Try Day Trading Review
Funded trader programs 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? Currency trading. 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.
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 seem to 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 interesting 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:
- The 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.
- The 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? As well as Tradenet, Trydaytrading is on the expensive side. And even if the price tag is not a problem for you, then you should be cautious.
Why? Because they do their best to hide the pricing tags. The pricing is only visible in their policies section.
So, to participate in the program - you need to invest a significant amount of time and money.
There is no free trial available at trydaytrading.com. 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.
The cheapest program is the Trader Lite Student. It includes:
- 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
Anyway, even the cheapest program costs four times more than one month with TopstepTrader. And all the other programs are relatively expensive.
Most are even more costly than Maverick Trading (they charge $6,000 for the first enrolment).
They do not charge any fix amount upfront. With a monthly fee of around $100 you are all set with these two programs.
Free Trial | Promo Code
Unfortunately, trydaytrading does not offer a free trial for its Forex Funded Trading 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: no
- Money back guarantees: No
- Price level: < $100 to $15,395
- Transparency: Not that good
- Verified income statements: No
Who is trydaytrading Best For?
Trydaytrading would be the best for anyone with a passion for currency trading. Why "would be"? They are expensive, and their performance reports look a bit suspicious.
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.
How do you interpret this statement? Anyway, the upfront costs are 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 under all funded trader account providers. 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.
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, for my taste they just hide too much.
The products are not that well explained, the pricing is only included in the policies section, and the results page had a dubious disclaimer. There are no 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.
Alternatively to trydaytrading.com, take a closer look at the competitors TopStepTrader, TopstepFX and OneUpTrader first and rethink if futures or forex-trading is really the way to go for you. 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.
Anyway, their business exists since 2008 and if you are undecided, then give them a call and let them explain the whole program to you. I don't talk about a regular webinar; I speak about detailed information about everything - the pricing, education material, payment terms, and also the proof of performance.
If you put >$10,000 on the table, then you should make sure that things you learn are based on real strategies that make money.
Right now, Try Day Trading cannot make it to the top of our recommendation list. The hefty pricing tag, along with the irritating performance disclaimer, let us conclude that you should consider other funded trader account providers at first. I recommend reading the lead article about the best funded trading programs first.