Tips for participating in trading challenges/competitions

[KingsDen]

Don't forget people competing are individuals that have been running future trading for years or sometime. Not to sound persimistic I don't see you winning. Just focus on building on your skill steadily and gaining experience in spot not future though.

What a nice advice. Funny enough OP might decide not to honour this advice. If he neglects it, I am already seeing the consequences.
This brings me to the question I have been longing to ask.
People who participate in such contests, do they do it for;

• Fun
• To gain more experience
• Or for money?

[|MINER|]

Yes you are right trading requires a lot of knowledge and experience to make money making it tough for beginners. Education is key but do not expect to succeed right away. Even experienced traders have big failures. To do well we need to understand markets and control our actions and avoid greed. Knowing when to stop trading during bad conditions is also important. With being careful and informed new traders can handle trading challenges and possibly achieve success in long run.

In fact, it is not as easy as people think. There are people around us who are making millions of rupees in daily profit by trading and if we think if we start trading like him today, maybe we can also gain good profit and that's it. Either is our biggest mistake. A person who is earning millions of rupees a day by trading is definitely not new to trading and definitely has years of experience and practice behind it which we don't see. I came across an article where a trader was sharing his experience and journey where he mentioned that he developed back pain while sitting in front of the computer even though he sat in front of the computer for about 15 to 16 hours a day to learn trading. So earning money is not easy so first we have to do hardworking.

[taufik123]

What a nice advice. Funny enough OP might decide not to honour this advice. If he neglects it, I am already seeing the consequences.
This brings me to the question I have been longing to ask.
People who participate in such contests, do they do it for;

• Fun
• To gain more experience
• Or for money?

Maybe it's just for the sake of experience, or sometimes it's quite exciting trading because it competes with others to earn more profits.
But of course if they are beginners it will not have any impact, except training how they do trading.

Actually don't have to take part in contests, beginners who want to learn or like OP certainly need to learn every day to learn technical and fundamental analysis and practice trading psychology quite well.

[JISAN]

Hey altcointalkers, what's good?

I'm a newbie trader who recently came across a futures trading challenge. To qualify for the rewards, you need to meet some requirements. As I've never done something like this before, I'd love to get tips and tricks from experienced traders who have participated in a trading challenge. Would be glad to hear your response.

Future training is very risky so always be careful here. But if you only want to win a reward by completing a certain amount of trades, then you can only enter the trade with a high leverage and cancel the entry immediately, which will only increase your trading volume. However, it may cost you a few dollars, but it will not be a huge amount.  But always be careful and don't wait too long with entry as your balance can go to zero very quickly if the market goes against your entry. I think it is not a very good plan to plan to get rewards by filling the nights of futures trading.  Because here you can lose all your trading funds just by making a small mistake

[KingsDen]

What a nice advice. Funny enough OP might decide not to honour this advice. If he neglects it, I am already seeing the consequences.
This brings me to the question I have been longing to ask.
People who participate in such contests, do they do it for;

• Fun
• To gain more experience
• Or for money?

Maybe it's just for the sake of experience, or sometimes it's quite exciting trading because it competes with others to earn more profits.
But of course if they are beginners it will not have any impact, except training how they do trading.

Actually don't have to take part in contests, beginners who want to learn or like OP certainly need to learn every day to learn technical and fundamental analysis and practice trading psychology quite well.

Yea, there's some kind of excitement that follows with competition, especially when you are on the winning side. If much money is not expended, beginners joining such contests could also increase their experience and boost their confidence if done in a right way.

[|MINER|]

Yes you are right trading requires a lot of knowledge and experience to make money making it tough for beginners. Education is key but do not expect to succeed right away. Even experienced traders have big failures. To do well we need to understand markets and control our actions and avoid greed. Knowing when to stop trading during bad conditions is also important. With being careful and informed new traders can handle trading challenges and possibly achieve success in long run.

Yes, what you said is the reality not only in the field of trading, but in any sector of the world, if these two things are not there, then no one will sit you down and give you money.
And we have to keep in mind that not all things are for everyone because one thing can be observed that even if the back-bencher student of the school does poorly in the school, many times it is seen that the topper is in a bigger position than his uniqueness idea which is around another sector. And when they see the backbenchers, they should not think that they have got their position without any hardworking or knowledge or any skill. Of course they have given a lot of time to learn a thing and because of this hardworking they can become successful. Similarly, in the field of trading, both knowledge and experience are must needed.

