- In Jan 2020, we added Badges of Honour to acknowledge consistency and winning streaks. We also changed a few things. You can read more about it here.
- We want to make the pursuit more gratifying, fun, and useful.
- Please don't ask us to increase the refund amounts beyond the ₹5000 limits. [The Upper cap has been decreased to ₹5000 (refer to this notice) w.e.f 12th October 2021]. That's not on the cards :-)
Discussion
30 Day Challenge What are your suggestions to make FYERS 30 Day Challenge more rewarding?
What are your suggestions to make FYERS 30 Day Challenge more rewarding?
Where am I?
In FYERS Community - Pick others' brains on Trading/Investing you can ask and answer questions and share your experience with others!
Hey Tejas,
Thanks a lot for Fyers 30 Day Challange. I think Fyers 30 Day Challange is an excellent initiative & good yardstick to measure ourselves in this industry.
Few Suggestions to make it more lucrative
1) I think a small Q&A session Either written or on video call with winners for at least 3 times can be good learning for other traders and what kind of style they trade and what will be thier advise who are taking those challenges
and
2) Creating New Badges after 5th winner also be great.
Hey @Vishal Mehta,CMT, Thanks! You did a straight winning streak from start to finish :).
Yeah even that's a good idea. Like ROI, winning ratio, drawdown etc
And one more suggestion don't close this scheme !
It's very very good one for disciplined retail traders with modest capital , big guys don't care about brokerage but for small ones it's a ROI booster by hefty margin!
Really loved this idea
Hmmm, how about badges for different trading metrics?
Hey Tejas,
I would like to thank you whole heartedly for creating such an amazing platform for the traders community. Thanks for this open suggestion initiative as well. I truly believe many would open up ideas in this forum. As FYERS already have the data of trading challenge winners, a provision could be added in the platform where the new/novice traders can follow those pro-traders through the FYERS platform and once they(pro traders) take a position, the newbies should be able to follow those trades so that they can also take a position/study the exact entry and exit points. In this way, the real market expert could be identified and stock market training scammers can be ruled out permanently. Nowadays training the novices towards stock market is a profession and there are too many scammers taking advantage of the poor retailers money.
Meanwhile, I had written an email to you, requesting for job opportunities in your Research Wing. If time permits please go through the same and respond. Once again thank you for the opportunity.
Thx @Sajan Nair, Thx for acknowledging :). I love to discuss ideas with people so who better than our clients, right?
Social trading is cool but SEBI has reservations against this because it will encourage a copycat culture in the mainstream and popular people will end up with a large following. They probably feel that it can influence stock prices, open a new door for market manipulations, etc. SEBI wants only RIAs to give advice by following the necessary guidelines. Some friends & acquaintances tried this model. They had created apps to make this happen but had to shut down due to SEBI regulations.
We aren't hiring for research at the moment. New openings will be listed here.
This is a good initiative.
Few enhancements that can be useful and can motivate participants and make more engaging.
Thx @Arindam Ghosh.
The reason we don't show ROI is that it can lead to very distorted perceptions. For example, a guy with 1 lac in his account has a much higher risk appetite than someone with say, 20 lacs. It is obvious, that the traders with lower capital sizes will rake up a very high ROI in comparison to well-capitalized traders (Think one-sided, big SLs, aggressive OTM option buying, etc). So, the results will be skewed in their favor.
Point 2 - Overall results will be there, but this will add another filter if someone is interested in automated trading arena. If the volume in this space is high, others can feel more reliable in the api stability and may attract more like minded people.
In my opinion, winning streaks should not be the sole criteria for rewarding. Instead, the focus should be made on Net Return on Capital (based on net profit including losses and other deductions).
These would be my suggestions for the eligibility to participate in the 30-day challenge.
Completing a 30day challenge under this condition itself is much more rewarding than maintaining streak alone.
Apart from this, you could issue Real Badges along with the hard copy to the successful traders (inspired from Youtube play button) and let them post a picture wearing/holding the badge along with their feedback/testimonial which could be posted in a separate section in the forum or maybe in the webpage itself. This may be done for a trader with more than 12months streak or something of that sort.
