TradeDay Account Types and Differences

TradeDay account types and differences serve traders of all skill levels by providing a range of account types, which enable users to trade with actual money following a successful evaluation process. The proprietary trading firm TradeDay is well-known for its distinctive method of paying traders, especially in the futures trading space. This article explores tradeday account types and differences, emphasizing their features, advantages, and salient distinctions.

An Overview of TradeDay

With its headquarters located in Chicago, Illinois, TradeDay was founded in 2021 and has rapidly become a major force in the proprietary trading sector. The firm is renowned for its trader-friendly practices, which include flexible profit-sharing plans and an easy evaluation procedure. With funds ranging from $10,000 to $250,000, traders can trade a variety of futures instruments on key exchanges such as CME, CBOT, NYMEX, and COMEX thanks to TradeDay.

TradeDay Account Types

The funding amount, profit goals, monthly fees, and drawdown limitations of the various account types and sizes that TradeDay offers vary. A thorough explanation of the various account kinds is provided below:

1. $10,000 Account 

• Monthly Fee: $99
• $1,000 is the target profit.
• $500 is the trailing maximum drawdown (TMD).
• One mini (10 micros) is the maximum contract size.

2. $25,000 Account  

• Monthly Fee: $125
• Target Profit: $1,500 
• TMD: $750
• 2 mini (20 micros) is the maximum contract size.

3. $50,000 Account: 

• Monthly Fee: $165
• Target Profit: $2,500 
• TMD: $1,250
• 5 mini contracts (50 micros) is the maximum.

4. $100,000 Account

• Monthly Fee: $275
• Target Profit: $5,000 
• TMD: $2,000 
• 10 mini (100 micros) is the maximum number of contracts.

5. $150,000 Account

• Monthly Fee: $350
• Target Profit: $7,500 
• TMD: $2,500
• 15 mini (150 micros) is the maximum contract size.

6. $250,000 Account . 

• Monthly Fee: $750
• Target Profit: $12,000 
• TMD: $4,000.
• 25 mini (250 micros) is the maximum contract size.

Elements of the TradeDay Accounts 

Evaluation Procedure

Traders must go through an evaluation process prior to being granted a funded account. This stage is intended to evaluate their trading abilities and compliance with particular guidelines. In order to pass the evaluation, traders must: 

• Reach the specified profit target in at least 10 trading days.
• Keep the trailing drawdown within the parameters for the account size they have selected.

The assessment is set up to prioritize profitability and regularity above chance.

Structure for Profit Sharing 

TradeDay’s robust profit-sharing strategy is one of its best qualities. 

• 100% of the first $10,000 in winnings is retained by the traders.
• Profits are divided 90% to the trader and 10% to TradeDay after that threshold.

With a significant emphasis on risk management, this structure encourages traders to optimize their profits.

Policies for Withdrawals

TradeDay provides a variety of withdrawal choices with no limitations on the quantity or frequency of withdrawals. Once the initial profit buffer has been cleared, traders can request withdrawals as early as the first day of their funded account status. Those who want to quickly access their money without paying extra fees may find this flexibility especially alluring.

Comparing Different Account Types

It’s crucial to assess how each option fits with a trader’s trading objectives and risk tolerance when deciding which account type to select at TradeDay. A brief comparison of important factors for various account sizes may be seen below:

Account Size: $10K

• Monthly Fee: $99
• Profit Target: $1K
• TMD: $500
• Max Contracts: 1 mini (10 micros)

Account Size: $25K

• Monthly Fee: $125
• Profit Target: $1.5K
• TMD: $750
• Max Contracts: 2 mini (20 micros)

$50K: Account Size

• Monthly Fee: $165
• Profit Target: $2.5K
• TMD: $1.25K
• Max Contracts: 5 mini (50 micros)

Account Size: $100K

• Monthly Fee: $275
• Profit Target: $5K
• TMD: $2K
• Max Contracts: 10 mini (100 micros)

Account Size: $150K

• Monthly Fee: $350
• Profit Target: $7.5K
• TMD: $2.5K
• Max Contracts: 15 mini (150 micros)

$250K: Account Size

• Monthly Fee: $750
• Profit Target: $12K
• TMD: $4K
• Max Contracts: 25 mini (250 micros)

Benefits of Selecting TradeDay

Both new and seasoned traders can benefit from TradeDay’s format in a number of ways.

• Low Entry Costs: TradeDay offers prospective traders an affordable entry point with monthly costs as low as $99 for the smallest account size.
• No Daily Loss Limits: TradeDay frees traders from the burden of daily limitations, in contrast to many proprietary firms that enforce stringent daily loss limits.
• Flexible Trading Environment: Professional-grade platforms like NinjaTrader and Tradovate are available to traders without requiring them to pay extra for activation or data fees.
• Support for Education: The firm places a strong emphasis on providing traders with tools to help them develop their trading techniques and abilities.

Things to Think About Before Signing Up for TradeDay 

There are a few things to keep in mind even if TradeDay offers a lot of alluring advantages for traders searching for funded accounts in futures trading:

• Trading Restrictions: Traders are not permitted to trade during certain news releases or maintain positions overnight. Strategies that depend on holding positions during market volatility may be impacted by this restriction.
• Single Account Policy: TradeDay does not allow traders to have more than one active account. Those who want to diversify their trading methods across multiple accounts may be restricted by this restriction.

In conclusion

For traders looking for funded accounts in the futures market, Tradeday account types and differences is a particularly attractive choice. It offers a platform that is accessible to both novice and experienced traders due to its wide variety of account types that accommodate varying capital amounts and risk tolerances. The firm’s attractive profit-sharing plan and accommodating withdrawal guidelines make it even more alluring.

In the end, your trading objectives and preferences will determine which TradeDay account type is best for you. Traders can set themselves up for success in their trading activities by being aware of the variations in account sizes and making use of the tools offered by TradeDay’s platform.

Frequently Asked Questions

How Does The Evaluation Process On TradeDay Work?

To access a funded account, traders must complete an evaluation phase. This involves:

• Trading for a minimum of 10 days.
• Achieving the specified profit target without exceeding the trailing drawdown limit.

The evaluation emphasizes consistency and profitability rather than luck.

Is There Any Fee Associated With Withdrawals On Tradeday?

• No, TradeDay does not charge any withdrawal fee. Traders can withdraw their profits without incurring additional costs. This flexibility allows for easy access to earnings from day one of being funded.

Can I Trade Any Instrument With TradeDay?

• Traders can only trade futures products listed by the CME Group. TradeDay does not allow trading in Forex, stocks, or options. This focus on futures provides a specialized environment for traders looking to excel in this market.

Is There A Daily Loss Limit In TradeDay?

• TradeDay does not impose daily loss limits on traders. Instead, they utilize a Trailing Maximum Drawdown (TMD) system that is calculated at the end of each trading day. This allows traders to concentrate on their strategies without the pressure of daily restrictions.

What Happens If I Break A Rule During My Evaluation?

• If a trader breaks a rule during the evaluation phase, they can reset their account for a fee of $99. This reset allows them to start over without losing their initial investment in the evaluation process.