The daily consistency rate is a measure of how consistent you are over the total number of trading days in which you participated. It is calculated by taking your highest daily profit and dividing that by the total profit on your account. The lower the number, the better your daily consistency rate is. Your daily consistency rate can be found under your active accounts in the user dashboard (https://rithmiconboardingtest.com/member/member). Note if your account balance is less than the starting value, your daily consistency rate will not be calculated.
Here are a few examples on how the daily consistency rate is calculated:
1) Your total profit over 5 days is $1000. Your highest daily profit was $300. This means your daily consistency rate is $300/$1000 = 30%.
2) Your total profit over 5 days is $1000. You lost a total of $500 over 4 of the days but made $1500 on day 5. This means your daily consistency rate is $1500/$1000 = 150%.
If you want to improve your daily consistency rate, you will need to continue trading additional days until your largest profit day is a smaller percentage of your overall profit.
Here are a few examples:
1) Your total profit over 5 days is $1000. Your highest daily profit was $300. This means at the end of day 5, your daily consistency rate is $300/$1000 = 30%. You decide to trade an additional day in which you make $200. This means your total profit over 6 days is now $1200. Your largest daily profit is still $300. This means your daily consistency rate after day 6 is $300/$1200 = 25%.
2) Your total profit over 5 days is $1000. Your highest daily profit was $300. This means at the end of day 5, your daily consistency rate is 30%. You decide to trade an additional day in which you make $500. This means your total profit over 6 days is now $1500. Your largest daily profit is now $500. This means your daily consistency rate after day 6 is $500/$1500 = 33.3%.
3) Your total profit over 5 days is $1000. Your highest daily profit was $300. This means at the end of day 5, your daily consistency rate is 30%. You decide to trade an additional day in which you lose $100. This means your total profit over 6 days is now $900. Your largest daily profit is still $300. This means your daily consistency rate after day 6 is $300/$900 = 33.3%.
The daily consistency rate encourages traders to spread their risks and profits over many days and to not rely on one or two highly profitable trades. A lower (better) daily consistency rate proves to us and the trader that they have a sound risk management plan and that they can be profitable over many days and in many different market environments.
Psychologically, it helps develop a framework and discipline for the trader to have daily attainable goals and to focus on the ‘NOW’. As many aspiring traders have probably realized, regretting past mistakes can cause a desire to quickly make up losses, leading many to abandon their trading plan by scaling up, increasing risks (widening stop losses), and going for higher targets outside of their plan. Keep in mind, our goal as a company is to help eliminate the ‘get-rich-quick’ mentality and instead replace that with a foundation of long-term, consistent success. This is further encouraged by rewarding great consistency with lower funded account activation fees and quicker payouts (see more about benefits here).
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