[taufik123]

Yea, there's some kind of excitement that follows with competition, especially when you are on the winning side. If much money is not expended, beginners joining such contests could also increase their experience and boost their confidence if done in a right way.

This is a kind of place to pit their skills against each other so that they know what they lack in their knowledge of trading and what strategies are suitable to apply.

Participating in this kind of trading contest also makes them adrenaline rush so that it will cause a different feeling from the usual trading.

[Mr. Magkaisa]

         -     If you are a newbie in the crypto business industry and futures trading is the path they have chosen to enter right away, this is something I cannot recommend to a novice trader. We know that futures trading is very complicated, and it is not possible for those who do not know or know anything about trading.

It's just like this: futures trading is like a car that requires you to have a drivers license first, and second, learn how to drive a car first because if you drive a car immediately with no experience, you will definitely crash the car and have an accident.

[satpol_PP]

         -     If you are a newbie in the crypto business industry and futures trading is the path they have chosen to enter right away, this is something I cannot recommend to a novice trader. We know that futures trading is very complicated, and it is not possible for those who do not know or know anything about trading.

It's just like this: futures trading is like a car that requires you to have a drivers license first, and second, learn how to drive a car first because if you drive a car immediately with no experience, you will definitely crash the car and have an accident.

If you do not have experience and care, you should not choose futures trade because the risk is higher. Maybe we do trading spots, starting to study with features in the Exchange that is not too risky.
 I have also tried trading futures and suffered defeat until I decided as a holder, because maybe I did not have the understanding in trading.
Only when I have free time I trading to get a little profit.

[MRY]

         -     If you are a newbie in the crypto business industry and futures trading is the path they have chosen to enter right away, this is something I cannot recommend to a novice trader. We know that futures trading is very complicated, and it is not possible for those who do not know or know anything about trading.

It's just like this: futures trading is like a car that requires you to have a drivers license first, and second, learn how to drive a car first because if you drive a car immediately with no experience, you will definitely crash the car and have an accident.

If you do not have experience and care, you should not choose futures trade because the risk is higher. Maybe we do trading spots, starting to study with features in the Exchange that is not too risky.
 I have also tried trading futures and suffered defeat until I decided as a holder, because maybe I did not have the understanding in trading.
Only when I have free time I trading to get a little profit.

In the case where we are not so confident, we should rather engage in spot trading since this has low risk compared to futures trading. From here, it will be possible to start learning without getting on the exchange and risking high losses at first. Sometimes it is actually the right decision to become a long-term asset holder if we do not master the different subtleties of more advanced trading. If instead of desperately seeking profit at any cost, we have free time to study the market, we will be more secure and less likely to lose a lot of money. This step helps us to get deeper insights into the market with less risks associated with our investments.

[milewilda]

         -     If you are a newbie in the crypto business industry and futures trading is the path they have chosen to enter right away, this is something I cannot recommend to a novice trader. We know that futures trading is very complicated, and it is not possible for those who do not know or know anything about trading.

It's just like this: futures trading is like a car that requires you to have a drivers license first, and second, learn how to drive a car first because if you drive a car immediately with no experience, you will definitely crash the car and have an accident.

If you do not have experience and care, you should not choose futures trade because the risk is higher. Maybe we do trading spots, starting to study with features in the Exchange that is not too risky.
 I have also tried trading futures and suffered defeat until I decided as a holder, because maybe I did not have the understanding in trading.
Only when I have free time I trading to get a little profit.

If we feel that we do not have enough experience in futures trading, it is better to focus on spot trading which has a lower risk. By starting from simple features on the exchange, we can learn gradually without having to face the potential for large losses. Becoming a long-term asset holder can also be the right choice, especially if we do not fully understand the ins and outs of more complex trading. By trading only when we have free time and not rushing to find quick profits, we can maintain a balance between learning and reducing the risk of large losses. This step allows us to better understand the market while maintaining the security of our investments.

It would really be just that common sense that you should really be sticking into something on which a must because if you would really be trying out to rush things up then you would really be that prone into those tons of mistakes on which this is something that you should really be avoided or should really be trying out to minimize as much as you can.
It would really be that impossible that you wont really be aware on the things that been that dealing on with and would really be just that literally trying to stick on where
you do find yourself that efficient or something that you are really that profitable.

