How do you approach a trading contest..

[BitMaxz]

I have noticed too exchanges sometimes run trading competitions. It would be for a newly listed coin or for existing ones as well. But I never participated in such a trading competition ever. Because I need a lot of funds to trade, there would be a loss as well from the trading. Also, I don't trade with such a big amount on the exchange, and I don't store such a big amount on the exchange as well. So think twice before you participate in the trading competition.

I don't think you need a lot of funds to trade in competitions. OKX or Binance have a minimum deposit on competitions of only around $100. If you are included in the top 60, you will get rewarded based on your rankings.

The only disadvantage to trading in this competition is if you have a big amount to deposit, you can dominate other traders. A higher deposit means that you can win a huge profit you could easily take the top 1 position because it is based on PNL. Higher PNL will take you to the top spots.

Another disadvantage is if you are not a professional and no proven profitable strategy, why would you compete with professional traders? Most of the traders there are scalpers and have lots of experience. I can join some competitions, but I might not be able to take even a top 60 spot because there are many traders joining this game. However, it's a good experience to join, win or lose. I am satisfied with my experience before because I saw many profitable traders that's the reason why I stayed learning more about trading and be a profitable trader just like them.

[joniboini]

Approaching a contest with a mindset to earn capital isn't really good IMO. You'll get stressed easily simply because the market maker can easily reach double or triple your trading volume because their capital is relatively large. I haven't found a contest where you can win something decent if your trading volume is hovering around the thousand or even lower, unless you want to chase the lucky win where 1 ticket is required. That's just as unreliable as finding the right meme tokens that will pump for you. CMIIW.

[TheUltraElite]

Never go for such contests and stop promoting them if you have any morals left in your.

The contests are a method for the exchange to make money. Trading is a complete reverse of this, you trade when the market reaches some specific constraints and hold till that happens.

Because of this nature of being profitable in trading, exchanges dont get enough money to pay their bills at certain times of the years and this is why they came up with this "contest" thing.

[Mpamaegbu]

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

As for links, almost all the reputable centralized exchanges have trading competitions on their platforms from time to time. You can check the top ones by trust rating. However, I don't think it's worth it chasing competitions on exchanges. It's stressful for me following up on the dos and don'ts of these competitions. That's why I don't bother with them. Trading alone is stressful, let alone making someone constantly look over their shoulders to keep certain rules and regulations. This is why I'm never going to be a fan of pro firm accounts. I rather build capital by myself and trade at my own dictates.

[JiiBs]

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

Tracing competition,,, it’s where numbers counts but, not something I would want to be in frankly. Even if I should try, I don’t think I would go with it having a competitive mindset. I think this can lead to take trading and a trying to catch up with your lose just to make those numbers come. This could mean even more losses.
I think the approach would be consistently trading but, using only already built and tested strategies.

[irhact]

The market is green again, and as an OG trader I know a lot of platforms could be rolling out various competitions to build liquidity and also reward users. I actually lost a lot to memecoins recently and I'm looking to build up my liquidity via bounties, competitions etc now that the market is a little bit stable hence this thread.

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

Personally I don't encourage trading competition for newbies, this isn't me making a stereotype but an advice bases on experience and that is because  often times newbies may not have been skilled enough to master their emotions and trading can at some point be emotionally dependent and competitions does put one in s uch situation a lot of times. But for experience traders who has mastered the skill, they could attempt competitions and hope to get lucky because honestly even the skilled traders can make mistakes sometimes meanwhile they can also use the opportunity to help their portfolio via the rewards gotten from the competition.

[shinratensei_]

Just follow token splash or something similar instead where you trade on a new pair and get token reward, these trading contest aren't worth it most of the time and I can even say that they're just plain gimmick.
Unless you're trading tens of millions in volume or even more I doubt you will win anything out of it, I know it too well that exchange always reward the biggest trader.

[jcojci]

I never approach a trading competition because it is difficult to compete with many traders. The risk will be big and make you lose control and also lose money. Besides that, you need to have a better skill to compete along other traders which also have a good skill in trading.

If you want to recover from your losses, you can use spot trading, choose the coin/token, analyze it and make a profit. But in this matter, you need to have skill to analyze the movement. You don't have to try to participate in a trading competition especially if you realize that you don't have much skill to analyze.

But if you still insist to try a trading competition, you can participate in a recommended exchange and preparing some money you can afford and start trading. You will see on where your position in the trading competition.

