Welcome BT Traders,
Overview
This new challenge will sharpen your mind for building trading strategies to reach profits sooner and identifying market situations that could make a big difference in how you determine your trade entry points.
The goal is to find a coin that you “THINK” could make a 10%+ run within the time window of the challenge. But, the strategy is to pick a coin that makes the run in a shorter time than the rest of the player’s picks. 🙂
This brings weekly excitement, anxiety and anticipation to all of us during the time we wait for who is declared the winner. Because your pick might be leading the pack all week long, but a gem picked by someone late in the last day or hour of the challenge week could beat you out in a flash. LOL…
You can find the Buy Coin button on the main daily post page as it has always been to submit your picks.
You can read the full details of the rules below. By all means, learn and HAVE FUN!!! 🙂
Please send me a DM with any questions… Good luck everyone!!!
Buy Coin – Open Pick Window
The weekly challenge Buy Coin button is open as of Friday 7pm USA time or Saturday 8am Philippine time, as has always been with our challenges since we started the weekly challenges in December 2021.
The Buy Coin button now remains open until the last hour of the challenge week. Which would be Friday 6pm USA or Saturday 7am Philippine time. Unlike in past weekly challenges this button closed on Wednesday 7pm USA or Thursday 8am Philippine time.
Why does it stay open so late? Because, a coin’s price could actually pump within 1 hour at any time. So, you could possibly find a late gem to pick on the last day of the challenge and still win 1st place with that pick. 🙂
The timestamp of your message will be what is used for determining the market buy price on the chart at that time.
IMPORTANT: If you cannot open the page using the “Buy Coin” button, please submit your pick in the Traders GC by giving only the “EXCHANGE”, “MARKET”, “COIN NAME”.
Example of your GC msg: Challenge pick – BITTREX, BTC, ATOM
The Sell Price
In this challenge, you never need to submit a sell price. So no access to the Sell Coin button will be granted during this type of challenge.
Why? Because the 10% gain price level will already be factored into the target in the results table.
The results table will also automatically post the actual time it took your pick to reach the 10% target price.
The challenge ends on Friday 7pm USA or Saturday 8am Philippine time, as has always been with the weekly challenges.
Stop Limit Orders
There are no stop limit orders necessary on this challenge.
Long & Short Orders – Added 3/17/22
Effective 3/18 8:00pm USA or 3/19 8:00am Philippine time, we will be using a “LONG” and “SHORT” option for our buys on the trades within the challenge each week. Please click here to read the full details.
Who Wins???
The participant with the pick that sees a 10%+ profit “in the shortest amount of time” would be declared the winner for that week.
How do we determine “who’s pick was first to 10%”? 🙂 Simple…
The time that you submit your pick, is the time your clock starts. The timestamp of the market reaching a 10% gain is when your clock stops.
If your coin’s market price reached 10% gain in a shorter time than another player, you are the winner.
What if nobody’s pick reaches 10% gains by end of the week? Very simple. The pick that has the “highest profit gained” in the “shortest time recorded” when it reached that level would be declared the winner.
The actual peak price would be determined at the end of the challenge period based on the highest price level your coin’s market price reached “after your pick time” was recorded.
What if all players failed to reach a 10% profit target for the week? In this instance, the normal ranking based on highest profit and then shortest time will complete the final ranking list.
Tie Breakers
The simplest way to break a tie is the “hours to profit” on the results table. The lower total time is the winner.
If any players end up in a tie of the “hours to profit”, the reward is split 50/50; or divided equally among all players in the tie.
Rewards Payout
The rewards given based on “final” rank are as follows:
- 1st place – $20 XLM
- 2nd place – $10 XLM
- 3rd place – $5 XLM
- 4th – Last – 10 XLM (total)
Example Of The Results Table
This would be a simulated view of how you could determine who’s pick is in the lead or who has won the challenge. The sample results are taken from the live data of last week’s challenge.
As you will notice the ranking is based on the profit % first and the hours to profit second.
If the any of the data in the table is in red numbers, it means that the pick failed to meet the 10% profit level prior to the end of the challenge and a highest price is then used to determine the profit % earned or lost.
The “SELL PR” column will always be green because of the automatic calculated profit level generated by the buy price with the 10% profit target figured into the pick upon buying.
You will also notice how some of the highest price points after the player’s pick time is very short. This would indicate that just after the pick was submitted, the price of the coin on the market might have had a small run up before it dropped further down and did not come up to meet the 10% profit target prior to the end of the challenge week.
In those instances, the actual time of the highest price reached after the pick was submitted is the final result of that trade.
Basically, the green final results will always be over the red results at any time. If there is ever a time where the entire group of players end up with red numbers on the final results, then that is when the normal ranking based on highest profit and then shortest time will complete the final ranking list.
