The review below will outline the pros and cons of TradeDay in detail with the express purpose of elaborating on the points that may be strong and those that may be weak in the firm for the purposes of trading. Whether you are looking for an opportunity to get access to substantial trading funds or look at a firm that offers complete transparency and trader development, this review is bound to help you make your decision.
Key Features of TradeDay Prop Firm
- Instruments: Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy, Metals Futures.
- Max balance: $250,000
- Profit split: 90%
- Cost: from $99/month
- Platforms: NinjatRader, Tradovate, TradingView, and Jigsaw Trading
Pros of TradeDay Prop Firm
Variety of Funding Available
TradeDay offers the trader flexible funding, from $10,000 up to $250,000. This will enable one to pick a capital level that fits his or her strategy and comfort level of risk. Whether it is starting out as an amateur with a small proportion of the fund or handling larger sums as an experienced trader, the scale of funding herein makes sure that one has access to the needed capital to scale the trading effort.
Fast and Digital Account Opening/Verification
TradeDay has completely digitized and streamlined the process of opening an account and verification. This leads to the fact that traders are able to open accounts in the shortest possible time and with minimal paperwork without any delays. This approach will enable traders to focus on the market and start trading as soon as possible, avoiding lengthy and tedious verification processes.
Educational Resources
Among them are training and analytical tools, including market comments, investigation reports, trading training, webinars, and seminars designed to help traders stay informed about market trends and enhance their skills based on insights from industry professionals. More than this, TradeDay has kept a commitment to education and knowledge-sharing to stay ahead. That makes TradeDay a good tool for those traders looking to continuously improve.
Small Monthly Fees Applicable for Account Funding
TradeDay requires a nominal monthly subscription in place to maintain funded accounts; this grants the trader financial flexibility. These minimal fees enable traders to have access to significant capital for very minimal upfront investment, thus making it quite affordable for those who want to trade with professional buying power without any long-term financial obligations.
90% Profit Split, 100% First $10,000 Withdrawal
Probably the most interesting thing about TradeDay is the fact that they have an extremely high profit split: 90% of the profits go to the traders after they withdraw their first $10,000, for which 100% of the earnings are received. This is such a liberal profit-sharing model that the lion’s share of the returns would rest with the trader himself. That is what makes it all the more lucrative to those desirous of higher returns.
Multi-Platform Access
TradeDay provides access to various professional trading platforms that are well-developed, including TradingView, NinjaTrader, Tradovate, and Jigsaw Trading. These varied tools provide traders with extensive charting, technical analysis, and order execution capabilities to confidently assure themselves that the technology will support their trading strategy and performance.
Most Payment Options are Free and Instant
Speaking of funding an account and withdrawing profits, TradeDay has a set of different payment options, all free of charge, and instantly processed. For this reason, traders can have their funds come and go swiftly without going through any more hassle than necessary and without extra fees involved, which will add to the benefit of a better user experience.
Cons of TradeDay Prop firm
You Can’t Trade News
TradeDay forbids news trading for all traders, meaning that no trading can take place around the time of major economic announcements and events of high-impact news. The reason is a way of protecting against extreme volatility that so often arises from such events. This ensures much more stable trading conditions, though it does prevent those traders who would be specializing in or relying on news-driven market movements from taking advantage of short-term opportunities.
Holding overnight positions is strictly prohibited
TradeDay is a zero-overnight position company; this means all traders must close their positions prior to the end of the trading day. This is done to mitigate the risk of potential wild overnight market swings. Although this does work in a day trading mindset, this will go against any traders that try to do some sort of swing trading, along with those who need to hold positions for longer to capture much larger market moves.
TradeDay Trading rules and limitationsÂ
TradeDay rules are similar to the rest of other prop firms since TradeDay wants to be sure that the trader is not a gambler and is consistent. Herein, the basic rules all the funded traders should follow at TradeDay:
- Minimum trading days – 10 days
- Maximum daily profit – 30% (evaluates that trader is not lucky but consistent)
- Time limits for evaluation – None
- News trading – Not allowed
- Over the weekend trading, overnight positions are not allowed
- Maximum drawdown on trailing – 10% – decreases for higher funding amounts; 2% for 250k accounts
- Daily drawdown limits – None
Frequently Asked Questions
What Can You Trade With TradeDay?
- TradeDay is a prop firm that funds traders to trade Futures. You can trade the most liquid products from CME (CME, CBOT, NYMEX) Futures assets, including the Micros.
What are the Instruments that you can trade with TradeDay?
- Equity Futures
- Foreign Exchange Futures
- Bonds Futures
- Agricultural Futures
- Energy Futures
- Metals Futures
Are there trading platforms and profit-sharing options that TradeDay offers?
- TradeDay provides access to popular trading platforms including TradingView, Ninjatrader, tradovate, and Jigsaw Trading. The profit split is 90% after 100% of the initial 10,000 USD withdrawal.
Are there any funding options and associated fees?
- TradeDay offers diverse funding options ranging from $10,000 to $250,000, with monthly fees from 99 USD.
