How to approach a trading competition?? - page 2.

Zanab247

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Quote from: Iamcrypticguy

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!

Good to hear that from you OP, because it is our joy to see other traders making profits from their short term trading, to me my new week is going well because i made some profits from the coins I traded yesterday and i will still like to buy more of those coins when their price dump again.

You want to prepare for a bigger profit right ? I will advise you to make use of long term trading and you will get what you want in trading, because all those coins you are trading use to bring big profit when the massive bull run occur but you have to make use of long term trading to accumulate profits from the industry. Bull season is the best to approach the market because the price of many coins will be pumping higher for traders to turn to expert in profit making in the industry.

Rruchi man

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

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

If you are already a good trader, there will not be any need for any extra preparation for a trading competition, as you would already be prepared. An expert trader will not feel too tensed up about a trading competition; there will be a level of confidence that they have in the trading skills that they have. New traders who are still learning to trade and are still finding their way around the rudiments have no business involving themselves in trading competitions because such competitions can pull them under pressure, after which they end up failing and then creating the mindset that maybe trading is not for them or they are not destined to be successful traders, forgetting that their outcome is because they took action without proper preparation.

knowngunman

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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.

ethereumhunter

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You should prepare yourself to handle your emotions because participating in the trading competitions will makes you becomes up and down especially when you see your position. You will want to trade without stop to chase a better position and can lose your control managing your money. The best approach is when you can analyze the market will calmly and not in rush to enter the market without preparation. Besides that, you must know how to analyze better so you will make a profit and manage your lose not to become bigger.

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.

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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!

After you join a trading competition, know that the trading site will not recognize you if you do not trade with huge amount of money. They only prefer to know those that are trading with huge amount of money. Also you will need to earn money from the coin of the competition than losing from it. Not much requirements to join the competition than to press on something like 'join' when the exchange that you are using send you the message to join. If you are not on the exchange, you will see a link to register an account on the exchange and then join the competition.

GreatArkansas

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

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

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

tottong

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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!

In trading you must have a strategy and experience will teach you how one should trade properly.
In trading you are not competing with anyone but trying to see the potential of the strategy in the trade you make so that the trade will have a positive effect to run.
If you want to succeed in trading then what must be done is knowing how and not being greedy to make a lot of profit. Trading does not guarantee consistent profits because there are times when you will also face losses even though the strategy is correct.

Improve your trading skills and practice by using small capital first and when your trading experience becomes better then trade with a slightly larger amount.
Knowledge and experience are important in trading because we will have an idea when we are involved in it with any conditions.

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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

Iamcrypticguy

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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!

Topic: How to approach a trading competition?? - page 2. (Read 233 times)