~~Trade Performance 2.0~~
Hi FrontPagers,
Thanks for your overwhelming response on Trade Performance 1.0. Since launch earlier this year, trade tracking has gone a long way in helping discover good trades & traders, minimizing mis-representation and bringing transparency to the ecosystem.
And while it was a huge step up from chaos and anarchy before, based on your feedback we also realized that it had a few big loopholes. Which is what led us to 2.0.
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Here is a shortlist of what is broken with our (current) percentage returns based system:
- Trades that return more %ages have an unfair advantage e.g. buying options as opposed to selling options or cash trades.
- There are no margin constraints, which is complete unlike real life. As a result there were folks who entered literally thousands of trades often on the same instrument.
- People had monthly returns ranging from -800% to +1500%. That is totally absurd. The system and everybody participating instantly lose credibility looking at those numbers.
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Here are the changes we are bringing in beta 2 to fix the above:
- Every FrontPage account will start with INR 10L of virtual margin money for trades. If you run out of this 10L, you won’t be able to place any more trades.
- When you enter a trade, you will have to specify the quantity of instrument.
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The disruption:
- Previous trades and trade related reputation will be reset for all accounts since there is no way to reconcile them with the new system.
- We apologize to those of you who built good reputations in the old system. But we promise that this is the last time such a disruption is happening. And we hope you realize that reputation numbers are valuable only when the world believes in them.
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We hope this new system will be much more credible, transparent and will help surface the best of traders and investors on FrontPage.
Please do continue to share your invaluable feedback. We are certain this system can be improved further. But you can share your feedback about absolutely anything.
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PS: Please upgrade to the latest Android app from the Play Store, old apps will not be able to post trades starting Monday. The iOS app has been sent for review, should be available by the middle of next week.