How to approach a trading competition??

[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!

[EL MOHA]

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

[tottong]

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.

[GreatArkansas]

(.....)
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.

[Oshosondy]

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.

[ethereumhunter]

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.

[knowngunman]

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.

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.

[Rruchi man]

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.

[Zanab247]

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.

[SamReomo]

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.

[justdimin]

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.

[Wexnident]

~

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.

[tranthidung]

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.

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.

[Bournesparks]

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.

[alastantiger]

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.

[ethereumhunter]

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.

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.