TryDayTrading was founded in early 2008 in the United States. Its purpose is to create lasting knowledge in the minds of its traders while creating wealth.
Why is there so much hype around funded trader programs? Well, why shouldn’t there be? After all, it is not every day that you get a trading account full of cash, plus you get to enjoy the profits after trading with the money.
These programs even go a step further and offer you mentorship and support to get going. The main advantage of these platforms is that you do not have to risk your own cash in the trade.
One such platform is TryDayTrading, whereby you get cash as well as a 12-week training program to prepare you for the task ahead.
While most funded trader programs deal with equities, this one is also into the forex market. Yup, you read that right.
We have done an extensive review of this program so that you can decide whether it is a worthy investment.
NB: Let’s just give you a slight hint that this service does not come cheap.
What is TryDayTrading?
This is a consultancy service that not only offers you access to trading capital, but it offers you a forex education program.
It was founded in 2008 and trained its students on how to use its proprietary leading indicators to take advantage of the numerous inefficiencies existing in the forex market.
In 2012, the company introduced the Trader Pro Funding program, which is a 12-week training program on day-trading. Upon graduation, you get a funded trading account and keep 60% of the profits.
The funding will keep on coming on a quarterly basis, provided the account maintains its profitability.
The company’s growth did not stop there; in 2016, the Trader Executive program was introduced. This is a Forex retreat program that starts with a 2-day one-on-one coaching retreat, and after that comes a 12-week extensive training program.
Successful graduates get funded accounts with up to $100000, and they get to keep up to 80% of the profits.
Products and Services
The main service that TryDayTrading offers is funded forex trading accounts. But getting these accounts is not a straightforward thing as there is a 3-step process that you have to go through.
In summary, you have to learn the basics of forex trading before enrolling in a forex one-on-one coaching program. Upon successful graduation is when you get access to a funded trading account.
We have broken down these steps so that you can have a clearer understanding of how the program works.
1. Free Forex Day Trading Course
The first step aims to make things easy for the newbies to forex trading. The course entails all the basics of forex trading to enhance your knowledge on the topic.
In this course, you can expect to get extensive knowledge on each one of the following topics:
- The definition of forex
- The major forex currencies
- Currency pairs
- OTC markets
- The times when forex trading is open
- An understanding of PIP, among other topics
As you can see, the above topics aim to give you some familiarity with the concepts of forex trading. You need to grasp everything so that you can be successful in the trade.
The training team ensures that you get everything right by using the simplest language, as well as numerous examples. All these should boost your understanding of the topic.
2. Forex One-On-One Coaching Program
Once you are done with the free day trading course, which is the introductory part, you now have to complete the Forex One-On-One coaching program.
This step aims to equip you with advanced skills in the game. It is a 12-week currency boot camp where you are trained by one of the team’s professional day traders.
The main point that you should pick from this program is the importance of having the right coach at your corner. The trainers use the example of Usain Bolt, whose Olympic fortunes changed significantly when he changed coaches.
An ideal coach provides you with a sound trading strategy and ensures that you keep updating your skills as per the market dynamics.
The knowledge that the coaches impart in you should be enough to mold you into an objective trader. With time, you should be better placed to avoid mistakes that are typically made by beginners.
3. Forex Funded Trading Account
After the introduction and coaching sessions, here now comes the primary signature of TryDayTrading. If you are a successful graduate, the team will fund you with capital for trading.
Additionally, you are also granted access to the team’s proprietary indicator software. This indicator will be giving you signals of the ideal time to enter/exit a particular currency position.
Now here comes the ultimate question, how much does the software cost? The area of pricing is where most individuals are going to have an issue with. But let’s see how much you need to part with to access the service.
You have two subscription packages to choose from. We are going to break each one of them down for you.
- The Pro Funding Student Subscription
This package would cost you $6,995, and it features 12-weeks of one-on-one coaching. Note that this fee does not include the firm’s indicator tools necessary for trading in real money.
The coaching period requires you to undergo at least two training sessions in a week. Additionally, you would also be required to trade at least two simulation accounts during the coaching phase.
The training and trading sessions all take six weeks.
An important point to note is that the final six weeks shall ultimately decide whether you qualify to get a forex funded trading account.
It is during this period that your profitability and skills are gauged by your mentor and the company.
A bit tedious, isn’t it?
- The Trader Executive Student Subscription
The second package costs $15,395, whereby you get 12-weeks of one-on-one coaching. The only addition to the previous package is the immediate access that you get to the company’s proprietary leading indicator software.
Does this really justify the huge price difference between the two packages?
Who would TryDayTrading mostly suit?
There are no limitations as to who can benefit from this platform. Anyone into currency trading would find the services offered by this company to be of great use.
But generally, we’d recommend this service to anyone who doesn’t have a lot of money to put on the line yet wants to make big moves.
However, it’s also important to clarify that what you get from this company isn’t free money. You’ve got to be willing to work extra hard so you can make the most of the opportunity.
There’s a catch, though…
The upfront charges for this service are quite high. Plus, we’re yet to come across any real account statements shared by this company. All we know is that they have an inconspicuous disclaimer which clarifies that the results they publicize may not include “hedges” and “losses.”
That’s definitely not a good thing especially if you’re specifically looking for a company you can trust. It might not seem like a big deal now but we think that it matters quite a lot when you really want to scale up your potential.
There are several advantages that we could point out in TryDayTrading. We shall analyze them below briefly.
- User-Friendly Interface – The interface is designed so that the user has an easy time navigating through it. Further, joining the platform is not that hard as you have to complete only three simple steps to do so.
- High-Quality Training – We cannot underrate the training that the team gives you. After all, they want a competent individual with whom they can entrust their money.
- Customer Support – We also liked the customer support that is always there to guide you if you have any issues to be addressed.
Is It Worth It?
Well, the main issue we have with TryDayTrading is the cost. This service is quite expensive, and we are merely talking about the upfront costs. We are going to present other notable issues that we found with this particular Funded Trader program.
No Free Trial or Money back guarantee
The purpose of a trial period is to enable you to decide whether or not the product is for you. So, the fact that this service has no free trial leaves a lot of question marks.
The only free resources that you get from TryDayTrading include a free day trading webinar and access to the company’s YouTube, Facebook, and Twitter pages.
Another thing of concern is the lack of a money-back guarantee. What if you do not get what you were expecting from the service? Do you just choose to live with something useless to you?
It is impossible to tell how this program has performed over the years. The company does not publish any of its income statements, and you cannot really judge its performance over a specified period.
The least the company could do for the high cost of the service is furnished with you with the verified income statements for you to decide on the profitability.
Lack of Transparency
Another critical aspect is the questionable transparency that TryDayTrading has. Let’s start with the pricing of the product. To know exactly how much it will cost you to access the service, you will find that all this information is carefully tucked-in in the policies section.
Now, we all know how everyone enjoys reading this section, don’t we? Just keep in mind that you are going to part with a lot of money to enjoy the services offered on TDT.
Then, besides not providing any verified income statements, getting information on the site regarding the trainers or the number of members making up the company is impossible.
In short, we could say that there is a lot we are not being told.
TL;DR – we’re not very positive about TryDayTrading and all that they have to offer.
As you can see, the drawbacks outnumber any benefits they funder has to offer. The packages are just too pricey, plus there is additional pricing info that you have to dig for in the policies section.
There are no income statements available, plus there are no free products that you can use to “test-drive” the system.
The lack of transparency is also a major issue that we are not comfortable with.
With all those issues, we’d be hesitant to recommend TryDayTrading to our audience. Luckily, we have a detailed list of some top funded programs you might want to try. You can find the full list here.