Trading as an Open Sport

[Firstfrost]

 Personally, trading is something private, you place your orders, manage risk and maybe share a chart if the need arises probably to a mentee and that's all. But recently, the idea of trading challenges crossed my mind. And mostly with this your moves aren’t private at all. Instead, every trade is tied to a wallet, performance is fully transparent with a possibility of tracking how good or poor you’re performing irl.

If it was up to me I do not see it as a big deal given I get to trade BTC, SOL, BGB, AVNT and DOGE in this Trading champioship 10 however it's almost like turning trading into a public sport. I see this might push traders to become more disciplined or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

[Bitcoin_Arena]

Trading contests are not bad, how it should be within one's means otherwise one might end up losing funds that they can not afford to lose just because they want to achieve a certain position or trading volume. This is why I hate trading competitions that involve trading volume a metric for determining the winners. For example, how do you a person with on $5K in your account compete with someone who has $1M in the account? 

I prefer those that are based on percentage PnL but yeah you have to manage the pressure that comes with it, maybe FOMO as well. The advantage is that you get to experience the real trading emotions and also test your risk management strategy.

[Potato Chips]

I guess it could create pressure if you know a lot of folks are watching—especially if the platform is popular, the top running places would be watched a lot.

There could also people who doesn't get pressured easily, but would be ticked off with the premise as they want more privacy. Not everyone would be comfortable with that amount of data published publicly. On the other hand, some folks may appreciate the premise as an added transparency as opposed to most information being hidden. So at the end of the day, it's not gonna be a one size fits all for everyone.

[TheUltraElite]

I am not a fan of competitions because trading if targeted to be profitable needs to be done without rush. Exchanges know this and want to drive traders away from calm because that is the only way the exchange makes money, through fees.

So they have introduced in the past margin trading, futures and now those trading competitions.

Enter them at your own risk. However there is no glory in landing up in a leaderboard broke af.

[shinratensei_]

I like the idea. It could exposes the fake gurus as well and their only way to prove they are good is through these competition with transparent results.
The funny thing is such thing already happening, I've seen trader in korea doing this sort of activity, creating a competition for trading.

Since right now there are perp dex that allow us to see people's, position onchain, it's already viable and have no manipulation.

[hugeblack]

I remember a similar challenge that was in the forum, in general, if your idea was good, you can put it in Wall Observer BTC/USD topic and you may find someone who cares about it but trading does not work in this way or will not achieve profits through it.

[Gozie51]

If you can absolve trading pressure performance then you can go on competition but if you can't afford to lose your fun, you let go of it. Many people who compete in trading contest do that because of the reward expected and that makes them to over stretch their financial risk and trading capacity. The goal of trading competition most times is how much that is in for it, that is usually the appetizer. If you are good at trading then you may not value competition because you have all it takes to make your profit without pressure.

[cryptoaddictchie]

Public trading challenges can boost discipline and accountability since every move is visible, but they also risk creating pressure and FOMO that might cloud decision making of any traders. Some traders thrive under this spotlight, others don’t depends on your mindset. But seriously dont join if anyone thinks this may cloud potential mindset or technical analysis due to points or quota.

[Odusko]

Trading cryptocurrency is somewhat a private thing and for me to engage in trading competition is somewhat out of my normal lifestyle, I think that anything that involves Money should be treated as privacy caution actions, and for that reason, competition will definitely not go well with most trader's.

[tvplus006]

... I see this might push traders to become more disciplined or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

On the contrary, the desire to achieve a better result can push a trader to violate risk management, if he has previously adhered to it. And this, in turn, will necessarily lead to the loss of the deposit. If you really want to participate in a trading contest, you can do it completely anonymously on one of the exchanges where they are held regularly.

[rat03gopoh]

or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

This depends on the conditions; some competitions have fairer conditions for winning. For example, the winner is determined based on the P&L ratio. But this is rare; most often, it's based on volume. Small traders must chase significant profits to secure a position in the race, which can compromise their own strategies.

[Firstfrost]

or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

This depends on the conditions; some competitions have fairer conditions for winning. For example, the winner is determined based on the P&L ratio. But this is rare; most often, it's based on volume. Small traders must chase significant profits to secure a position in the race, which can compromise their own strategies.

Yeah, actually came across one based on PnL few months ago, I think on Bitget and also came across this trading competition on it too. And one thing I always do is try. Though we might be retail traders but as long as we making those trades and consistently making profits, it will definitely go a long way as a win-win situation in the challenge.

