HOW PARTICIPATING IN TRADING COMPETITIONS CAN IMPROVE YOUR TRADING STRATEGY/PSYCHOLOGY.

[Sureforex]

 

Whether you are a new crypto trader with untested skills or you are looking for ways to improve your skills and increase gains, refining your trading skills is essential. Upgrading your trading skills and strategies can elevate your confidence and boosting your confidence can help you to make trading decisions based on knowledge and experience rather than on emotion.

By checking out some of the winner boards for previous crypto trading competitions, you will undoubtedly see astounding gains that may seem unattainable to you. After all, during a bear market, traders tend to make smaller trades or less risky trades to preserve their initial capital. However, a crypto trading competition may inspire you to be more aggressive with your trading strategies than you may be without unnecessarily exposing yourself to potential losses.

Put Your Skills to the Test

You know what your real-life returns on trading in the crypto market have been, but how do you compare to other traders? A crypto trading competition holds many factors steady, such as markets you can trade in and the amount of your starting investment. A competition makes it easier to make an apples-to-apples comparison with other traders. Do you want to know how you stack up to people in your investment group? Simply get them to participate in the competition to find out. In addition, you will have bragging rights if you win the competition.

Explore Risk Management Strategies

Managing risk and mitigating exposure to loss are important aspects of success in crypto trading regardless of the market conditions. Still, you may wonder if you are being too conservative with your trading strategy. If you participate in a trading competition, you can learn about the actual risks and rewards for strategies that you may otherwise not be inclined to try. A crypto trading competition also gives you the opportunity to test different risk management strategies and to compare your results with others to see how your strategies stack up.

Prove That Your Trading Strategy Works

You may have developed a trading strategy that works well for you based on your established trading activities, but can you replicate the same results with other types of crypto assets? In a crypto trading competition, you can test your strategy under different parameters. By doing so, you may be able to fine-tune your strategy so that it is more profitable in a market downturn or in a bull market down the road.

Encourage You to Get Out of Your Comfort Zone

The most successful people often place emphasis on getting out of their comfort zone. They have come across great opportunities by moving away from what is familiar and known, which could hold true for you in the crypto market. A crypto trading competition exposes you to new trading strategies, and it encourages you to think creatively to improve rather than stay in a comfortable rut. As a result, you could see greater results from your crypto trades by getting involved in competitions from time to time.

[Emon]

Nicely explained 💗.And we can improve our trading skill/strategy without losing money!! But how?  Simply by using demo account 😅. Yeah major exchanges are offering that feature, personally I've used Bitget's demo account & the experience was dope !

[Sureforex]

For many, a live trading contest is an incredible way to launch their professional career.
If you have potential as a trader, and you have the skillset to turn a small sum of money into larger amounts, then you have the attention of some of the most influential people in the world, it's always a good experience  participating in a competition. 

[Bash4j]

Comprehensive I say. I guess carefully adopting these guidelines and strategies while participating in user-oriented events like the upcoming KCGI 2023 that accommodate both crypto beginners, existing traders, and online video content creators to showcase their skill for a share of the huge USDT prize pool and the BGB tokens should be worth exploring. 

[Sureforex]

8 hours ago, Bash4j said:

Comprehensive I say. I guess carefully adopting these guidelines and strategies while participating in user-oriented events like the upcoming KCGI 2023 that accommodate both crypto beginners, existing traders, and online video content creators to showcase their skill for a share of the huge USDT prize pool and the BGB tokens should be worth exploring. 

When you take action in a trading contest, new ideas flow to you regularly. When you see how your competitors are trading, you cannot help but try and reverse engineer what they are trading. This helps you get more creative about building better trading strategies, participating in this KCGI to me would be an amazing opportunity to learn from other traders. 

[collins244]

Well explained. But before jumping into trading events, I think it is better to try demo trading. To test your strategy and build your edge. The trading events should serve as a way to put yourself under market stress and build the psychology needed for trading.

[BashJasper]

On 21/08/2023 at 09:18, collins244 said:

Well explained. But before jumping into trading events, I think it is better to try demo trading. To test your strategy and build your edge. The trading events should serve as a way to put yourself under market stress and build the psychology needed for trading.

Aha! Was thinking same but I guess most of these competition these days also have slots for demo trading category

[collins244]

On 23/08/2023 at 01:07, BashJasper said:

Aha! Was thinking same but I guess most of these competition these days also have slots for demo trading category

Yeah, the recent Bitget KCGI event has a demo trading category, which allows newbies to try out their strategies and compete for the prize pool.

[Maxicreed01]

1 hour ago, collins244 said:

Yeah, the recent Bitget KCGI event has a demo trading category, which allows newbies to try out their strategies and compete for the prize pool.

It's obvious many traders will flood that category of the event cos it's entirely free with potential exciting rewards. 

[Sureforex]

On 20/08/2023 at 16:11, Emon said:

Nicely explained 💗.And we can improve our trading skill/strategy without losing money!! But how?  Simply by using demo account 😅. Yeah major exchanges are offering that feature, personally I've used Bitget's demo account & the experience was dope !

The exchange is having a demo trading contest now, hope you are ready to participate?, the reward is huge

[Ambivert3]

On 30/08/2023 at 21:49, Maxicreed01 said:

It's obvious many traders will flood that category of the event cos it's entirely free with potential exciting rewards. 

What makes you think that traders will be opting for the demo trading contest? cos there are other contests to choose from btw can one participate in all the available contests?

[Emon]

On 07/09/2023 at 02:43, Sureforex said:

The exchange is having a demo trading contest now, hope you are ready to participate?, the reward is huge

Howw? What's the cirteria? Sorry, I was out of the market because of my exam! 🥲