TradeDay: Information and detailed review

Corporate Overview and Business Structure

TradeDay is a futures-based prop firm headquartered in Chicago, Illinois. Established in 2020 and led by CEO James Thorpe, the company operates within the United States regulatory environment for futures trading. In May 2026, the firm transitioned to "TradeDay 2.0," a significant restructuring of its funding model that consolidated its offerings into two distinct evaluation paths: Quick Pay and Fast Pass.

The firm distinguishes itself by offering a direct path from simulated trading to Funded Live accounts, where traders can manage up to five active live accounts simultaneously. Unlike many competitors in the futures space, TradeDay 2.0 has eliminated the activation fee for funded accounts, shifting the cost structure primarily to the evaluation subscription and market data for live traders.

Evaluation Ecosystem: Quick Pay vs. Fast Pass

Traders must choose between two primary evaluation models, each designed with different performance expectations and payout structures. Both models are available in three account sizes: $50,000, $100,000, and $150,000.

Quick Pay Model

The Quick Pay model is designed for traders who prioritize immediate access to withdrawals without a mandatory "buffer" or waiting period.

• Minimum Trading Days: 5 non-consecutive trading days are required to pass the evaluation.
• Consistency Rule: No single trading day can account for more than 30% of the total profit target.
• Payout Availability: Traders can request payouts from day one of the Funded Sim phase.
• Profit Split: A tiered structure is applied. The trader receives 50% of gross profits until they reach $4,000 in total earnings. Once the $4,000 threshold is surpassed, the split increases to 80%.
• Position Limits: This model utilizes fixed position limits based on the account size from the start.

Fast Pass Model

The Fast Pass model caters to traders seeking the fastest possible transition to a funded status.

• Minimum Trading Days: There is no minimum requirement; a trader can pass in a single day if the profit target is met.
• Consistency Rule: A more lenient threshold of 45% is applied to the single-day profit rule.
• Profit Split: Traders receive a flat 80% split from the beginning of the Funded Sim phase.
• Dynamic Scaling: Unlike Quick Pay, this model requires traders to scale their position size as the account grows, adding one contract for every $2,000 in profits.

Risk Management and Drawdown Mechanics

TradeDay offers two distinct types of Trailing Maximum Drawdown (TMD). The choice of drawdown type is made at the time of purchase and carries over from the evaluation to the Funded Sim phase.

Intraday Trailing Maximum Drawdown

This is a real-time risk metric that tracks the account's peak value during the trading session, including unrealized profits.

• Implication: If a trade is deep in profit but the trader does not exit and the price reverses, the drawdown follows the peak of that unrealized profit. This requires precise trade management and discourages "holding for home runs" without securing gains.
• Operational Risk: Traders must be aware that the drawdown can "trap" them if they allow large open profits to evaporate.

End of Day (EOD) Trailing Maximum Drawdown

This metric is calculated based on the realized profit at the close of the trading day (16:00 CT).

• Implication: Intraday fluctuations do not affect the drawdown calculation. Only the final balance at the end of the day determines the new drawdown level.
• Threshold Freeze: The trailing drawdown follows the account growth until it reaches the initial starting balance, at which point it becomes "frozen" and no longer trails higher. This provides a permanent "floor" for the trader once they have achieved sufficient growth.

Account Specifications and Targets

The parameters for evaluation are standardized across both the Quick Pay and Fast Pass paths:

• $50,000 Account: Profit target of $3,000 with a maximum drawdown of $2,000. Max 5 contracts (50 micros).
• $100,000 Account: Profit target of $6,000 with a maximum drawdown of $3,000. Max 10 contracts (50 micros).
• $150,000 Account: Profit target of $9,000 with a maximum drawdown of $4,500. Max 15 contracts (50 micros).

If a trader fails an evaluation, Resets are available. Reset fees range from $75 to $139 depending on account size. It is important to note that a reset does not change the monthly subscription billing date.

The Funded Phase: Sim vs. Live

TradeDay utilizes a two-step funded progression: Funded Sim and Funded Live.

Funded Sim

Most traders begin their funded journey in a simulated environment that mirrors live market conditions.

• Payouts: Traders can withdraw real profits from these accounts.
• Transition: Successful performance in Funded Sim can lead to an invitation to a Funded Live account.
• Scaling: In Funded Live, the profit split increases to 90%.

