What happens if I fail the Evaluation Challenge?

Modified on Mon, 30 Jun at 9:39 PM

All traders are entitled to have their trading evaluated once as part of the monthly membership fee.

However, if you break a rule while trying to achieve the objectives of the evaluation, you will no longer be eligible for funding.

At this point, there are three options open to you:

You can call it a day, and cancel your membership to TradeDay. Please follow these instructions to cancel your subscription here.
You can purchase a reset, this is a $99 fee. It will restart your evaluation immediately and is independent of your monthly membership fee.
Or, you can wait until your monthly membership fee renews, and we will reset you for free.

You can only purchase a reset if you have an active subscription with TradeDay.

Why do you charge for resetting the Evaluation Challenge?

Firstly, we need to know that you are taking the Evaluation Challenge seriously and not just taking random, risky trades in the hope they pay off, with no consequence if they don’t.

Secondly, and more importantly, we always see a drop-off in trading performance when a trader moves from simulated trading to live trading. This is because of the psychological challenges of trading with fake money vs real money.

This represents a challenge for us.

In order to create a simulated experience as close as possible to a live experience, we have the reset fee to encourage you to trade with 'consequence'. You will be far more cautious with your decision-making (as you would in live trading) if you know you will incur a reset fee if you break the rules during the evaluation.

We believe the extra caution that comes with the risk of having to pay a reset fee moves you closer to the experience of trading live, it will encourage you to approach trading on the simulator the same way as you will approach trading a live account, and will therefore reduce the impact of the sim-to-live drop off in performance a lot of traders face.