Topic: How to approach a trading competition?? - page 2. (Read 856 times)

Those peoples that we see make an competition about the trading are those who have already have much experience about the, but I wonder some people that they just started instead of them should be endure and lean in other to get a lot of experience about trading: Bit they will be after competition with those that have become experts.

When we come to trade we need to extra very careful, some of people’s will go and participate competition without having a proper knowledge of the trading or knowing their own market strategies, but if a person is lack of knowledge about the markets it will never succeed in trading.

Hahaha, it was a joyful moment for you winning BNB. Well, buddy, the trading competition is easy and tough at the same time, and your preparation depends on the opposing team, how skilled and experienced they are and their preparation for the competition. I can simply say that you should make your own strategy before entering the competition, but yes, you have to read the terms and conditions before you enter to the market. it's very important because they set the criteria for winning. The third point is risk management and the use of stop-loss to prevent excessive losses. Next, you should communicate with your team members and other participants in the competition arena, which will provide you with knowledge about different strategies and the market. These are some essential things that are important to consider in a trading competition.

And when you learn to acquire the knowledge of the movement in the market, it will help you to succeed among the competitors in the market because you have the experience of the market which it will lead you to the season to trade your coins to make a good profit other people are making from trading. It depend the price you bought your coins in the market, because if you buy your coins in a high price and you sell the coins in the bull run, it will not help you to make plenty profits like those that bought their coins in the bear run and sell in the bull run.

This long hodling before trading, is very hard for some newbies to achieve to improve in any competition trading because they feel is a waste of time for them, than to trade without considering the price of the market at the moment, which it will not help them to earn a good profit with other traders in the competition.

The best approach is to learn the movements of the market well and then participate in any competition. If the market is going up and it reached high peaks then surely it will have some correction and in correction shorting works like a charm but if market is dumped and bull run is still there then there'e chance the market may go up again and in such times it's better to open long positions to earn profits.

Because if you force yourself, the tendency is to push yourself even if you know the risk is higher. Hence, losing is inevitable in this process. Better do what you usually do, and execute your trade as usual. In that manner, you will apply what you have been learning in your trading journey.
Trading contest for sure will give you good opportunity to earn, however, there are some drawbacks as you need to really  make sure you have your funds in place. Don't rely that afterwards, you will gain from it because not every trader can earn profits. Let alone, win from this contest.

I agree with your approach as people need to know risk of joining trading contest. If they force themselves to trade abnormally than what they usually do with their trading activities, they will self derail from their good track to bad one.

Forcing themselves to trade more, will possibly lead to discipline break that can be start of their losses from trading and even nightmare for their trading capital too. Appearing in top of leaderboard in trading contest never should be their only goal to reach, because a most important goal of any trader is "Defend and protect their initial trading capital as most safest as possible."

If we take the DEEP project team, for example, then I can say for sure that similar contests were held on other exchanges. But the conditions there were different. In particular, to participate in the trading competition, I used the Mexx exchange to trade derivatives of the DEEP token.

i really like the fact that these exchange just decided to make a trading competition on a newly listed coin which are still in the phase of volatility, it's just feels great when I trade on these volatile coin and I also received reward at the end of the event.

definitely a better event compared to back then where the only thing that matters is just trading volume and only whales could do that.

with these volatile coins, the whale are hesitant to make trade so it gives us the smaller shrimp a chance to actually earn something from the competition.
I've seen other events as well and usually it's always the new coins, I wonder if it's also partly coming from the project itself giving special allocation for the exchanges.

This is how i do things when it comes to any competition on which its not really that bad on thriving to go with the top spot be it will be always better that you should really be that making yourself not to be able to expect on winning up the competition. Why? if you will really be having this kind of mindset then it will really be just that making you distract on what you would gonna do because you've been thinking up that others will really be making up their trading too fast in terms of profitability.

It is really that recommended that you should be doing on what you've been getting used to and do your very best on trying out to make good trades. If you do saw that you are making up such progress then its good
and keep contiuing because we do know that once you do see such progress then there's always that chance that you might be ending up on going into that leaderboard but just like been said that you shouldnt be that expecting too much because there would be always those traders who are really that far more better than you and thats why you shouldnt be anticipating that you could beat them up so that you wont really be ending up on getting disappointed on the time or moment that you would be dealing up with any competition. The bad thing or wrong steps or behavior for most who do join up with competition is that they've been expecting too much that they could make it but in the end of the line it will really be that making or giving that frustration just because you hadnt been able to make it and thats why you will really be not trying to join up with those future competitions.

When participating in a trading contest, you do not have to set such a goal as getting on the leaderboard. Keep trading, just like you always do. And if as a result of such trading you additionally receive any prize for participating in a trading contest, then this will be an additional bonus for you.