Also, you could provide virtual badges to the winning trader's community profile.
Additional funds part is a little but debatable since sometimes our positions are in bad state due to loss or margin, in order to save we will have to add funds to save your trade, as long as the additional amount is not considered in the cash back calculation , shouldnt matter right?
@Retin P Kumar, Yeah it's all about improvising on an ongoing basis. Btw, it is based on net return on capital (net profits).
We have proposed to verify profiles and to assign badges for those who have won the Prodigy & Wizard badges. You can notice this in @Vishal Mehta,CMT's & @Sachin's profile as of now :)
My thoughts :
Restriction only to buy Mutual funds is not good at all
When you receive the cashback reward.you can utilize anyhow you need..it is not fair to restrict rewards only for mutual fund/ thematic investment...lot of traders doesn't want to invest in mutual funds especially intraday traders
True kiran and dinesh, that was a bad suggestion by me
More badges based on consistency over years
Fyers T shirt a good idea ( suggested by Pavan B.N.) ( Only for wizards or may be above that)
Interview with Wizards and above ( if they are ready)
Hey Dinesh, Yeah @Pavan B.N 's suggestion was good. Winning 3 times in a row and more is easier said than done.
Few improvements:
Thumbs up t the goodies part !
Good idea , its also a good marketing plus , win win for trader and Fyers team
Hey @Prabhakaran Murugesan,
2) If you unsubscribe to APIs, you will be eligible for 30 Day challenge refunds.
-- I was assuming the same and reached out to fyers but this is the response I got -
"Hi Prabhakaran, We're working on the process where API ID's will be tracked on real time basis for the 30 Day challenge period. Until then, API enabled ID's won't be eligible for brokerage refunds. You can take the challenge and certificates will be issued accordingly. Thanks!"
So I reactivated APIs anyways. Not a big issue.
Hi Tejas,
I am happy and privileged to be Part of this 30 Day Challenge and its very Good to Win the Challenge 10 times. I always thanks for the Great Platform for making habit of Winning and maintaining Discipline.
Few Suggestions on My Side:-
Thanks again for a Nice Platform. Keep things Prompt.
Thanks, Sachin.
One more suggestion:
Brilliant suggestion. This should be implemented without fail
Hey Prabhakaran, Unless it's a competition there is no use of really setting a start and end date for all traders who will attempt the challenge. We add clients on a daily basis so expecting them to wait for the next challenge to start is kinda implausible.
I don't agree, Dinesh.
That wait will only be a one-time affair for each client, because after that, they will sync with the monthly (or some fixed periodic) cycle. Worth trying if it is possible. Anyway, not a big deal.
For better analysis of 30 Days - i suggest following aspects.
We can add widget of calendar to show green and red days - when we are making profits will be in green color and losses in red color.
We can segregate these days by time of trade taken as well to make profit or loss.
We'll try to implement it in the future, Amit. Tx for your feedback.
This may not be a very popular idea at this point, but short term trading is more like gaming and sidesteps serious long term investing, which, now-a-days seems to be going extinct.
But we all know that stock investing (as opposed to trading) is the path to sustainable building of wealth, which should be the primary goal of people in the stock market (though that does not really help the broker make more money! :-) ).
Is there any way to entice high quality investors (which needs a whole different mindset) out of the woodwork to showcase their approach so we can encourage people to invest, while they go about this gaming business called trading?
Just a thought.
So, within a year of introducing badge of honours. there have been some very consistent traders that have surpassed the winning streak of 5 in a row. This is by no means an easy feat. To continue to motivate winners, we introduced more of them. For more info. read this post.
Thanks Tejas this is super awsome.
Hi Tejas,
FYERS 30 Day Challange is an exciting initiative and I think the 130 million + account holders of speculative investing and trading in India must be brought under such a programme like this. If not, in the long run, the 90: 10 rule will become still worse.
it's also my suggestion that you could begin a section/column providing an analysis of the reasons behind the 30 Day Challange winners and the losers as well. This will add to the advantages of having such a challenge.
Thank you
FYERS team