Try Day Trading Review 2019
Funded accounts are a great way grow your bankroll with low risk. And at trydaytrading.com, they like to take it a step further.
Rather than simply allocating cash, the team puts you through a 12-week all-inclusive training program aimed to increase your skills and prepare you for the real thing.
And what else sets them apart?
While most providers focus on equites, trydaytrading sets its sights on the forex market.
In this trydaytrading review, we’ll break down the team’s offering a let you know whether it’s the right place to hone your skills.
Spoiler: You will not believe how expensive the trydaytrading service will be in total!
What is trydaytrading?
Trydaytrading is an investment advisory service that offers forex education, one-on-one coaching and access to capital through its funded account programs.
Established in 2008, trydaytrading applies proprietary leading indicators to help students exploit inefficiencies in the currency market.
As the company expanded, it rolled-out its Trader Pro Funded Programs.
Here, students are put through an all-inclusive 12-week training program and successful graduates can receive a funded trading account where you keep 60% of your profits.
Continuing its evolution – in 2016 – the company introduced its Trader Executive program.
This forex retreat includes two days of one-one-one coaching at its corporate office in Lehi, Utah, followed by 12-weeks of extensive currency training.
Upon graduation, students can qualify for funded accounts of up to $100,000 and keep 80% of their profits along the way.
Products | Services | Costs
Trydaytrading’s signature service is its Forex Funded Trading Account.
To be eligible, you need to complete a three-step process.
First you learn the basics by completing trydaytrading’s Free Forex Day Trading Course. Next you continue the journey by enrolling in the Forex One-on-One Coaching Program.
Last, upon successful graduation, you receive access to a Forex Funded Trading Account.
Let’s see how it all works.
1) Free Forex Day Trading Course:
Step-1 in the process is to complete the Free Forex Day Trading Course.
Designed for beginners who are new to currency trading, the course covers all the basics to help build your knowledge of foreign exchange.
Lessons covered include:
- What is forex?
- The major forex currencies
- What are currency pairs?
- What is an over the counter (OTC) market?
- When can you trade forex?
- What is a PIP in forex?
- Lot size and price per PIP in forex
As mentioned, the course is designed to help familiarize beginners with the concepts they need to be successful currency traders.
When it comes to the curriculum, the team does a great job explaining topics using clear and concise language and provides both examples and analogies to help increase your understanding.
The team also outlines all of the major currencies they trade. It’s an important step because large currencies – like USD, EUR and GPB – are highly liquid, so they act as better instruments for day trading.
Conversely, emerging market currencies – like BRL, RUB and INR – are often very illiquid and require using cross rates to establish positons.
From our perspective, the material is definitely worth a look.
And considering it’s free – how can you go wrong?
2) Forex One-on-One Coaching Program:
Step-2 on the journey is completing trydaytrading’s Forex One-on-One Coaching Program.
Designed to take you from the basement to the penthouse, this all-inclusive currency boot camp is held over a 12-week span and you’re trained by one of the teams’ professional day traders.
When analyzing the world’s top currency traders, many of them use elite coaches and mentors to ensure they continue to grow.
At trydaytrading, they use the example of Usain Bolt, who after changing coaches, went from winning zero medals at his first Olympic games, to winning 9 medals at his next three events.
And forex – according to the team – is no different.
When you have the right coach in your corner, he or she can provide the best education, create a custom trading plan and keep your skills sharp by ensuring accountability along the way.
More importantly, trydaytradings’ coaches say that they make a living in the currency market, so they understand what it takes.
So how else can trydaytrading’s coaches help you?
Well, one of the biggest mistakes a trader can make is to succumb to emotion.
A rough trading day.
Breaking news that ruined a profitable position. Situations like these can lead to abandoning your strategy and chasing plays to try and make-up losses.
That’s why at trydaytrading, they teach the 1% rule.
If you only risk 1% of your trading capital, you won’t become emotionally attached to any one position.
More importantly, a one-off gain or loss won’t have a significant impact on your bankroll.
The main point is: trydaytrading’s coaches provide knowledge to help you trade objectively.
They also outline the inherent risks of currency trading and how to avoid rookie mistakes of less experienced traders.
3) Forex Funded Trading Account:
So you learned the basics and completed all of the coaching sessions.
Now comes the fun part.
Trydaytrading ensures all successful graduates receive funding provided by the team’s own capital.
Upon graduation, you also gain access to the team’s proprietary leading indicator software. With it, you receive detailed signals of when to enter and exit a currency positon.
So now the important question.
What does trydaytrading cost?
Well, to complete the steps above and receive full funding, you have two subscription options:
- A Pro Funding Student Subscription costs $6,995 and includes 12 weeks of one-on-one coaching. Keep in mind though, to use the company’s indicators tools to trade real money, you need to pay an extra fee.
During the coaching phase, you’re also required to complete a minimum of two training sessions per week and trade a minimum of two simulation accounts during the 12-week process.
One is specifically structured for the first six weeks and the other is structured for the last six weeks.
