How to approach a trading competition??

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Quote from: Finestream on September 18, 2024, 12:02:51 PM

More than trading skills and strategies, trading itself also requires luck. So if you are going in a trading competition, make sure you are feeling lucky because that will help you to make those trades turn favor on you. And also, you need to be more patient on the market, if not, the risk to lose will increase its chances due to wrong decision making. And lastly, if you can’t be good in leverage trading, then at least leverage yourself in trading. That way, you will gain more possibilities in maximizing your profits as well as lessening your trading losses.

You guys have been really helpful here. Gotten lots of insights.

He is wearing casino sigs. That's why he thinks that trading is based on luck. If you have a lack of knowledge about trading, all positions and decisions you make are purely based on luck.

You can study technical analysis and test your skills on Tradingview for free with Paper money do it consistently and you should notice something how the price reacts sample in support and resistance or in order block/fair value gap if you study technical analysis I'm sure you will notice them and you will get some idea where to place a position.

Look at those real traders who join the competition and become the top traders. Do you think it's all based on luck that is why they got the top rank?

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Quote from: Peanutswar on September 19, 2024, 11:23:51 AM

Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

I didn't participate any trading competitions at all because the goal of it is the highest win rate and profit right, I have my own pace of trading so I don't need to get bothered with the others people makes a huge amount of earning than me well there's particular reward with the winner but I'm just a small time and casual trader seeking small amount of gains with the market volatility. I guess ideal is to explore more learnings so you can use those tools in different situation when you make a trade.

Most likely those are the goals of joining in a trading competition. But more than that, it also creates a challenge on us whether we can be extra good and reliable trader, and not just good enough not to consistently lose at all.

I think the best approach towards a trading competition is through your self-confidence that despite of uncertain future market direction, you will still be able to manage or even redirect your trade so you won't end up seeing your trade going wrong and cause you instant losses. Be a wise and smart trader, not just a knowledgeable one.

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Quote from: Finestream on September 18, 2024, 12:02:51 PM

More than trading skills and strategies, trading itself also requires luck. So if you are going in a trading competition, make sure you are feeling lucky because that will help you to make those trades turn favor on you. And also, you need to be more patient on the market, if not, the risk to lose will increase its chances due to wrong decision making. And lastly, if you can’t be good in leverage trading, then at least leverage yourself in trading. That way, you will gain more possibilities in maximizing your profits as well as lessening your trading losses.

You guys have been really helpful here. Gotten lots of insights.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

Experience will tell it all. If you have a wide experience trading in the market and has been a trader from scratch and is already making trading developments by now, I guess you don’t have to worry a lot if you participate in a trading competition. Your knowledge, skills, strategies and your overall confidence will be your asset in trading that will make you gain an edge over other traders.

However, if you are still learning the process of trading and yet you are eager to participate in trading competition, that creates higher risk and pressure on your part. Prioritize first your market exposure and trading experience. When you have achieved that already, good results will eventually follow when you trade.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

The only tip is to prepare a big big big capital amount haha and a good risk management strategy, as it won't be surprising that you are competing in a $20k to $30k trading competition on any platform with $ Million capital and the pair you were trading due to its volatility you lost $50k and got tricked by marketing strategy as exit liquidity by the team.

Aslo this is one of the most covered topics I can mention a few below as I've bookmarked them at that time.

https://ninjastic.space/topic/5501165
Has Trading Competitions competitions led you to challenge your skills?
Why Not A Crypto Trading Tournament Like Having FIFA eWorld Cup
What is KCGI?

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Trading competitions are awesome, especially if you are a top-ranked trader. First, I think you need to see what parameter you are going to compete for. Is it going to be ROI, volume, quantity of trades, etc.? If you are capable of making high-frequency trades, I think you could be one of the top performers in that competition.

You need to look for easy access and an exchange on which you have an account, and with that, I think it could already be possible.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

Best approach? Stick into your own trading style and dont get pressured specially when you are on a trading competition yet this would be still mostly goes after on how profitable you are or the volume that you do generate out. It will really be basing up on the mechanics on which it would really be something casual or talks about profits you had made. Dont get stressed out or make yourself that desperate because on the time or moment
that you are chasing up something then it will really be disrupting you to make good trades. Just do on the things that you do or getting used to and you would be able to see that you are doing just fine.
Just accept that there would really be that better traders out there which is normal, if you are doing something great then you would be placing yourself on the top as simple as that. When joining up competitions then
just do your best and accept on whatever the outcome it would be. In competition then there would really be those winners and there would be those losers on which it is really just that part of it.
Thing here is that you shouldnt really be losing up your cool on the time or moment that you do find yourself on such condition.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

I didn't participate any trading competitions at all because the goal of it is the highest win rate and profit right, I have my own pace of trading so I don't need to get bothered with the others people makes a huge amount of earning than me well there's particular reward with the winner but I'm just a small time and casual trader seeking small amount of gains with the market volatility. I guess ideal is to explore more learnings so you can use those tools in different situation when you make a trade.