[bettercrypto]

Personally, trading is something private, you place your orders, manage risk and maybe share a chart if the need arises probably to a mentee and that's all. But recently, the idea of trading challenges crossed my mind. And mostly with this your moves aren’t private at all. Instead, every trade is tied to a wallet, performance is fully transparent with a possibility of tracking how good or poor you’re performing irl.

If it was up to me I do not see it as a big deal given I get to trade BTC, SOL, BGB, AVNT and DOGE in this Trading champioship 10 however it's almost like turning trading into a public sport. I see this might push traders to become more disciplined or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

In the first place, I’ve never tried joining trading competitions or contests. The only one I’ve ever joined was a Bitcoin prediction contest. In those competitions, they usually require
a big trading volume, and I don’t really meet that kind of criteria. I’m fine just taking small profits here and there through futures and spot trading in the crypto space.

Although, I’m not saying that joining trading contests is a bad thing. If you’re confident enough that you can actually win in events like that, then why not join, right?
But if you feel any doubt, the simple thing to do is just don’t continue simple as that.

[laspol65]

Personally, trading is something private, you place your orders, manage risk and maybe share a chart if the need arises probably to a mentee and that's all. But recently, the idea of trading challenges crossed my mind. And mostly with this your moves aren’t private at all. Instead, every trade is tied to a wallet, performance is fully transparent with a possibility of tracking how good or poor you’re performing irl.

Trading at your own risk is the most important thing, the more you are able to take your own risk, the more you will be successful in making a profit. Because if you trade in a hurry, then you will have more chances of losing, because they do not always bring success but rather keep you busy to pass the busy time. Everyone starts trading with a plan to make a profit, so here everyone makes a market plan according to their mind and then enters into trading.

[Mpamaegbu]

Personally, trading is something private, you place your orders, manage risk and maybe share a chart if the need arises probably to a mentee and that's all. But recently, the idea of trading challenges crossed my mind. And mostly with this your moves aren’t private at all. Instead, every trade is tied to a wallet, performance is fully transparent with a possibility of tracking how good or poor you’re performing irl.

I'm not keen on competitions, especially one that seeks to prove a point. I'm not a fan of such. I don't own anybody any proof. I like going at my own pace. Again, competitions would take out any personal control one enjoys as there are bound to be rules and regulations that may not augur well with one. Privacy invasion is another issue too.

I see this might push traders to become more disciplined or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

It's the latter. I don't need anything that will hijack my peace of mind and thought process because I'm chasing one competition or the other. I don't like FOMO.

[crwth]

This just produces more and more competitiveness, but in essence, trading is already a PvP thing because everyone is against each other. There are numerous people and institutions in the market, and you simply have to be consistent in winning.

There is a lot of competition happening with different CEX, and they somewhat publicize it and even award it. It's already happening.

[Gozie51]

I see this might push traders to become more disciplined or do you think it could create pressure and FOMO that ruins good decision-making amongst the traders.

More like it. Competition performance is not the best to know a good trader because it is over hyped and some traders take unnecessary risk to achieve the one time goal which is the reward attached to it. It is usually pressure filled and can lead to traders gambling with high risk to win the contest. I don't expect nothing less from competition, than intense risk and pressure to reach target even if it makes taking risk that is not worth it.

[boyptc]

It's happening and it can lead to both depending on each individual that interprets it.

While it builds discipline and patience, others might see it as building pressure that they cannot take.

So instead of looking at it positively, others will still able to find something negative out of it. IMHO, whichever it looks and helps you to become a better trader and person, look at it with that because it gives the positive vibes and improve you need as a trader.

[Coyster]

I think exchanges are the real winners in things like this, yes there would be a couple of winners that would get the prize, which is whatever the exchange decided before the competition kicked-off. But over all the greater benefit is for the exchange. Competitions like this increase overall activity in their platform as well as liquidity, it also allures new customers to the exchange, etc, all of these increase their revenue.

That said, if you like trading competitions, that is fine. But do not put yourself under unnecessary pressure to win, if not you would lose so much money and you may be unable to compete with people who have a larger amount of money in their account.

[Jewan420]

I don't like competition in trading, I prefer a calm trading system. Competition makes it impossible to trade calmly and not everyone can handle the pressure, especially when you are trading. Trading is a risky platform, where there is a high tendency to make wrong decisions. In this case, if you put more pressure on yourself through competition, it will destroy you. The purpose of trading is to make money and benefit yourself, not to be at the top of the leaderboard.