Have you ever pondered how to win at a crypto trading contest and actually go home as the winner of that contest's required leaderboard prize? If so, you are most certainly in the right place. Having coached countless customers through some very high-stakes situations (though in my case, that was usually in the beauty treatment chair, not on the trading floor!), I am aware that there is no secret formula for success; however, there are some very smart and practical things to do in order to improve your chances of succeeding. Now, let’s put down our brushes and pigments and instead, take a deep dive into the strategies, myths and realities of crypto trading contests. Yes, absolutely, we will be completely honest and hype-free about it, just like you would expect from Face Figurati, except this time around it is going to be BuyCrypt instead.
Before you can imagine yourself simply sitting way up at the top of that particular trading contest leaderboard, you need to know how these contests actually work. Essentially, there is far more to this than just buying and selling at a profit. There are basically two sides to every contest; there are unique things that occur in each contest that goes beyond just buying low and selling high; for instance there are constantly occurring contests that have many quirks about them which are different from contest to contest, similar to how different eyebrow enhancing techniques work for different shaped faces. So first, let us address the basics of this quickly so that we know what strategy toolbox we are bringing along with us to this.
The vast majority of the currently operating competitions at platforms such as BuyCrypt have two different scoring methods: return on investment or volume. ROI competitions reward contestants with the largest percentage of profit gained given their initial investment while volume competitions reward the traders who have done the most trading regardless of their results or percentage of gain.
| Type of Competition | Scoring Method | Type of Focus | Common Mistakes |
|---|---|---|---|
| ROI Competition | Growth of Account Value | High Risk and Smart Timing | Account is Entropy Leveled Out |
| Volume Competition | Total Amount of Money Traded | Lots Of Trades Made Quickly | Transaction Fees Exceed Profits Made |
This is because leaderboards get updated live as trades and their percentage earnings on all trades are tracked. You can expect to hop right into the top 10 at some point in time, then drop back down to zero shortly thereafter; thus timing is extremely important. Until the end of competition, you must not ever assume that you have taken all of first place.
The issue for most amateurs is that they simply are not aware that there are very specific eligibility, conditions of trade and anti-cheating rules during any type of a trading tournament whatsoever.
Before you apply for participation, make sure you are aware of all of the pieces of important information about it.
Be aware that all you need to do is mess up one single part of your order and then you can potentially lose out on winning the large prize.
I have first hand knowledge of some of the contests on BuyCrypt from seeing some traders lose hard from something as small as one particular part of his or her order!
Ask yourself whether you would rather shoot for the largest percentage gain possible (ROI) or aim to win through an entirely different method (volume). The two different types of contests are very different from one another.
This is where you will want to work with high volatility coins and sort of take shots in the dark on them – chances are you will see a lot of profit. However, do not go overboard because using too much leverage can wipe you out far quicker in these types of contests than anything else would!
This is where you can straddle the fence and use any kind of automated trading. I have witnessed traders on BuyCrypt being able to both divide up capital as well as automate trades all day long.
In order to succeed in whatever competition you choose to participate in, you will need to prepare properly in advance.
Establishing your watchlist and getting a good feel of what types of methods you want to utilize for making trades is key to competing and winning.
While there is a specific risk management process involved, do not forget that when in competition mode you may need to alter your level of tolerance considerably.
| Format of Trading | Types of Risk Involved In Trading |
|---|---|
| Account Leverage | 2 percent each time for trades is considered normal and acceptable |
| Expect even higher levels of risk to be acceptable | Expect large amounts of leverage utilized! |
| Trading Without Any Risk Management | Position Sizing Will Be The Secret Key To Success! |
Similar to the world of cosmetic tattooing, the secret to winning a crypto trading contest is all about your preparation, flexibility, and keeping your mind calm. It takes smart strategies and a real understanding of the "peculiarities" of each contest to get ahead of the game.
If you want to get ready for the next competition from BuyCrypt, please make sure that you don't rely on chance; work hard to build your capabilities through practice and trials. In case you still have any questions regarding how to win a crypto trading contest, feel free to ask us below, or simply refer to the BuyCrypt competition page.
The most common mistakes committed by traders include utilizing too much leverage, which results in account blowing up and forgetting about the rules regarding the contests themselves.
If you are already ahead, protecting that lead is often smarter than forcing one last risky move.
Similar to the world of cosmetic tattooing, the secret to winning a crypto trading contest is all about your preparation, flexibility, and keeping your mind calm. It takes smart strategies and a real understanding of the "peculiarities" of each contest to get ahead of the game. If you want to get ready for the next competition from BuyCrypt, please make sure that you don't rely on chance; work hard to build your capabilities through practice and trials. In case you still have any questions regarding how to win a crypto trading contest, feel free to ask us below, or simply refer to the BuyCrypt competition page.
You are declared the winner if you score the highest points. The point system can be based either on the series return on investment (ROI) or the trading volume (the largest volume of trades made).
Yes, if you have enough capital and know how to use it correctly. The trading environment requires you to apply higher risk and use leverage.
The principle of 1% means that a trader risks no more than 1% of his/her capital in every trade. It minimizes the risks of large trading losses.
There is no clear answer to that question, however, fast-paced trades and various trades tend to be the most advantageous methods of trading in such tournaments.
The most common mistakes committed by traders include utilizing too much leverage, which results in account blowing up and forgetting about the rules regarding the contests themselves.