If you’re able to demonstrate consistent profitability during the last six weeks of training – and your skills are approved by the mentor and the company – you then become eligible for a Forex Funded Trading Account.
- A Trader Executive Student Subscription costs $15,395 and includes 12 weeks of one-on-one coaching.
While the other requirements are the same as above, the main difference here is you get immediate access to trydaytrading’s proprietary leading indicator software.
So what should we make of trydaytrading Forex Funded Trading Accounts?
I mean, are they really worth the money?
Well, if price is an issue, it’s easy to see trydaytrading is on the expensive side. And even if the price tag is not a problem for you, then you should be cautious.
Because they do their best to hide the pricing tags. I don't like it when vendors do that. Intransparency is a big problem. Instead, they get you in their sales funnel by advertising "free webinars". And then the selling season begins.
The pricing is only visible in their policies section. Why? I dont know!
So, to participate in the program – you need to invest a significant amount of time and money. Here, you can test out many of the sites features before you officially dive in.
However, the team does offer a 30-Day Trial Program. But wait, is it a free trial? Not at all!
Originally a $449 value – when using the link above and enrolling for trydaytrading’s free webinar – you can enjoy a 30-day trial for less than $100. Anyway, you have to pay another $326.99 per month for the software subscription.
So basically nothing is really free besides the webinar itself and the costs sum up quickly.
Keep in mind though, you can only use its proprietary leading indicator software to trade within a simulated account.
So what else is included in the 30-Day Trial Program?
- A trading advisor that walks you through how to trade currencies
- 9 trading webinars per week
- Step-by-step software set-up assistance
- Demo account setup assistance
- Access to basic online video training
- Access to live daily trading webinars
From our perspective, it is best to stay away from the program. It is too expensive.
Even more costly than Maverick Trading (they charge $6,000 for the first enrolment). Instead of considering trydaytrading's funded trading, we recommend you to have a look at the TopStepTrader Review, TopStepFX Review and OneUpTrader Review we published before.
They do not charge any fix amount upfront. With a monthly fee of around $100 you are all set with these three providers.
There is really no reason to give trydaytrading a try. The Pro Funding Student Subscription and the Trader Executive Student Subscriptions are just too expensive.
Free Trial | Promo Code
Unfortunately, trydaytrading does not offer a free trial for its Forex Funded Trading Accounts.
However, it does offer a 30-day Trial Program. But it costs >$400 in total. Is it worth it for you to test drive a service for that money?
Also, be aware though, you can only use the indicators in simulated accounts.
The team also hosts a Free Day Trading Webinar.
This 40 minute informational video covers how its proprietary indictors work, how the funded accounts work and what it takes to become a currency trader.
As well, you can follow the team on their official trydaytrading Facebook, trydaytrading Twitter and trydaytrading YouTube pages.
- Founded: 2008
- Educators: Not listed
- Number of members: Not listed
- Company Address check: 2889 Ashton Blvd, Lehi, Utah
- Free trial: No
- Free resources: Free Day Trading Webinar, trydaytrading Facebook, trydaytrading Twitter trydaytrading YouTube
- Coupons: 30-Day Trial Program for less than $100 when you sign up for the Free Day Trading Webinar ($449 value)
- Money back guarantees: No
- Price level: < $100 to $15,395
- Transparency: Below average
- Verified income statements: No
Who is trydaytrading Best For?
Trydaytrading would be the best for anyone with a passion for currency trading.
Yes, it is too expensive and seems that the trydaytrading team does something strange with their performance reports.
On the one side it is positive when performance graphs are shown. But they are useless if no real account statement is attached.
And looking at trydaytrading's performance I noticed one critical aspect:
Every month they claim hundreds and even thousands of pips profit. But when I read this disclaimer, then it seems to me that they only sum up the profits of the trades that have been shown to their customers in the webinars.
You could also interpret "do not include ...hedges" that they hedge every position but show you only one of the trades in the webinar and count it as profitable trade in their results screen. Ouch! I mean, how do you interpret this statement?
In my opinion, you should not try this service.
The upfront costs are just too high, and there are no real track records published via real account statements. The pricing and product details are hidden and when I compare it to other providers, then trydaytrading is just not the best choice at the moment.
Maybe they provide me free access to their service at some given time and send me their brokerage statements for validation. In this case, I would consider increasing the rating.
Instead, we strongly recommend reading our lead article about the best funded trading programs first.
Trydaytrading Review Summary
I am not that positive when it comes to trydaytrading.
The team seems to have plenty of trading experience and positive testimonials to back it up. However, its Forex Funded Trading Accounts are extremely pricey.
A Pro Funding Student Subscription costs $6,995, and a Trader Executive Student Subscription costs $15,395.
As I lined out in the trydaytrading review, they just hide too much. The products are not well explained, the pricing is only included in the policies section, the results page had a suspicious disclaimer. There are not brokerage statements available and the only real free product is a webinar (besides some videos).
For such a price tag I would expect way more transparency and services.
Notice: While the stock market has transparent prices that you can check in any times & sales table, the forex markets do not have this option because prices can vary very between the different forex brokers.