[Blaze]

         -     If you are a newbie in the crypto business industry and futures trading is the path they have chosen to enter right away, this is something I cannot recommend to a novice trader. We know that futures trading is very complicated, and it is not possible for those who do not know or know anything about trading.

It's just like this: futures trading is like a car that requires you to have a drivers license first, and second, learn how to drive a car first because if you drive a car immediately with no experience, you will definitely crash the car and have an accident.

If you do not have experience and care, you should not choose futures trade because the risk is higher. Maybe we do trading spots, starting to study with features in the Exchange that is not too risky.
 I have also tried trading futures and suffered defeat until I decided as a holder, because maybe I did not have the understanding in trading.
Only when I have free time I trading to get a little profit.

If we feel that we do not have enough experience in futures trading, it is better to focus on spot trading which has a lower risk. By starting from simple features on the exchange, we can learn gradually without having to face the potential for large losses. Becoming a long-term asset holder can also be the right choice, especially if we do not fully understand the ins and outs of more complex trading. By trading only when we have free time and not rushing to find quick profits, we can maintain a balance between learning and reducing the risk of large losses. This step allows us to better understand the market while maintaining the security of our investments.

It would really be just that common sense that you should really be sticking into something on which a must because if you would really be trying out to rush things up then you would really be that prone into those tons of mistakes on which this is something that you should really be avoided or should really be trying out to minimize as much as you can.
It would really be that impossible that you wont really be aware on the things that been that dealing on with and would really be just that literally trying to stick on where
you do find yourself that efficient or something that you are really that profitable.

Yes, Every action that will be taken has to be based on priorities. It then becomes a lot more stressful because when we rush, we get things wrong, things that could actually have been done right in the first instance. On the other hand we are able to minimize the possibility of making errors and increase productivity while embracing the behaviors of thoroughness and patience.

Success is rooted in knowledge of what on our part we are up against. Being fully aware of our status, we can decide with the greatest effectiveness, by moving our actions into channels which will be best for our interests.

[21Pilots]

Yes, Every action that will be taken has to be based on priorities. It then becomes a lot more stressful because when we rush, we get things wrong, things that could actually have been done right in the first instance. On the other hand we are able to minimize the possibility of making errors and increase productivity while embracing the behaviors of thoroughness and patience.

Success is rooted in knowledge of what on our part we are up against. Being fully aware of our status, we can decide with the greatest effectiveness, by moving our actions into channels which will be best for our interests.

I also know that addressing priorities cautiously makes little mistakes and maximizes efficiency. The laid-back approach to working allows one to progress through materials from the very beginning without a hitch.

Success springs from a clear understanding of the reality that we operate in and helps to make the best decisions that can be made in service of core objectives. And as we are fully aware of our current stand, it is possible to make the right moves that will enhance and deliver the best outcomes.

[enoch_from_off]

Yes, Every action that will be taken has to be based on priorities. It then becomes a lot more stressful because when we rush, we get things wrong, things that could actually have been done right in the first instance. On the other hand we are able to minimize the possibility of making errors and increase productivity while embracing the behaviors of thoroughness and patience.

Success is rooted in knowledge of what on our part we are up against. Being fully aware of our status, we can decide with the greatest effectiveness, by moving our actions into channels which will be best for our interests.

I also know that addressing priorities cautiously makes little mistakes and maximizes efficiency. The laid-back approach to working allows one to progress through materials from the very beginning without a hitch.

Success springs from a clear understanding of the reality that we operate in and helps to make the best decisions that can be made in service of core objectives. And as we are fully aware of our current stand, it is possible to make the right moves that will enhance and deliver the best outcomes.

Responsibility and determination bring success.
Not just in a moment, but from the dedication put into it.
It's best when a person has a clear goal in mind and moves toward it.

[LUCKMCFLY]

Success is rooted in knowledge of what on our part we are up against. Being fully aware of our status, we can decide with the greatest effectiveness, by moving our actions into channels which will be best for our interests.

Yes, but all that comes down to the fact that things can be done better, if we consider and give first place to money we know that we are doing it right, the things that we as traders, as investors consider that is another thing, but in an exchange, in a casino what is needed is to have money and that is what we can only consider well, money, if there is money, then things flow, if the money runs out neither an exchange nor a casino will give us the opportunity to play with 0 dollars, that is a fact then those things must be considered that is why the most important thing for me is to control money from the beginning.