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More than trading skills and strategies, trading itself also requires luck. So if you are going in a trading competition, make sure you are feeling lucky because that will help you to make those trades turn favor on you. And also, you need to be more patient on the market, if not, the risk to lose will increase its chances due to wrong decision making. And lastly, if you can’t be good in leverage trading, then at least leverage yourself in trading. That way, you will gain more possibilities in maximizing your profits as well as lessening your trading losses.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

You should derived a means that will make you to have limitations of losses and increase your chances of profit, so you can derived it through adequate research and also examine yourself for that, because what trading needs is a way that you can make your profit and observe how to overcome losses..because once you control yourself in getting much losses in trading methods and derived a means to be making profits instead of involving in much losses I think will make you to be strong in trading.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

Finding the right crypto trading platform with less demanding event eligibility criteria often stands out top for me. Next is to get familiar with the trading eligibility instructions and get ready to meet the requirements. Recently I found futures elite trader's events announced by Bitget. First thing, I looked up their requirements to see if It's something I can meet up with.

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Quote from: tranthidung on September 17, 2024, 04:43:43 PM

Quote from: GreatArkansas on September 17, 2024, 01:36:39 AM

Minimize losses, and maximize profits. The way you can achieve it is by having good risk management, for example, good risk: reward ratio.

It is mission for all traders and what they all want to achieve but the reality is most of traders don't get profit and don't achieve these things.

Quote

Since it is a trading competition, expect there are a lot of other traders better than you, so don't get too comfortable.
Respect the market, avoid chasing losses and have patience - this is the most important too.

Because of a fact that most of traders get loss, if they don't belong to very minority of traders who can get profit from trading, and they can not get profit in normal trading - not in trading competitions, it's supposed that they won't get better results in trading competitions when pressure is bigger than in normal tradings. It means that with most of traders, joining in trading competitions means risk of losing more money.

Trading competitions are for very professional traders, so if you're not such a pro in trading, don't join it.

These seems to be an issue for traders. Why don't they get profits even been good. As for trading competitions someone suggested one on Bitget. I checked the volume requirements it doesn't need much. I'm seriously considering giving it a try✅

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Quote from: EL MOHA on September 16, 2024, 06:00:33 PM

Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

I don’t think there’s basically anything you need to add if at all your good in taking your own trades, first thing I will advice you is to check the criteria or basis in which the competition will use to determine the results, some of the competitions I have witnessed mostly use the trading volume while other use the number or winning trades, the former is mostly the common although i don’t fancy those ones because mostly they are mostly won by those who have high capital. Volume to me is never a good way to rate a good trader.

As for technique I will say you should stick your trading plan and technical skills, the only problem might be you need to trade more for that period, so if you’re maybe a swing trader then it is another task to switch to a daily trading

I do all these im just impatient. Any books you can recommend that'll aid my trading psychology?

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Quote from: knowngunman on September 17, 2024, 06:27:17 AM

How experience are you in trading?

How well can you tolerate risk? And are you ready for the outcome?

Your answer to questions above determine how prepared you are. Participating in trading competition is not for amateur traders nor for low risk takers. Some of your fellow competitors have been in the field for long and are well experienced yet ready to risk since they're already living in profits. The organizers are interested in how much you are willing to risk. If you can risk it, you can join to at least have the experience as first timer.

Quote from: ethereumhunter on September 17, 2024, 03:13:15 AM

When you can lift up your ranks, it is better to keep calm and not too happy because that can make you underestimate other traders and will make you a wrong analysis. Stay focus to your trade and not think about lifting your position because if you do better trade, your position will be up.

This is where many competitors got it wrong in most cases. When you are to focus to overtake and move your position, you are likely to make a wrong analysis that'll end you up falling down on the list. It is fun to participate but it is not advisable considering the risk involved.

