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TradeDay - anyone using them?


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  #11 (permalink)
 
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 josh 
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VirtualMark View Post
At first glance they appear to have one of the best, if not the best ruleset out of the prop firms.

They aren't a prop firm.

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  #12 (permalink)
VirtualMark
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josh View Post
They aren't a prop firm.

A very useful comment Josh, perhaps you'd care to explain what you mean.

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  #13 (permalink)
 whuffo 
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josh View Post
They aren't a prop firm.

They are certainly a "funded trader" firm. If the definition of a "prop firm" is a firm that has people trading money belonging to the firm and getting paid based on how well they trade that money, then TradeDay qualifies. Other "funded trader" firms may or may not.

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  #14 (permalink)
 
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 josh 
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VirtualMark View Post
A very useful comment Josh, perhaps you'd care to explain what you mean.


whuffo View Post
They are certainly a "funded trader" firm. If the definition of a "prop firm" is a firm that has people trading money belonging to the firm and getting paid based on how well they trade that money, then TradeDay qualifies. Other "funded trader" firms may or may not.

Prop firms don't have "14 day trials."



I'm not implying anything negative, just encouraging those who talk about prop firms to be sure they know what one is. The internet is full of resources on this if you want to do more research.

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 bobwest 
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josh View Post
They aren't a prop firm.


josh View Post
Prop firms don't have "14 day trials."

...

I'm not implying anything negative, just encouraging those who talk about prop firms to be sure they know what one is. The internet is full of resources on this if you want to do more research.

Maybe we can just call them "funding companies" or something that does not use another term that already has a different, and established, meaning (as "prop firms" does).

What meaning? Here is a take on the traditional type of prop firm, a different type of cat: https://www.investopedia.com/terms/p/prop_shop.asp

An excerpt from the investopedia article:

"Anyone taken aboard must contribute their own capital as an entry fee, and will be subject to trading risk limits. A prop shop splits trading profits, if any, between the firm and the trader. "

Not the same thing at all. Although there are also similarities, but still somewhat not the same.

@josh, or anyone with experience with those firms, may want to fill in some details, to add to people's understanding.

But I'm voting for not using "prop firm" when "funding firm" is the more descriptive term. It may avoid confusing different things.

(And hopefully this does simply contribute to semantic hair-splitting. )

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #16 (permalink)
 
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 josh 
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bobwest View Post
"Anyone taken aboard must contribute their own capital as an entry fee, and will be subject to trading risk limits. A prop shop splits trading profits, if any, between the firm and the trader. "

@josh, or anyone with experience with those firms, may want to fill in some details, to add to people's understanding.

DRW is a prop trading firm. Here are some jobs: https://drw.com/work-at-drw/category/trading/
Jane Street is another well known one: https://www.janestreet.com/join-jane-street/open-roles/?type=students-and-new-grads&location=new-york&department=trading-and-research

These firms are hiring you, and they want track records, and you are not bringing any money to the table, generally. Depending on what you're trading, you may be required to take an exam (back in the day, I had to take a FINRA Series 56 exam to even trade, for example).

Other firms do require you to bring some of your own capital, and the barrier to entry is usually lower. However, they do not require you to pay any kind of monthly subscription, etc. They make money if you make money, and they may lose some money if you do, but usually you will bear most of the risk. Why do this? Exposure to others, and increased margin to trade larger, along with heavily discounted commissions and fees.

Then there are funded trader programs. You are a customer, and must pay money to even get the opportunity to trade. In some cases "live traders" are in fact still on sim. I won't rehash all of what's known, but suffice to say it's different than the others.

I have traded for a prop firm, for what that's worth (not much really IMO). As for terminology, it doesn't much matter to me what people call them; I just wanted to clarify any current or future readers of the thread who don't know the difference.

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  #17 (permalink)
VirtualMark
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RCOtrader View Post
As a business expense, the evaluation fee it is a pretty small expense. Negligible as far as business expenses go.

If a person want to apply to med school, there are application fees just to apply. Even if you want to be a substitute teacher you have to pay for background checks, etc., etc. Or, as you pointed out in another post here, for a traditional prop firm you have to bring your own capital.

There is also a benefit of the evaluation fee. It bridges the psychological gap between paper trading and trading with real money. Not perfectly, I think, but it nevertheless creates a psychological pressure more analogous to trading real $ and does so for much smaller risk.

That is why I personally think that before an aspiring trader puts their own capital on the line, they should at least prove they can pass a funding firm evaluation and be able to receive payouts. If they can't, then they shouldn't think about trading their own capital.

Thanks for all the replies, there's certainly a lot of them. And most of them could apply to any of the other funding firms.

Have you actually been paid out by them?

EDIT: Actually I'm very suspicious of you, seeing as how you joined 2 days ago and can post in this section already. I'll be reporting this as this part of the forum is supposed to prevent exactly this sort of behaviour.

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  #18 (permalink)
VirtualMark
Birmingham, United Kingdom
 
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bobwest View Post
Maybe we can just call them "funding companies" or something that does not use another term that already has a different, and established, meaning (as "prop firms" does).

What meaning? Here is a take on the traditional type of prop firm, a different type of cat: https://www.investopedia.com/terms/p/prop_shop.asp

An excerpt from the investopedia article:

"Anyone taken aboard must contribute their own capital as an entry fee, and will be subject to trading risk limits. A prop shop splits trading profits, if any, between the firm and the trader. "

Not the same thing at all. Although there are also similarities, but still somewhat not the same.

@josh, or anyone with experience with those firms, may want to fill in some details, to add to people's understanding.

But I'm voting for not using "prop firm" when "funding firm" is the more descriptive term. It may avoid confusing different things.

(And hopefully this does simply contribute to semantic hair-splitting. )

Bob.

Can you take a look at "RCOtrader" above? He's literally joined 2 days ago, must have spammed the hell out of the site to be able to post here, which I believe is against the rules? Then appears in this section vehemently defending Tradeday.

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  #19 (permalink)
 
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 bobwest 
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  #20 (permalink)
 
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 jackbravo 
SF, CA/USA
 
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Sup folks. I've passed the challenge (finally) for Tradeday. Starting funded account. Will post my experience after a withdrawal (if I don't break things).

"It does not matter how slowly you go, as long as you do not stop." Confucius
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