) | $10.00 | NYMEX |
| Micro Crude Oil (MCL) | $1.00 | NYMEX |
| E-mini Crude Oil Futures (QM) | $12.50 | NYMEX |
| E-mini Natural Gas Futures (QG) | $12.50 | NYMEX |
| Henry Hub Natural Gas Futures (NG) | $10.00 | NYMEX |
Metals Futures Contracts:
| Contract Code | Tick Size | Data Feed |
| Copper Futures (HG) | $12.50 | COMEX |
| Gold Futures (GC) | $10.00 | COMEX |
| Micro Gold Futures (MGC) | $1.00 | COMEX |
| Silver (SI) | $25.00 | COMEX |
| Micro Silver (SIL) | $5.00 | COMEX |
Agricultural Futures Contracts:
| Contract Code | Tick Size | Data Feed |
| Lean Hog Futures (HE) | $10.00 | CME |
| Live Cattle Futures (LE) | $10.00 | CME |
| Soybean Futures (ZS) | $12.50 | CBOT |
| Corn Futures (ZC) | $12.50 | CBOT |
| Soybean Oil Futures (ZL) | $6.00 | CBOT |
| Soybean Meal Futures (ZM) | $10.00 | CBOT |
| Chicago SRW Wheat Futures (ZW) | $12.50 | CBOT |
Restrictions
While trading on the TradeDay platform, there are certain restrictions and guidelines to ensure a fair and controlled trading environment. These restrictions are in place to protect traders and promote responsible trading practices. Here are the key trading restrictions to be aware of:
- Permitted Times: Day trading is allowed on TradeDay. All positions must be closed before the market closes each day. Holding positions over tier 1 market data releases is not permitted.
- Permitted Products: TradeDay trades the CME Exchange Group Futures products. Traders are only allowed to trade the permitted products listed on the platform. The list of permitted products includes equity index futures, FX futures pairs, bond futures, energy futures, metals futures, and agricultural futures.
- Trailing Drawdown: Traders should be mindful of their drawdown. A trailing maximum drawdown is calculated based on end-of-day trading balances. It is important to manage risk and ensure that losses do not exceed the maximum drawdown threshold.
TradeDay implements an EOD (End-of-Day) calculated TMD (Trading Maximum Drawdown) system. This means that at the close of each trading day, TradeDay assesses the maximum potential loss, or drawdown, experienced by a trader’s account from its highest point to its lowest point during that specific day.
In contrast to platforms that enforce a daily stop loss, TradeDay operates without a predefined limit on daily losses. This means that traders on TradeDay are not restricted by a predetermined threshold that automatically halts their trading activities if a certain loss level is reached within a single trading day. Instead, traders have the flexibility to adapt their strategies and continue trading, even if they encounter temporary drawdowns during the day.
These restrictions help maintain a fair trading environment and promote risk management practices. By adhering to these guidelines, traders can trade confidently while staying within the defined parameters of TradeDay.
Traders need to familiarize themselves with these trading restrictions and abide by them to ensure a smooth trading experience.
Challenge
TradeDay offers a comprehensive Evaluation Challenge program to assess traders’ skills and determine their eligibility for funding. The Evaluation Challenge follows a set of objectives and rules that apply to all participants, ensuring transparency and equal opportunities for everyone.
During the evaluation period, traders aim to meet specific objectives, including trading for a minimum of 10 days, reaching the profit target, and demonstrating consistency in profitability. Once traders pass the evaluation, they can trade with TradeDay’s capital and keep the first $10,000 they make. Afterward, traders retain 90% of their profits, offering a lucrative earning potential.
TradeDay’s funded trading program allows traders to access significant capital without solely relying on their own funds. This arrangement not only reduces individual risk but also provides an opportunity to benefit from TradeDay’s expertise, resources, and support. Traders can hone their trading skills, trade in the live markets, and retain a substantial portion of their profits.
Objectives:
- Objective 1: Trade for a minimum of 10 trading days: During the Evaluation Challenge, traders must actively trade for a minimum of 10 trading days. This objective aims to establish a track record and assess traders’ consistency over a reasonable period.
- Objective 2: Reach the profit target: Traders must strive to achieve the profit target set for the trading account. The profit target represents the total net profits accumulated throughout the challenge. It demonstrates traders’ ability to develop a winning trading strategy and generate consistent profits.
- Objective 3: Maintain consistent profitability: Traders should exhibit consistency in their profitability. No single trading day’s profit should exceed 30% of their total profits. This objective emphasizes the importance of risk management and discourages reliance on high-risk trades or exceptional gains.
Rules:
To succeed in the Evaluation Challenge and demonstrate essential trading skills, traders must adhere to the following rules:
- Rule 1: Maintain trailing drawdown within limits: Traders must avoid hitting or exceeding the maximum trailing drawdown. The trailing drawdown represents the maximum amount a trader can lose before the challenge is deemed unsuccessful. Traders showcase their risk management capabilities by effectively managing risk and limiting drawdown.
- Rule 2: Trade only during permitted times: Traders should strictly adhere to the designated trading hours determined by TradeDay. It is important to execute trades within the specified time frame and comply with the platform’s trading schedule.
- Rule 3: Trade permitted products: Traders are only allowed to trade the products specifically permitted by TradeDay. It is essential to adhere to the list of permitted products to ensure compliance with trading regulations and platform guidelines.
It is crucial to note that breaking any of the rules during the challenge will result in failure, rendering the trader ineligible for funding. However, traders can restart the Evaluation Challenge by purchasing a reset token, allowing them to begin the assessment anew.
In Conclusion
TradeDay offers a comprehensive platform and evaluation program for traders seeking funding opportunities. With decades of industry experience, TradeDay aims to provide a supportive environment for traders to develop their skills and potentially secure funding. The Evaluation Challenge sets clear objectives and rules to assess traders’ trading abilities, risk management skills, and discipline. TradeDay’s platform provides a range of features and resources to support traders on their trading journey. Traders can also take advantage of a 14-day free trial to experience the platform firsthand before committing. While trading success is not guaranteed, TradeDay is designed for individuals genuinely interested in becoming consistent and profitable traders.
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