They are too greedy to chase the better position and not thinks with calm to analyze the market situation. That makes them in a wrong way because they make a wrong analysis which can lead them to lost their money and that means they lose their chance to lift their rank. Indeed it is exciting to participates in the trading events but you must know how good your skill in trading and remember that many people will have better skills than you. If you don't mind to trade based on your skills and you participate in that trading events because you want to get more experience, that will be good for you because you can see the competition between each trader. We must know how to manage the risks of losing money in trading so we need to learn more about trading.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips. What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

My experience has been an interesting one because it challenges me to go out of my comfort zone and try to take more risks by increasing my trading capital but I still don't over exceed my risk tolerance. My regrets with trading competition is that I didn't trade everyday the last time I participated in one. Trading almost everyday increase the profits that you're going to be making and it puts you among the top earners. Already you have to be very experienced with trading before going to join a competition. For people that don't have any experience, they don't have to join the competition but if you already are a trader that is confident of having successful trade, you can join and try you luck to see if you can be among the lucky winners. Trading competition aren't for low budget traders and those not use to lots of risk, you have to risk more money than when you're trading for your own gains.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

What should I look out for, how should I prepare, and what’s the best approach? All suggestions are welcome!

They're different types of trading competitions but I'll be brief with this. I'm a trader and I've been for 2 years now. And here's what I've learnt.

Risk management supercedes technical analysis imo
Be patient and follow your setup..it's either TP or SL. No in betweens.
Don't be greedy and join a community of like minds..

In terms of trading competition you should ensure you follow the rules and make sure you don't panic. You can check this one out if you feel like trading, the rewards are decent>>future elite trader.

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Quote from: GreatArkansas on September 17, 2024, 01:36:39 AM

Minimize losses, and maximize profits. The way you can achieve it is by having good risk management, for example, good risk: reward ratio.

It is mission for all traders and what they all want to achieve but the reality is most of traders don't get profit and don't achieve these things.

Quote

Since it is a trading competition, expect there are a lot of other traders better than you, so don't get too comfortable.
Respect the market, avoid chasing losses and have patience - this is the most important too.

Because of a fact that most of traders get loss, if they don't belong to very minority of traders who can get profit from trading, and they can not get profit in normal trading - not in trading competitions, it's supposed that they won't get better results in trading competitions when pressure is bigger than in normal tradings. It means that with most of traders, joining in trading competitions means risk of losing more money.

Trading competitions are for very professional traders, so if you're not such a pro in trading, don't join it.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

~

I don't think there's anything different about it from regular trading other than the additional stakes as a competition so if you're already a pretty good trader, there's nothing much for you to do really.

Ofc it may vary based on the way the competiton is making you guys compete with but jus stick to what you know and you'd be fine. Even if you lose the competition itself you should only lose ny failing to maximize profits. Minimizing losses shluld always be the bare minimum.

The only new factor here I reckon is time abd money involved since you're definitely going to need to trade a lot more than usual.

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Quote from: knowngunman on September 17, 2024, 06:27:17 AM

How experience are you in trading?

How well can you tolerate risk? And are you ready for the outcome?

Your answer to questions above determine how prepared you are. Participating in trading competition is not for amateur traders nor for low risk takers. Some of your fellow competitors have been in the field for long and are well experienced yet ready to risk since they're already living in profits. The organizers are interested in how much you are willing to risk. If you can risk it, you can join to at least have the experience as first timer.

This is true, a lot of people think that there are answers which fit the questions directly and not realize that each question could have different answers depending on the person and the situation they are in. This is why most questions about trading and investment stay afloat and they can't really do anything about it, we need to focus on getting better results and we need to do a lot better. I know that it's hard and not be done at all but we are going to deal with something that is getting a great deal of attention towards yourself and your situation when thinking about these questions.

What could be easy for me could be hard for you and what could be easy for you could be hard for me and that's the most important part. I believe that the best thing to do right now would be just focusing on how to make more money with whatever we have, so it can't be really dealing with getting greater results if we focus on personal situation without a much deal.

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Quote from: Iamcrypticguy on September 16, 2024, 05:32:34 PM

Hey traders, hope your week is off to a good start! Mine’s been profitable because I'm currently shorting BNB, haha. But that's not why I'm here. I’d love to hear about your experiences participating in trading competitions and get some tips.

Yes, this week has been good for me and so does the last week. I've made some profits, not a lot but at least 1%-2% in most of my trades.

I'm not doing any kind of shorting these days as the market has been bearish in past few days but now it seems like a good time for me to open some short positions.

I used to avoid trading competitions because they weren't giving me enough rewards for my time but recently I have made some profits by participating in some trading competitions.

I guess, this week I may have some better profits by shorting and averaging my positions. Let's see what happens, and how the market reacts.

Topic: How to approach a trading competition?? (Read 233 times)