Want to test yourself in fantasy trading competitions but don’t know where to start? Check out a detailed guide on how to use cryptocurrencies in fantasy finance competitions!
Fantasy trading is the latest trend in the crypto world. These competitions are a great way to have fun and make money in the process. Here are some expert tips for those new to fantasy competitions!
The English Premier League Fantasy is arguably the most popular competition of its kind in the world. In addition to sporting competitions, other industries are also joining the fantasy trend. Today, even crypto trading fans can compete against other users in these competitions.
If you are a seasoned trader, this can be a new way to capitalize on your knowledge. On the other hand, if you are a newbie, you will appreciate the opportunity to learn about crypto trading. Fantasy financial platforms are a great way to understand how cryptocurrencies fluctuate, and even give you a chance to profit from them.
Start with the basics: choose the platform and understand the competitions
I am assuming that you already know how crypto trading and fantasy competitions work. But before we dive deep, I want to emphasize the importance of the basics.
Here are the steps you need to take before you can start fantasy trading:
Find a fantasy finance platform. You need a reliable website with fast loading times, such as StockBattle.
Choose a provider that supports your preferred payment methods. The fastest way to deposit funds is with e-wallets like Skrill and PayPal (NASDAQ: PYPL).
Understand how the system works. Crypto fantasy competitions usually involve head-to-head competitions where the winner gets it all. You need to choose a certain amount from the available currencies. If they outperform the currencies your opponent chose in the given timeframe, you win.
Why you should start freerolls
The great thing about fantasy trading platforms is that they offer freerolls. You don’t have to invest a cent in these competitions. However, they are exactly what you need to get started with the platform.
Freerolls help you learn the basics of crypto trading. This also includes learning how asset prices move and what volatility looks like. You will also learn to read charts and graphs. All of these will be of immense help in the world of crypto trading.
Once you are familiar with the system, it is time to choose an appropriate strategy. Before entering any real money contests, you will actually need to deposit your funds. Make sure you choose a fantasy finance platform that offers a generous deposit bonus as it will help accelerate the start of your fantasy career!
The best crypto betting strategies for fantasy trading
The beauty of fantasy finance competitions is that you can use a variety of strategies. It’s about finding the approach that suits your style and the specific competition you’re trying out. Here are some tips to help you choose the currencies for your next competition!
Always read the latest news
If you want to improve your chances of choosing the right cryptocurrencies, you need to keep track of the news. I’m talking about updates related to the crypto industry and the particular currency you want to choose. For example, when Elon Musk and Mark Cuban tweeted about Dogecoin, the price rose significantly. The increase was 20% in just 24 hours, meaning this was the right time to use Dogecoin in your trades.
It is wise to keep track of all relevant crypto news and read a market analysis. You can review what is happening in the industry and try to gauge what impact it will have on the currency being watched. It’s an excellent place to start when choosing cryptocurrency for fantasy competitions.
Take the match length into account
A single match at StockBattle only takes 15 minutes. This fact is important and you need to align your strategy with it. For example, if Elon Musk was tweeting about Dogecoin, its price would likely go up in the next few hours. This window is a good time to add this currency to your portfolio. Chances are it’ll add some points in your favor and help you outsmart your opponent.
A fantasy financial platform will usually give you basic information about the cryptocurrencies to choose from. This includes volume and market capitalization in the last 24 hours, but also the price change over different time periods.
You can see how much the cost of a particular cryptocurrency has changed in the past hour, but also in the past week. Both details can be important. Let’s say Bitcoin has lost 10% of its value in the past seven days. This is not common with the leading cryptocurrency. If you evaluate the statistics for the last day, you can see that there was a positive change of 0.5%. That could be an indicator that BTC value has started rising again. You may have discovered a moment when Bitcoin is a great choice for fantasy trading competitions.
Hedging is a strategy that sports bettors have long used because it has been shown to be effective. The idea is that you are placing a bet against yourself. Before you think I’m crazy, allow me to explain.
Here is an example of hedging in fantasy competitions. You start by finding a competition that suits your preferences and has a generous prize pool. You choose cryptocurrencies for this competition in the hopes that you will win. Now you decide to use the hedging strategy. You choose another competition with a lower fee where you choose the currencies that you skipped from the other tournament.
In the worst case scenario, you will win the second competition you selected. That win should bring both bets back and at least help control your losses. In the best case scenario, you will win the main competition on the Fantasy Finance website. If you do that, you will end up making significant income. The total premium is reduced by the amount invested in the backup competition. There is no need to apologize, however, as it acted as a safeguard should your initial decisions go wrong.
Final thoughts – don’t hesitate to adapt your strategy to the current situation!
The wonderful thing about fantasy competitions in the crypto trading world is its versatility. With Invstr you can participate in leagues and climb the leaderboard. StockBattle has quick 15-minute head-to-head matches that will keep you on track. It’s up to you to choose the type of competition that suits you, but make sure you adjust the tactics accordingly.
Don’t forget to analyze your performance. Managing your bankroll is essential, just like any other real money competition. Some strategies might suit your trading style, so don’t hesitate to focus on perfecting these. You will love to experiment with different approaches and learn a lot about the crypto market in the process. A good time is guaranteed and if you are lucky you can get away with a win!
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