V7.4.0 - Prop Trading Challenge Optimization: Advanced Analytics & Enhanced Functions

Learn about all the details of all our recent Prop Trading System updates here.

Released Date - 26 December 2023

This release brings pivotal enhancements to the Proprietary Trading Challenge system. Notable improvements include more frequent equity monitoring, now calculated every 10 minutes and a more intuitive "participants" tab that now offers detailed snapshots of traders' status. Furthermore, we've streamlined the admin process with automated approval options, challenge duplication and more!

Summary

1. Dynamic Equity Update: Stay informed with equity updates every 10 minutes for more precise and consistent monitoring.

2. Optimized Calculation Logic: We've fine-tuned the maximum loss and maximum daily loss calculations by incorporating equity changes, enhancing accuracy.

3. Comprehensive Participants Page: Gain deeper insights into your participants with new features such as progress bars for equity, profits and losses.

4. Automated Approvals: Have the option to enable automatic approval for all participation requests.

5. Duplicate Prop Challenges: Easily replicate your successful challenges with the duplication function for simple setup and management.

6. Enhanced Reporting Tools: Simplify data retrieval with date filters from challenge initiation, eliminating the need to recall specific start dates and ensuring the absence of non-data sets. Additional filtering options are available for obtaining precise data related to distinct packages and steps.

7. Retry Attempt Display: An upgraded interface now allows users a more intuitive and seamless experience for participants to navigate their retry opportunities.

1) Dynamic Equity Update

In this latest release, we've introduced an improvement in the frequency of equity updates. Now, equity is refreshed at a more frequent 10-minute interval. This enhancement ensures a more responsive and accurate monitoring experience, allowing you and your traders to stay better informed about real-time changes in equity, thereby enhancing the overall effectiveness of your trading activities.

2) Optimized Calculation Logic

We've also fine-tuned the calculation logic for both Maximum Daily Loss and Maximum Loss.

A) Maximum Daily Loss

1. The CRM now compares the latest obtained equity with the equity at the end of the previous day to determine if the trader has reached the maximum daily loss threshold.

2. Challenge fails when: Latest Equity - Previous Day Equity ≤ - Maximum Daily Loss

For Example:

Initial Equity: $10,000

Maximum Daily Loss = 5% x $10,000 = $500

Previous Day Equity	Latest Equity	Equity Change	Challenge Failed
$10,000	$11,000	$11,000 - $10,000 = $1,000	$1,000 ≥ - $500 Challenge has not failed.
$11,000	$8,500	$8,500 - $11,000 = -$2,500	-$2,500 ≤ -$500 Challenge has failed.

B) Maximum Loss

1. The CRM now compares the latest obtained equity with the initial equity to determine if the trader has reached the maximum loss threshold.

2. Challenge fails when: Latest Equity - Initial Equity ≤ - Maximum Loss

For Example: Initial Equity: $10,000

Maximum Loss = 10% x $10,000 = $1,000

Initial Equity	Latest Equity	Equity Change	Challenge Status
$10,000	$11,000	$11,000 - $10,000 = $1,000	$1,000 ≥ - $1,000 Challenge has not failed.
$10,000	$8,500	$8,500 - $11,000 = -$2,500	-$2,500 ≤ -$1,000 Challenge has failed.

3) Comprehensive Participants Page

We've enriched the participants page by introducing the following additional fields:

1. Equity - Updated at every 10-minute interval.

2. Max Daily Loss Progress Bar - Updated at every 10-minute interval.

3. Max Loss Progress Bar - Updated at every 10-minute interval.

4. Profit Target Progress Bar - Updated on a daily basis.

These additions provide a more detailed and dynamic snapshot of each participant's trading status, ensuring a comprehensive overview of their challenge progress and performance.

4) Automated Approvals

We have introduced a new feature that gives you the flexibility to enable automatic approval settings for prop challenge participation requests. With this option, client participation requests will be swiftly and automatically approved upon submission. This streamlined process ensures that clients receive their prop trading account credentials instantly, enabling them to commence trading without delays.

To configure the approval settings, follow these simple steps:

Step 1

1. Navigate to Settings > Approval Settings.

2. Click "Edit".

   

Step 2

1. Scroll down and find "Participate in prop trading".

2. Select "Automatically".

   

Step 3

Click the "Save" icon to apply the changes.

5) Duplicate Prop Challenges

You now have the ability to duplicate prop challenge names, providing you with the flexibility to replicate names as needed. This streamlines the management of similar challenges, fostering efficient organization within your prop trading environment.

6) Enhanced Reporting Tools

Our reporting tools for prop challenge trade history have received an upgrade for added convenience:

1. Date Filter

   • The date filter now automatically excludes dates before the prop challenge began, enhancing clarity on the start date of the prop challenge.

   • Selection of dates prior to the challenge start date is restricted.

   • This enhancement offers increased convenience, removing the need to recall the start date of the prop challenge and minimizing the risk of encountering empty data sets.

   
2. New Filtering Options

   • Now, you can easily filter trade history using the new filtering options: package and step.

   • This improvement enables you to precisely focus on trade history data for a particular package or step, enhancing the accuracy of your analysis.

   

7) Retry Attempt Display

1. Traders now have visibility into the remaining retry attempts for prop challenges.

2. After each retry, the system will automatically update to display the remaining attempts available.