Funded Live

This represents the highest tier of the program.

• Multiple Accounts: A single trader can manage up to 5 Funded Live accounts.
• Market Data Fees: Unlike the evaluation and Sim phases where Level 1 data is included, Live traders are responsible for CME Market Data fees, which are charged directly via the broker (Tradovate).
• Position Scaling: Specific rules govern how positions are scaled in the live environment to manage the firm's capital risk.

Payout Policies and Procedures

The firm has established a specific framework for profit distributions:

• Minimum Withdrawal: The minimum amount for any payout request is $250.
• Processing Time: Requests submitted before 17:30 CT on business days are typically processed within 24 hours.
• Frequency: There is no limit on the frequency of withdrawals.
• Methods:
  • US Wire Transfer: Free.
  • International Wire: $15 per withdrawal.
  • Crypto Layer 1: $2.50 plus estimated gas fees.
  • Crypto Layer 2: Free.

Technical Infrastructure and Platforms

TradeDay operates primarily through the Tradovate and NinjaTrader ecosystems, which also allows for integration with TradingView.

• Supported Platforms: Tradovate, NinjaTrader, TradingView, Jigsaw, and Quantower.
• Market Data: Level 1 (Top of Book) is provided during evaluation and Funded Sim. Level 2 (Depth of Market) is not included and costs approximately $49/month if the trader requires it.
• API Access: TradeDay does not expose the Tradovate API, which limits the use of certain external third-party tools that require direct API keys.

Trading Rules and Prohibited Strategies

The firm maintains a strict set of rules to ensure trading behavior aligns with professional standards and avoids exploiting the simulation engine.

Prohibited Activities

• Third-Party Bots: Using automated systems or "Expert Advisors" purchased from third parties is strictly prohibited. However, traders may use their own self-developed systems.
• High-Frequency Trading (HFT): Strategies that generate more than 200 trades per day or hold positions for only a few seconds to capture 1-2 ticks are banned.
• Hedging: Opening opposite positions (long and short) for the same product across different accounts is not allowed.
• Data Exploitation: Strategies that attempt to exploit the lack of slippage in simulation (such as bracket orders during news releases) or trading illiquid markets to benefit from missed fills are violations.
• Order Splitting: Placing multiple limit orders at the same price simultaneously is prohibited.

Copy Trading and EAs

• Copy Trading: Allowed, provided the trader is not copying trades from a third-party service. If multiple users are found to be making the same trades, all accounts involved will be closed.
• EAs: Permitted on supported platforms, but the firm monitors for "sim-gaming" behavior.

Educational and Coaching Resources

TradeDay incorporates a significant educational component, subsidized by the firm to lower the barrier for traders.

• 1-on-1 Coaching: Specialized sessions in technical analysis, risk management, and psychology are available for purchase. The firm maintains a permanent "Buy One Get One Free" promotion on these sessions.
• Educational Content: Members have access to structured courses, a financial news feed, a trading blog, and a dedicated Discord community for support.

Summary of Key Considerations

Trader Profile Fit

• Quick Pay is best suited for traders who need frequent liquidity and do not mind a lower initial profit split (50/50) in exchange for no withdrawal buffers.
• Fast Pass is designed for experienced traders who can reach profit targets quickly and prefer a higher starting split (80/20) and a more relaxed consistency rule.
• End of Day TMD is recommended for swing traders or those who need intraday breathing room, while Intraday TMD might suit very disciplined scalpers who exit at peaks.

Key Highlights

• No Activation Fees: Significant reduction in the cost of moving from evaluation to funded status.
• 90% Live Split: Highly competitive profit sharing once the trader transitions to actual live capital.
• Diverse Platform Support: Integration with industry standards like NinjaTrader and TradingView.
• Clear Progression: A structured path from Sim to Live with the ability to scale up to 5 live accounts.

Main Limitations

• Consistency Rules: While they do not "fail" the account, they can delay the profit target reaching its goal if a trader has one outlier day.
• HFT Restrictions: Scalpers must be careful not to exceed the 200-trade-per-day limit or trade for durations that are too short.
• Market Data Costs: Live traders must bear the cost of CME data and the Tradovate processing fee.
• Geographic Restrictions: A long list of banned countries (including several in Eastern Europe and the Middle East) limits global accessibility.