Getting into the Mindset of a Fantasy Stock and Crypto Winner
7 psychological traits successful fantasy traders develop to multiply their gains.
Fantasy stock and crypto contests can become a great way to turn your passion into a money-making side hustle, but for some, this transition comes much easier than for the other fantasy traders. The thing is that there are some features and psychological traits that help fantasy winners stand out. If you aim to win more in fantasy contests and tournaments, it’s a good idea to develop the traits that bring you closer to outshining your competitors.
Even though you may come up with a strategy that suits you well, it could fail to bring you big gains possibly because you lack certain psychological traits that could help you win. Are you willing to develop those traits to overcome the deadlock and make progress? Then you might have the right attitude and approach to become a serious competitor.
It’s true that there are key differences between traditional trading and fantasy contests. However, both traders and entrants tend to use many of the same psychological traits. Here are some of the most valuable traits you can work on to improve your performance:
An Analytical Mind
You probably already know that coming up with an effective strategy requires time and research to fully understand the market situation and be able to swiftly react to price movements. Doing the math ensures that you are on the right path and your technique is profitable.
The math isn’t the hardest part here, but the analytical mind can come in handy. People with the ability to recognize the market patterns are more prone to becoming successful traders both in fantasy trading and in the real world market because it comes naturally for them to pinpoint the direction of where the market is heading in that moment.
Discipline and Preparation
Fantasy finance platforms like StockBattle are simple enough that anyone can jump in and have fun, and even win a few contests. But if you are serious about improving your win rate and your gains from participating in stock and crypto rumbles, you will need to take the time to prepare a strategy.
Be that the realms you are well-versed in or the time of the day you plan to devote to fantasy trading, choosing the right method of picking stocks and crypto to win depends on different factors. But the psychology to land a good strategy is also essential. Even the most seasoned traders still experience strong emotional responses from their decisions. That is why it’s important to understand yourself and pick the strategy that works with your own psychology, not against it. Think about the kinds of strategies you can actually stick to.
For example, to reduce risk and the emotional response to it, it’s advisable to create a hedging strategy that will work for you. If you fear losing too much money, you may need to predetermine how much you are willing to spend. In other words, work out a stop-loss, which means to place a ceiling to your daily fee expenses and lift it in proportion to your gains. Knowing that you won’t overshoot your budget will keep your mind sharp and reduce unnecessary stress when drafting a portfolio. One more way to hedge your performance is to enter several contests simultaneously to balance one team of stocks or cryptos with an opposing team.
It’s perfectly fine to feel a little worried about what result your picks will bring you, but it’s not healthy to be obsessed with winning. The fear of losing can convince you to avoid playing under anything but perfect conditions, or to deviate from your strategy to mitigate risk. Learn to harness that fear to become a successful fantasy trader. Waiting for the perfect situation might take weeks and deprive you of possible profit. Hedging strategies described earlier can help alleviate this tension.
Confidence comes with knowledge and practice. Also, confidence comes when traders embrace risks and adjust the hedging ways to their personality. That is why successful fantasy traders never second-guess the portfolio they have created. This helps them make a decision on their picks easier and align those decisions with the strategy they have worked out. This all leads to effectiveness and profitability, as such entrants are able to benefit from more volatile and unpredictable markets such as crypto, as they brush hesitation aside when it comes to jumping in a contest and drafting a portfolio.
If you currently lack such a trait as swift decision-making while trading, start with less volatile markets (such as stocks) and improve your knowledge while cutting your teeth and getting the hang of the fantasy trading contests. For example, StockBattle offers a set of 10 free contests for each new member so that everyone has a chance to understand the rules and even win some actual money in the process.
Being confident in your picks of stocks and crypto doesn’t equal denying the flaws of your strategy and the market as a whole. You should follow your plan, but at the same time do not neglect reviewing the current affairs, heeding the prognosis of experienced traders, and watching the performance of your portfolio closely. Only then can you find room for improvement and make competent changes to your plan. If you want to give a new strategy a try, it’s a good idea to use free contests to test drive it and avoid wasting money on that.
One more thing that makes some traders stick out of the pack is passion. As is known, we are apt to achieve more if something that we are occupied with puts a spark in our eyes. The same goes with trading. Successful fantasy traders follow every development and news update and love to learn more about the stock and crypto markets. The passion for constant research and development is a crucial trait that empowers both actual and fantasy traders to fathom the market sentiment and pick assets in line with the situation.
Fantasy traders craving to learn everything related to the market and finances undoubtedly have an advantage over casual traders and can benefit from their knowledge while building up their own asset picking system. Profound knowledge of the market can also help entrants work out their effective hedging system.
Find a Type of Fantasy Contest That Fits Your Mindset
Fantasy finance platforms have the whole gamut of contests to appeal to any fantasy trader. For example, StockBattle offers head-to-head 15-minute duels as well as week-long tournaments with multiple participants. The tournaments can be free and fee-based, but entrants win actual money in both of them, except cash contests bring more gains and have a limited number of participants.
So if you are a stock or crypto “sprinter” and want to see gains here and now, go for head-to-head contests that kick off every 15 minutes and are restricted only to the stock market working hours, but not crypto — it runs 24/7. If it is important for you to test your strengths in the longer run and see what you are capable of competing for a bigger prize pool with hundreds of other entrants, then stock and crypto weekly tournaments might be the right choice for you.
In any case, to understand what strategies and contests your mindset is best suited for and how your psychology affects your portfolio decisions, first try all kinds of contests and then pick the one (or several) that offers you a positive response.