We review a Funded Sim trader’s performance and how the account is being managed at certain milestones in their account. At TradeDay, our goal is to run a risk-managed firm and be aligned with the trader by moving them into a Funded Live account when they have demonstrated that they are ready for the move.
Funded Sim traders will be reviewed at $5000 gross profit milestones in each of their funded accounts for a move to Funded Live. The trader must stop trading when they have reached each milestone level, and wait for the review to be complete.
On the day the milestone is reached, during the End of Day run (4:30pm CT) access to the trader’s account will be automatically paused and the account will be reviewed by the trading team overnight. It’s important to note that any excess profits above the milestone will be removed and the balance will be revised back to the milestone level.
The trading account will be reviewed, and an extension to continue will be offered or the trader will be moved to Funded Live. We aim to complete this review before the start of the cash market opening the next day.
We will also consider moving the trading account to Funded Live after the third withdrawal request. In these instances, trading will not automatically be halted, and if we decide on this course, we will contact you directly.
What are Funded Sim milestones?
Funded Sim milestones are points at which traders in Funded Sim accounts will have their trading reviewed by the Head of Trading. They mark significant progress in the trader's journey.
On reaching a milestone, the Head of Trading will decide if the trader will be offered an extension in the Funded Sim account to the next milestone or whether the trader is ready to move to a Funded Live account.
How do Funded Sim milestones work?
When trading a Funded Sim account, a trader can trade up to each milestone, at which point the trader will need to stop trading. During the End of Day run (4:30pm CT) account access will be paused and the trading accounts will be reviewed. If an extension in the Funded Sim is decided, we aim to allow traders to start trading again before the next US cash equity market opens.
The Milestones do not impact the payout policy. The trader can request a withdrawal through the dashboard at any time (once they have cleared the buffer, see FAQ here on buffers and withdrawals).
The Funded Sim profits milestones are set at every $5000, up to $20,000 on gross profits.
So the milestones are at $5,000, $10,000, $15,000, and $20,000.
In the majority of cases, traders who reach the $20,000 level and have not yet been moved to a Funded Live account will then be moved to a Funded Live account.
However, the Head of Trading may wish to extend trading for a minority of traders in the Funded Sim account beyond $20,000 (milestone levels beyond $20,000 will be set at the discretion of the Head of Trading).
Important:
Please note that any profits over and above a milestone level that are in the account before the review will be forfeited and will not be eligible for payouts, transfer to the Funded Live account, or for any extension offered to the next milestone in the Funded Sim account. When you reach a milestone, stop trading, and do not continue to trade beyond it until you have been authorized to do so.
Withdrawal milestones
TradeDay will also consider moving a trader to the live account after the third withdrawal request has been made on the funded account. If we decide to proceed, we will contact you directly.
What are gross profits?
Gross profits are the total profits made in the current Funded Sim accounts (after commission), so they would include current realized profits in the accounts, plus any withdrawals that have been made from the accounts.
Can a trader make withdrawals before reaching milestones?
Traders can make withdrawals at any time once they have cleared the buffer.
Traders are considered for a move to Funded Live after they have reached the third withdrawal milestone.
Milestones and new accounts/ multiple accounts
For each new Funded Sim account, milestones are reset and the trader must stop again at each milestone. So, if a trader progresses past a milestone on one Funded Sim account and subsequently loses that account, when going through a new Funded Sim account, the trader must again stop at each milestone.
Similarly, if a trader has multiple Funded Sim accounts, the trader must stop trading and be authorized to extend to the next milestone on each of the multiple accounts. An extension to the next milestone on one Funded Sim account does not mean an extension to the next milestone on all multiple Funded Sim accounts.
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