[goldkingcoiner]

The market is green again, and as an OG trader I know a lot of platforms could be rolling out various competitions to build liquidity and also reward users. I actually lost a lot to memecoins recently and I'm looking to build up my liquidity via bounties, competitions etc now that the market is a little bit stable hence this thread.

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

Actually I do have a contest going right now. It is on a telegram bot that I wrote.

The contest is paper trading bitcoin, meaning you will not lose real money.
Feel free to join, but for now there are no prizes.

https://bitcointalk.org/index.php?topic=5540701

Contest ends 10th may.

[tvplus006]

...So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

Which exchange do you trade on? Currently, there are no such cryptocurrency exchanges that do not host trading contests or other airdrops for participants. New tokens are launched daily via launchpad and launchpool, as well as IDO on the Binance WEB3 wallet.

[Oluwa-btc]

Trading alone is already very risky and can take a toll on one's emotions. Doesn’t joining a trading contest add even more emotional stress? Like being extra careful so you don’t make silly mistakes, dealing with anxiety, and managing the expectations that come with such a contest.

I can't really call myself a full-time trader and have never joined a trading contest before, but I'm already feeling like participating would be too risky and expensive. I think the reply from @slaman29 has justified my doubts about the trading contest. You should think this through thoroughly to be certain that you really want to go ahead with your decision. I wish you well on your trading journey.

The goal here requires maximum mindset and emotional strength,it shouldn't be like the normal kind of trading.There has to be a focus on quality steps to avoid further indulgence in doing things the reverse.There're literally so many things to stick with and refrain from,it's so not easy.

[michellee]

It is difficult to participate in a trading competition because you will meet many pro traders. They have high skill so you will not easily to stay at top 100 traders. You can lose money if you don't have good skill to trade. You can check on Binance or Bitget or other exchanges because I see they have a trading competition which have a big prizes. But I suggested you don't have to participate and choose spot trading especially if you don't have good skill. If you have good skill, future trading can be a good option.

[slaman29]

I can't really call myself a full-time trader and have never joined a trading contest before, but I'm already feeling like participating would be too risky and expensive. I think the reply from @slaman29 has justified my doubts about the trading contest. You should think this through thoroughly to be certain that you really want to go ahead with your decision. I wish you well on your trading journey.

The goal here requires maximum mindset and emotional strength,it shouldn't be like the normal kind of trading.There has to be a focus on quality steps to avoid further indulgence in doing things the reverse.There're literally so many things to stick with and refrain from,it's so not easy.

It is difficult to participate in a trading competition because you will meet many pro traders. They have high skill so you will not easily to stay at top 100 traders. You can lose money if you don't have good skill to trade. You can check on Binance or Bitget or other exchanges because I see they have a trading competition which have a big prizes. But I suggested you don't have to participate and choose spot trading especially if you don't have good skill. If you have good skill, future trading can be a good option.

You guys kinda missed the point of my post, which @Floxynice was referring to. It's not about mindset and emotional strength, @Oluwa-btc. Not at all. It's literally about having a big balance to wash trade.

@michellee the only time I won trading contests was on DEX when they were still new. Pancakeswap. And I did it with a smaller budget than big guys because I was willing to wash trade (Buy sell same pair over and over and over). You lose each time from commission but you win the prize to make up for it.

I wasted hours and days doing it, those were the days, I made a bit of money but that was in a bullrun, selling the prize (NFT) for more than I lose in commissions.

It's not about pro traders at all. Not about skill. Literally every trading contest is a wash trading competition.

[Dunamisx]

The market is green again, and as an OG trader I know a lot of platforms could be rolling out various competitions to build liquidity and also reward users. I actually lost a lot to memecoins recently and I'm looking to build up my liquidity via bounties, competitions etc now that the market is a little bit stable hence this thread.

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

I think the first cause to the little challenge you had was in trading with memecoins, because they are more volatile than other digital assets and also the risk in them is more higher, though I see this as personal interest on trade, than going after contest or competition in trading, because we are expected to trade base on our abilities and this does not set us on edge over others except we get it right to trade and make profits in it.

[Zigabel]

I don't  thinks trading contest are the best to engage in actually.  Reason been that, trading in itself can take a toll on your emotions especially if you are yet to master the act of subjecting your emotions under good control,  you can really have your emotions interface with your mind trading,  thisbis even on a personal grounds when you are trading for yourself,  imagine you are in a competition where you have to keep up with what others are doing in other to make sure you are ahead,  the emotions will literally double and that alone is a flawed way to trade.

