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TradeDay - anyone using them?


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TradeDay - anyone using them?

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  #1 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
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I'd like to hear about experiences with TradeDay.com. Have any of you passed and got paid out?

At first glance they appear to have one of the best, if not the best ruleset out of the prop firms. The rules are simple and you can trade your way, and you get a funded account that grows with you - the higher your balance the more contracts you're allowed.

So the smart thing to do would be to go for the smaller account and just consistently build it up.

The rules are to hit your profit target, trade 15 days, and maintain consistency. The consistency rule is 30% which is fine. The only downside is that 15 days is quite long in comparison to their competitors.

However, I've found out that they have a rule that they reserve the right to not give you a funded account if your trading pattern changes once you hit the profit target. This is apparently to stop people hitting the target quickly then just scratching trades for the remainder of the evaluation.

I have a huge issue with this, as it essentially leaves a grey area. You hit all targets, don't break a rule, but then have someone make a decision as to whether you get funded or not, even though it says funding is "guaranteed!" in big writing on the main page.

So I'd love to hear thoughts and opinions on this, and also from anyone who's been paid by them.

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  #2 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
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No experience of them, here.

But a lot of experience at looking at funding company websites and going through their wording, terms and conditions with a pretty fine-toothed comb.

This one looks very interesting, to me.

Normally I very quickly identify five or six "red flags", with "these companies." Not so much, here. The only thing I don't like the look of, so far, is how new they are. (And coming from me, that's comparatively "high praise.")



VirtualMark View Post
However, I've found out that they have a rule that they reserve the right to not give you a funded account if your trading pattern changes once you hit the profit target. This is apparently to stop people hitting the target quickly then just scratching trades for the remainder of the evaluation.


It is.

They say "Some traders may reach the profit target in just a few days, and then decide to sit in this ‘funding zone’, scalping 1 lot micros hoping to get funded at the end of the 15-day period. This gaming of the system is not in the spirit of the evaluation, we want to see 15 days worth of trading data. We are looking to fund traders who are confident in their ability to make consistent returns, not traders who can take advantage of a system. As such we reserve the right to extend the challenge for traders who materially change the way they trade during the remainder of the challenge days."

I completely take your point that it raises a potential grey area, but I don't think it's unreasonable. I'd want to see someone "trading properly" for at least 15 days, if I were funding them.

Looking forward to seeing replies to this thread, especially if anyone here has tried them.

And please keep us posted, if you decide to try them, yourself!

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  #3 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
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Tymbeline View Post
I completely take your point that it raises a potential grey area, but I don't think it's unreasonable. I'd want to see someone "trading properly" for at least 15 days, if I were funding them.

I agree, it's not unreasonable. The rule itself is fair, but what I find unfair is that it's buried in the help section. Whereas on the main page it says pass their rules and you are "guaranteed" a funded account. That's 100% false advertising IMO. A guarantee is a guarantee, not much of one if they can just decide that you have to keep trading once you've passed.

Good to know you didn't spot any red flags on their t&c's. But a lot of them also have hidden terms in the contract once you actually get funded, such as only being able to trade a certain amount of contracts per day or other things. Especially some of these "livesim" accounts that say they may or may not pay you.

I won't be using them until more people share their good experiences with getting paid out.

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  #4 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
Platform: Tradovate
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VirtualMark View Post
The rule itself is fair, but what I find unfair is that it's buried in the help section. Whereas on the main page it says pass their rules and you are "guaranteed" a funded account.


Point taken.

They'd doubtless say it's one of the "rules", in answer to that, but I agree it could be more prominent.

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  #5 (permalink)
Mordecai
Melbourne Australia
 
 
Posts: 71 since Mar 2022
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Tymbeline View Post
Point taken.

They'd doubtless say it's one of the "rules", in answer to that, but I agree it could be more prominent.

I'm funded with Tradeday. They are a professional outfit. I have no problems with how they set out the evaluation terms, which are in the FAQs on their website. The FAQs are quite long, probably because of all the amateur traders looking to game the evaluation to get funded long enough for a quick windfall payout.

All of the prop firms have rules to prevent this, either upfront with tougher evaluation criteria (like Tradeday) or on the back end by restricting payouts until you've traded profitably for several months (Apex, Leeloo, most of the others).

If the consistency rule is a concern, I'd suggest not going with Tradeday.

Instead try Apex or Leeloo. When I'm screwing around, I do it in an eval with one of these prop firms when they run 80%+ discounts. I once bought a $27 Leeloo eval 90 seconds before a big news release, went long 5 ES contracts with a 6.25-point TP, and hit the profit target instantly. It's got to be some sort of record. I then traded one MES contract for one point each day for 9 days. I've now got a funded account with Leeloo. But if I want a big payout from Leeloo, I'll have to trade the account well for 5 months. I hope they're still solvent in 5 months.

I'll report back when if/when I get a payout from Tradeday.

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  #6 (permalink)
 whuffo 
Dallas, TX USA
 
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I started an eval with them today. We shall see how it goes. I've traded several emails with them in the past few weeks while doing a free demo to get familiar with the platform. They seem to really want their traders to succeed and not just collect reset fees.

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  #7 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
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whuffo View Post
I started an eval with them today.

I've just done the same, today.



whuffo View Post
We shall see how it goes.

Indeed. And good luck with yours!



whuffo View Post
I've traded several emails with them in the past few weeks while doing a free demo to get familiar with the platform. They seem to really want their traders to succeed and not just collect reset fees.

I completely agree. I've exchanged a lot of emails with their (very high-level) "support". Every single time they've been fast, very helpful, friendly and even amusing once or twice. It would be churlish not to mention that I'm impressed, so far. "We shall see how it goes", as you put it.

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  #8 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
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Mordecai View Post
I once bought a $27 Leeloo eval 90 seconds before a big news release, went long 5 ES contracts with a 6.25-point TP, and hit the profit target instantly. It's got to be some sort of record.

That's hilarious! Fair play, just goes to show how you can game their rules.

I'm not looking for a quick payout, I'm just concerned about giving my money to a firm that I know little about. So wanted to hear back from people who've actually been paid.

There are a lot of firms that simply won't pay you - even well known firms like Topstep have been known to change the rules and apply them retrospectively, stopping a legit payout for a trader.

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  #9 (permalink)
Mordecai
Melbourne Australia
 
 
Posts: 71 since Mar 2022
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VirtualMark View Post
That's hilarious! Fair play, just goes to show how you can game their rules.

I'm not looking for a quick payout, I'm just concerned about giving my money to a firm that I know little about. So wanted to hear back from people who've actually been paid.

There are a lot of firms that simply won't pay you - even well known firms like Topstep have been known to change the rules and apply them retrospectively, stopping a legit payout for a trader.

Canadian Futures Trader (who has been on this forum in the past) has a website where he tracks funded trader firms. He is funded and has been paid by a bunch of them. https://canadianfuturestrader.ca/

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  #10 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
Thanks: 6 given, 20 received



Mordecai View Post
Canadian Futures Trader (who has been on this forum in the past) has a website where he tracks funded trader firms. He is funded and has been paid by a bunch of them. https://canadianfuturestrader.ca/

Yeah I've seen his site, but not sure I 100% trust him either. Lots of discount codes, and the reviews are usually old and don't keep up with newer rules.

Plus he's reviewed TradeDay based on their rules, without actually taking their evaluation.

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