We've been figuring out how to incentivize the active trading community in India in the best possible ways. As you all know by now, we believe in continuously interacting with our customers and delivering features based on popular demand. We enjoy this interactive way of working with our growing community of clients.
Off late, we conducted closed-door surveys and decided to introduce the "FYERS 30 Day Challenge." It is a simple psychological reward system that will keep traders focused to remain profitable for the duration of the challenge which is 30 trading days. If you trade profitably for a period of 30 days, your brokerage will be refunded.
The logic: Making money is in itself an incentive to be profitable, it's just that consistency is something that needs to be developed over time and with repeated efforts. If you can measure your own performance over 30 trading days, then there will be a conscious effort to always be diligent. Trading is not a collaborative activity and hence, certain objective goals like time-bound challenges can help sharpen you up especially when you can't get feedback on a regular basis from the trading fraternity. Also, various research suggests that it takes approximately 1 month to start developing new habits and break old ones. That's why we decided to keep a time frame of 30 days for the challenge because it coincides with the comfort zone for measuring performance.
How the 30 Day Challenge works: If you have traded profitably for the duration of 30 trading days, your brokerage will be refunded. Keep in mind that you will have to be in net profits after accounting for brokerage charges and all the transaction costs. You can begin the challenge at any time you want throughout the year without any restrictions. Also, you can take the 30 Day Challenge consecutively throughout the year. Upon beginning the 30 Day Challenge your time starts ticking. Below are some points that you should know about before you start:
1. The end date is calculated based on the number of trading days within the date range.
2. To be eligible for the 30 Day Challenge brokerage refund, the client needs to make a minimum profit of ₹1,000 during the challenge period.
3. Brokerage will be refunded up to a limit of ₹5,000 per challenge. (Introduced w.e.f 12th Oct 2021. Read more.)
4. Profitability is calculated across all segments except Equity Delivery (CNC) and Mutual Funds. Profits made in these segments will not be considered as we don't levy any brokerage for investments.
5. Dividends won't be considered.
6. Brokerage refund to the winners will be processed on or before the 10th of every month.
7. 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.
How to get started: Visit My Account portal which is accessible from the Fyers Web, Go to "30 Day Challenge" and click on "Start Challenge Now". Your start date, end date, and timeline will be displayed in the panel. Below, you will get a section named "Past Challenges" that shows your previous challenges that were taken and the results therein. Check the screenshots below for a graphic description.
Be recognized as a Winner: Upon winning the FYERS 30 Day Challenge, we will send you a certificate of recognition to your registered e-mail ID for trading profitably during the period. We can also recognize your achievement with your consent by posting your profile on our website in a post and on social media. Completing 30 Day Challenges consistently gives us a chance to observe your skills and it could possibly lead to something positive in the future. Here's a sample certificate of achievement that you will receive upon successfully completing the 30 Day Challenge:
Final notes: This initiative is a result of brainstorming with our clients who have years of experience trading with other stockbrokers. Our aim is to encourage you to be sustainably profitable all year round even if it will impact our revenues. At the end of the day, our long-term sustainability depends on the profitability of our customers. We understand that each challenge may not be a one-way journey to success and all good things require time. At our end, we're taking steps to build a healthy environment for active traders in India. If you appreciate what we are doing, we encourage you to refer your friends to us.
Latest Update in January 2020: We have further refined the challenge and introduced some exciting updates in 2020. For more information, read this blog post.