Posted on by BT Rick

Weekly Pick 3 Challenge Rules

Welcome BT Traders,

Overview

You all have done very well with the previous challenges to build your trading strategies to beyond the beginner level. I am very proud of all of you… 🙂

Now that you have some intermediate skills in your trading mindset, it’s time to flex it 3x with this newest twist in the challenge game.

Nothing has changed from the timing of when the week starts and ends, except the first week due to the time it has taken me to type up the rules and change the buy coin button form page. All other rules will still apply from the ongoing weekly challenges for the most part. Click here to see the main rules, if needed.

Pick 3 Challenge Rules Added – Is Priority Over Original Rules
  1. Buy Coin button is open until Thursday 8pm USA or Friday 8am Philippine time.
  2. You must pick 3 different coins from any combination of exchanges you choose to use. They can be from all on 1 exchange or a combination of 2 or 3 exchanges that we have been using on the challenges since the beginning of time.
      1. If you must use the GC to submit your picks, please use this format in your msg: (EXAMPLE ONLY) WC-BUY: PICK1-KUCOIN-LONG-ENJ/BTC; PICK2-BITTREX-LONG-XLM/USD; PICK3-BITTREX-SHORT-ATOM/BTC
  3. All 3 of your picks will have a buy price from the charts based on the timestamp of your form submission or GC post with the proper details.
  4. You must send a GC with the following format: WC-SELL in order to close your trades with a sell price based on your timestamp at any given point during the week prior to Friday 8pm USA or Saturday 8am Philippine time. If you fail to submit a sell post in the GC prior to this time, then your sell price will default to the current market price on each of your 3 trades marked Friday 7:59pm USA or Saturday 7:59am Philippine time. NOTE: I will not use the Sell Coin button on the form because I don’t want to hinder anyone from getting their entry posted in a timely manner due to any issues with the website.
  5. Once you have submitted your WC-SELL in the GC, that will lock your profit/loss in place for the duration of the challenge for that week.
  6. There will be a “virtual” amount of $300 base starting balance for each player. Each trade will be using a $100 amount until further notice. The rankings posted at the end of each week will be based on whose balance is highest based on total profits earned from all 3 trades combined.
  7. There will be a daily update of the challenge status done around the same time that the Market Summary page is posted in the A.M. and P.M. See the example pic below to get an idea for what to view in the status each day.

Tips For Managing Your Trades
  1. It’s a good idea to monitor the market 1-2 days to see which coins you are mainly interested in before making your final picks.
  2. When picking your buy time, it would be best to know that all 3 of your picks have a very good position no matter which type of trade you are selecting “LONG” or “SHORT”.
  3. You should monitor the price levels of your trades combined with the current profits that are shown in the status update throughout the week to make the best choice of when to post your WC-SELL.
LONG & SHORT Trade Notes (Updated 4/9/2022)
  1. LONG trades have no restrictions on being used at any time. Because a LONG trade is simply a “normal” trade where you buy low and sell high. While SHORT trades are of a different type of way you have to open or buy that trade and is only found in the Margin Trading accounts.
  2. We will be using “all coins” from “any exchange” to be used across all exchanges thru the first week of the challenge. But, starting week #2, we will have a specific list of “Margin Trading” coins that you can select if you are using a SHORT trade. The “Margin Trading” options are only available on “KuCoin” and “Gate.io” exchanges. Please make sure you know this before making your picks.
  3. SHORT trades can only be picked from the newly posted KuCoin Margin market lists.

IMPORTANT NOTE: (UPDATED 4/9/2022) Due to the bearish market times we have faced over the last few months, I must reduce the amount of rewards for the time being to enable me to replenish the funds that were set aside for this purpose months ago.

While I build this budget back up to minimum levels to allow me to continue doing this challenge with real earning rewards, I will now only send 10 XLM to each participant that plays the challenge. 

The top 3 winners each week will be entered into a 1 week trade using a CA that I will designate a certain amount of funds where that winner can earn true profits the following week using that account.

There can be repeat winners only in 2nd and 3rd place since 3 accounts will be used now so that we keep the group having a fair chance to use those accounts ongoing.  The first place finisher cannot repeat. In such case, the 2nd place winner will use the CA1 and the 1st place winner will use the CA2 for the upcoming week.

Once all participants have had a chance to work with the TA, then we can reset the eligibility. If a participant misses any weeks then they would have to be in line after the eligibility reset is done. So please everyone try to not miss any weeks!!! I will announce when the eligibility reset has been reached.

Thank you everyone in advance for your understanding and continued enjoyment with these challenges… 🙂