If you are disciplined enough in trading and can make money, why should you join a trading competition? because in my opinion you will experience double pressure, first you have to make money and second you have to try to be on the leaderboards, but if you really want to join then what you have to do is read every trading rule carefully and also prepare capital because this requires large capital, and if the prize is in the form of a new altcoin it is very risky the price can drop quickly so if you succeed in getting a prize it would be better to immediately convert to Bitcoin.

Sounds nice.
You did well, and thanks for the tip! Much appreciated.

Yes, there are especially many such trading contests on the Bybit exchange - https://www.bybit.com/en/trade/spot/token-splash Now the DEEP/USDT trading contest is coming to an end and I decided to take part in it. I have completed a trade turnover that exceeds 27 thousand dollars, for which I will have to receive approximately : 4,4k DEEP, which at the current exchange rate is equal to $270. Since there are still 2 days left before the end of the competition, I think I can increase my reward.

Therefore, apart from registering alone, you also take time to read the rules (which are important) even though we are sure that the rules are still the same because we might be wrong with our assumptions and that will be the reason for our disqualification. It is seems you are an experienced trader already. That's great but for those who aren't yet and are excited to join their first competition, pretty sure they will also do a practice.

As you said, there are also trading contests that focus only on a few pair of coins. One of these coins must be new and it was like they are only promoting it. The rewards in the contest can also be sponsored by them (dev/team of the coin).

This is it. Do not panic even if knowing that it is a trading competition, you have to compete with others that are also aiming for the prize money. You just go ahead and chill and if it's a contest that doesn't have a buy in or any amount that you have to pay to get in, you focus on your trades because that's your entry fee to make it. Having a mixed emotion is hard and not everyone that joins there are for the money to be honest. You'd see a lot of other aspiring traders there as well that just try to gain more experience and prove themselves to be a good one. So, don't panic, get focused and learn as much as you can because even if you're not the best there but you're able to learn more and gained experience, you're already a winner to yourself.

There's only two possible reasons on why people would be joining up on a competition;
Mainly about making or earning money, or they would really be loving to join up competitions and proving out their skills or worth.

How to approach on a trading competition then it would really be just that simply be sticking into your own plans and trying out to do it just like an ordinary day.
If you would really be that keeping into your mind that you are in a competition then this is something that will really be making you distracted. When you are joining up on a competition then
make yourself on each trade to be efficient as possible or making those plans to be on work.

Just dont simply panic or will really be doing things in a rush because this is where you would really be that ending up on having those stirred up kind of mind or emotions
on which this will really be the main reason on disruptting you on doing trades efficiently. So better be wary about these things so that you do able to avoid it out
as much as you could and trade up well just like you get used to.

And this must be the main reason on why we want to join a trading competition but I do not know, maybe for some, their main reason is to test their skills if they are still starting and to know if they have already improved a lot. For those who are not new in trading anymore, this was like a test to tell if they still got it. Rewards are only like a bonus for them and it might not really matter if in case they did not win or if it turns out that the competition is bogus. Apart from time, you also said resources and this could mean money, right? But that was true because many trading competitions I see are not free. The rush on these types of competitions are even higher and are more rewarding once we win on them.

When I participate in a trading contest, I do not take any additional actions other than registration. I just keep trading, as I do every day, except in cases where the terms of the competition require trading certain pairs of coins.

The rewards involve is indeed important if you want to push thru your participation in any trading competition. Because you need to assess if it is worth your time and resources. Because when you talk about trading volume, aside from the initial funds, you need your skills and time dedicated to this event. Otherwise, don't join half-heartedly as you will only waste your effort on this.

You can assess yourself if you are really prepared for this by asking yourself -
> do you have the initial funds for this - ready to dispose in case of losses?
> do you have the knowledge about the coins you are trading with?
> do you have the time and patience to do your trading activities, beyond what you planned of?
> do you have the minimum skills to execute a trade?
> are you emotionally prepared for whatever the outcome will be on this activity?

Big or small then it wont really be that much of a concern, the positive thing on joining up with competitions is that you do make yourself that put up in a challenge on which we know that if you are really that in a competition then you would really be having that kind of feeling of being motivated because you are really that aiming on trying out to be the best. Somehow if you are really that joining on something then it cant really be denied that you would really be coming after for the prize pool or whatever the benefit that you could get into.I've been able to join up some competitions but i do find that there are really that tons of traders who are really that far better than me, but i dont see this to be that a discouragement but rather it do really make it as an inspiration to do better or something which is far more that on what you could actually do now.
If you are someone who do really get easily frustrate or disappoints when you do lose into other people then joining up competitions isnt for you but if you are really that wanting to have that kind of improvement
then its not really that bad on having this kind of consideration on doing things.