I'm sad to inform you that we've had to discontinue the FYERS 30-Day Challenge on short notice to comply with the strict interpretations of circulars. Despite our earnest efforts to retain the challenge by offering sincere clarifications, we had to let go.
Our counterintuitive step of offering brokerage discounts to customers who successfully completed the challenge by remaining profitable for 30 days gained traction quickly. Although the discounts ate into our revenues, we continued to provide them because we felt the 30 Day challenge would help clients to cultivate trading discipline.
Working towards an objective goal helps one remain focused and motivated. Since trading is a solo activity, people are prone to become distracted and make foolish mistakes. So, we introduced the challenge to offer psychological reinforcement to stay on track and avoid being swayed by emotional vulnerabilities. So far, we've helped thousands of traders who benefited from it by becoming profitable via discipline and saving brokerage costs along the way.
Under the compliance provisions, it was interpreted as a game/competition. However, the 30-day challenge is neither a game nor a competition. This is because a game or match requires two or more participants, an element of rivalry between participants, the triumph of one participant over the others within the set parameters, etc. Also, there is no minimum target or turnover for the participant to achieve. The participant does not require to trade on a day-to-day basis either. The market structure and the forces of demand and supply of the stock market are such that the participant can maintain a profit without contention over 30 trading days by minimally executing trades. So, we don't induce our clients to trade by any means. We don't distribute prizes or monies but only offer brokerage discounts incurred by the client during the challenge period.
Anyways, long story short, the FYERS 30-Day Challenge will be discontinued with immediate effect. We hope you continue creating your own personal milestones as a trader. Don't worry! We have much more to offer you with our exciting products and valuable updates.
Stay tuned for more updates from us!