Since we have introduced our flagship offer, FYERS 30 Day Challenge to incentivize the active trading community in India and devised a simple psychological reward system that keeps retail traders focused on remaining profitable, it has had a great response. As per our clients’ testimonials, FYERS 30 Day Challenge has encouraged them to improve their trading discipline to a great extent and in return, FYERS has rewarded them with a 100% brokerage refund and made their trading cost minimal or almost zero. FYERS embraces the active participation from the trading fraternity and we hope the skills you developed could possibly lead to something positive in the future.
To make the 30 Challenge even more exciting, here are the few updates based on the valuable feedback we have received from our active clientele.
- From now onwards, we will mention the number of times a client/participant has won the FYERS 30 Day Challenge. To facilitate this for clients who have already won challenges before, we will consider previous winning records as well and record it in your future certificates. So for instance, if you have already won 2 challenges before and you win the next challenge, the certificate will mention that you are a 3rd-time winner and so on.
- We have introduced Badges of Honour to recognize accomplishments in winning the 30 Day Challenge. This indicates the level of consistency in your trading performance. The Badge levels are as follows:
- Rookie – 1 Star (1 time in a row or 1st-time winner)
- Rising Star – 2 Stars (2 times in a row)
- Hattrick Hero – 3 Stars (3 times in a row)
- Prodigy – 4 Stars (4 times in a row)
- Wizard – 5 Stars (5 times in a row)
- We have introduced badges to recognize the consistency of those that are winning the challenge. You can measure consistency in two distinct ways.
- The number of times you have won the challenges – A higher number obviously shows your trading prowess but it could also be because you have taken the challenge several times.
- Your best winning streak – Since consistency is the most challenging feat that needs to be achieved and the badges of honour will record your most consistent winning streak.
Let’s assume you have taken 30 Day Challenge 6 times so far with the following results:
-You successfully completed the challenge for the first time in your 3rd attempt. You have achieved the “Rookie” badge.
– You successfully completed the second challenge in a row in your 4th attempt. You have achieved the “Rising Star” badge.
– You successfully completed the challenge in your 6th attempt but since you lost the previous attempt, you missed the Hattrick Hero badge and your 3rd certificate will still show “Rising Star ” until you work up a hattrick and so on.
- We have introduced the MCX exchange in this offer. .Since our new Backoffice is live, From now onwards, your overall P&L will be considered to calculate your 30 Day Challenge result and all your trades i.e. NSE, BSE, and MCX will be considered while calculating the 30 Day Challenge result. This will increase your choice of instruments to trade in to stay profitable for the challenge. We have observed that commodity traders have had a slightly higher profitability ratio in the last 1.5 years. Perhaps this owes to the fact that there are fewer variables to deal with when trading commodities. The addition of MCX is also a boon as it gives you more time to trade during the day after Equity & Currency closing hours.
- In the course of the last 2 years, we have observed an increasing ratio of winners and some of them have become very steady over time. We hope to see increased participation in 2020. Keeping in mind the changing landscape in the regulatory environment and our lean revenue model, we have decided to put an upper cap of ₹10,000/- as the maximum brokerage refund for winners of the FYERS 30 Day Challenge.
- Clients who have been given access to Trading API can take up the 30 Day Challenge. However, they will not be eligible to get a brokerage refund from us. We will continue to issue winners’ certificates and recognize their accomplishments going forward. When we introduced the challenge, our intent was to try and instill discipline among discretionary traders. Trading API is a feature that is most useful to enable semi-automated/programmatic trading. Since we offer our trading API for free and that it opens up an array of possibilities to win more consistently, we have decided against providing a brokerage refund to such clients.
- The restriction on the upper cap of brokerage refunds will be applicable for all clients who have initiated a 30 Day Challenge in the month of January 2020 onwards.
- In the past, there were scalability issues with our back office which caused delays in reconciliation and processing. After we have upgraded to the new software, you can expect a faster turnaround time to issue certificates and brokerage refunds. Considering the increasing participation, we have revised the date to the 10th of every month. For instance, if you have completed your challenge in the month of February, the certificates & brokerage refunds will be processed on or before the 10th March. If there are any interim updates regarding this, you can check for the latest updates on our Notice Board.
Here’s how the new certificates look.
To see the sample certificates with all badges of honour, click here. We hope to see some trading legends born at FYERS! We encourage you to spread the word! We want the retail traders in India to improve their ability to sustain their trading activities in the long-run and we will do our best to make that happen for you.
Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.