Going into a competition,  you have almost no idea whet the other traders know,  you don't  know  what kind of information is available to them and their edge obviously is something they wouldn't mention until you probably observe it as seen in their pattern of trades. All of this put together doesn't put you in a better position trading competitively. Expect you are experienced enough and you've got a proven edge that gives you a good success rate, I don't see competition as something to engage in except you have personal reasons.

[Futurexxx]

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

First of all, am not a big fan of trading contest because you will act and be taking trades you shouldn't have because you are desperate, but if you are not in any pressure to trade, you might take a single trade in a whole week and even make more than those that trades constantly every day throughout the week because all those traders they took will be unsuccessful traders due to pressure of trading because others are already making it, so my advice to you is that their is no need getting into a trading contest because you might even liquidate your margin in the process due to constant taking trades that is not worth it.
Furthermore, the best way  to make money in the market is to trade less, because you will only be trading a set up that is 100% certain, but if you get into a trading competition, you have practically removed that patience you once have because you will be desperate in your actions.

[TheUltraElite]

First of all, am not a big fan of trading contest because you will act and be taking trades you shouldn't have because you are desperate, ...

Contest only leads to rash decisions and poorly entered positions. You can make good money from long term trading but if you are going for these contests, they lead to the complete reversal of the buy-low-sell-high system.

It is because exchanges love people who make rash decisions and lose money. Trading fee is also another factor that brings them money.

It is best to avoid them as much as possible rather never participate in them. Be the long term trader with goals for stable profits.

[tvplus006]

I don't understand why there is so much negativity around these trading contests. If the contest is free, then you can join it and continue trading on the stock exchange, as before, without setting a goal to win it. And if you end up earning any kind of prize, then it will just be your additional earnings.

[BlackBoss_]

I don't understand why there is so much negativity around these trading contests. If the contest is free, then you can join it and continue trading on the stock exchange, as before, without setting a goal to win it. And if you end up earning any kind of prize, then it will just be your additional earnings.

No need for drama as people have options when they are given opportunities of joining trading contests. They can either join or no join trading contests and nobody, no exchange can force them to participate in any trading contests if they see risk and want to keep their trading capital as safest as possible.

When they have freedom to make their choices, if they start drama later, it will become very hilariously and unacceptable too.

[Mahanton]

So for those that are familiar, how do you approach a trading competition and is there anyone ongoing that you know? You can send the links below.

First of all, am not a big fan of trading contest because you will act and be taking trades you shouldn't have because you are desperate, but if you are not in any pressure to trade, you might take a single trade in a whole week and even make more than those that trades constantly every day throughout the week because all those traders they took will be unsuccessful traders due to pressure of trading because others are already making it, so my advice to you is that their is no need getting into a trading contest because you might even liquidate your margin in the process due to constant taking trades that is not worth it.
Furthermore, the best way  to make money in the market is to trade less, because you will only be trading a set up that is 100% certain, but if you get into a trading competition, you have practically removed that patience you once have because you will be desperate in your actions.

Actually its not bad to join up with those tournaments or competition in trading but the best approach to this is that you shouldnt be that anticipating that you could be a winner. Why? it will be indeed that making you desperate on which you wont be able to think up well because you are already that longing for the prize pot. Thinking up realistically about these competitions is that you should be wary that there are tons of whales out there on which that generating that soo much volume or simply does have that big capital on which simply means that they can make out those big positions than you and generate volume more than you. If you do find yourself that being a shrimp in the sea then its better not to make yourself that delusional on winning up or trying out to get some slice of the pie because this will be just that making you disappoint just because you've been expecting something better. The best approach when you do or participating on a contest is that you should be that trying out to learn as much as you could despite on having that less or small capital. Dont expect about on winning because its nearly impossible with having that less amount of capital you do, not unless if there's some specific amount being instructed then you can take a shot but still not that enough to become that optimistic just because there's no way on beating up those people who are on the top. If you are just that new and trying out to swim together with those big fishes then  you should that know on how to go with the flow. Always think about on how you would be able to sustain and be able to survive on day to day living. Joining up contest isnt that easy to win because you are dealing with those best of the best traders out there and if you do find yourself just that recently learning then it would be just that too wrong that you would be that thinking that you can beat them up. lol.  Trade accordingly basing up into the learnings that you have obtained in the past and do make yourself that keep improving as things becomes that more better or you are gradually been able to have that good grasps towards the market. Its not easy but its not that impossible, the main thing that you should be targeting into is on how you would be able to learn up and trade up independently and once you have acquired up such skill then this isnt something that would be taken from you.