How do I track my challenge progress?

Tracking your progress during the Trading Challenge is an essential part of ensuring you’re on track to meet the 10% profit target while adhering to all the trading rules. Pivex provides you with a comprehensive dashboard where you can monitor key performance metrics and ensure you’re staying within the drawdown limits and trading consistently.

Using Your Pivex Dashboard:

Once logged in, you’ll be able to view all relevant data in real-time via your Pivex Dashboard. This visual interface gives you insights into your trading activity, performance statistics, and account metrics to help you stay focused. Here’s what you can track:

• Win Rate %: The percentage of winning trades compared to total trades. Tracking this helps you understand your trade success rate and whether your strategy needs adjustments.
• Number of Trades: This shows how many trades you’ve taken so far. It’s important to ensure you’re actively trading to stay within the minimum trading days requirement and demonstrate consistent performance.
• Account Age: The number of days your account has been active. This gives you an idea of how long you’ve been in the challenge and whether you need to place more trades to meet the minimum trading days.
• Trading Days: The total number of days you’ve traded. Remember, you need to trade for at least 5 days to pass the evaluation unless you’ve purchased the Minimum Trading Days Waiver add-on.
• Active Days: The number of days you’ve actively engaged in trading within the evaluation period. This metric is important to make sure you’re consistently involved and not letting your account go idle for too long (over 30 days of inactivity will result in your account being closed).
• Biggest Loss & Biggest Gain: These show your largest losses and gains, respectively. It’s essential to keep an eye on these to manage your risk and ensure that you’re staying within the drawdown limits of 4% daily and 6% overall.
• Profit Factor: This shows how much profit you’ve made for every dollar lost. The higher this number, the more efficient your trading strategy is.
• Sharpe Ratio: This measures the risk-adjusted return of your trading strategy. A higher Sharpe ratio indicates that you’re earning a better return for each unit of risk taken.

How to Use This Information:

Your dashboard gives you a holistic view of your performance and progress. Use this data to:

• Monitor Profitability: Keep track of your profits and losses to make sure you’re heading towards the 10% profit target.
• Control Risk: Watch your drawdown limits, and use the biggest loss indicator to avoid large losses.

Ensure Consistency: Check your trading days and activity levels to stay on track with the Consistency Rule.

Adjust Strategy if Needed: If you notice your win rate or profit factor is low, it may be time to adjust your strategy and improve your trading approach.

Tips for Tracking Progress:

• Set realistic goals for each week. Break down the 10% profit target into smaller milestones, and celebrate small wins.
• Don’t focus on one big trade. Consistency is key. Ensure that you’re placing regular trades and sticking to a disciplined strategy.
• Keep your drawdown within limits. Always use stop-loss orders to protect your capital.

By actively tracking your progress, you’ll gain valuable insights into your trading habits and improve your chances of moving to the Pivex Traders stage. So keep a close eye on your dashboard, stay disciplined, and use the feedback to guide your journey towards success.