How to Gain Extra Income with Crypto Fantasy Tournaments – Cryptonews

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Crypto fantasy tournaments have taken the trading market by storm. These competitions attract thousands of users due to their exciting concepts and generous prize pools. 

It doesn’t matter if you are a beginner or an experienced trader. You can use fantasy trading contests to gain extra income. It’s all about applying the right strategies, and that’s the topic of this article. Here is how to make the most of the crypto fantasy tournaments and boost your odds of winning!

Understand the Basics of Fantasy Trading Contests

Your first task is to do the groundwork, which means you should know how crypto fantasy tournaments work. You might have tried fantasy finance competitions on Invstr and similar platforms. But StockBattle came up with a unique concept. It involves a series of seven daily crypto contests. Each round lasts for a day and the points won in each session combine.

The best-ranked participants, after the competition ends, win generous prizes. You can even participate in freerolls with a USD 200 prize pool without investing a single cent. Real money competitions have even more impressive rewards funds that go up to USD 2K.

Why Fantasy Tournaments Are a Great Option to Earn Extra Income

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Fantasy contests have become incredibly popular, especially for those looking to gain additional revenue. Here are the main advantages of these tournaments:

  • Attractive for beginners and experienced traders. Newbies can get a taste of the crypto market and discover how it works while having a chance to win actual cash. Experienced traders can use their knowledge to outsmart opponents and be a step closer to winning.
  • You don’t have to invest a single cent. StockBattle offers free crypto fantasy trading tournaments each week. You can test your skills and earn a portion of the USD 200 prize fund. Low-deposit real money tournaments with generous rewards are also available if you want to take the experience to the next level.
  • They don’t take a lot of your time. It helps if you invest time and effort into analyzing charts and picking assets carefully. But it’s up to you whether you’ll spend minutes or hours working on your portfolio.

Strategies to Use in a Fantasy Tournament

Although a crypto tournament lasts for an entire week, you’ll participate in daily rounds. Each day gives you a chance to adjust your selection and pick new assets for your portfolio. That means you should aim to use day trading strategies. Check out these suggestions and find strategies that fit your preference!

Using Range Trading to Your Advantage

Although cryptocurrencies are famous for high volatility, the truth is that they can stay within a certain value for a while. For example, you can analyze a particular asset and discover that it traded between USD 500 and USD 800 in the last 30 days. And if you analyze 30 days before that, you’ll find out its value was between USD 440 and USD 760.

Range trading is an interesting short-term strategy you can apply in fantasy finance. You might notice that crypto has been losing its value for a while. You don’t believe there is a valid reason for it to go beneath the 30-day low. Therefore, it’s a matter of the hour when its value will start rising. These conditions imply it’s a good time to pick that asset. You can use this strategy to identify cryptos you should avoid when picking your fantasy trading selection.

Use Crypto Volatility

Cryptocurrencies are volatile and can go through significant price changes in minutes. Another distinguishing feature is that these assets can have huge jumps and downfalls. It’s something you can’t neglect when picking currencies for fantasy contests.

Let’s say that Bitcoin has suffered a slump and lost 15% of its value in the last 24 hours. The odds are it will regain at least some value in the next day or two. It makes that day a good moment to add BTC to your portfolio. And if the currency has reached a record high that day, beware of potential downfalls. It’s better to be patient and pick another asset for that round.

Use Moving Averages and Other Technical Analysis Tools

Experts are familiar with technical analysis tools. But if you are a beginner, you need to start with the basics. The initial requirement is learning how to read the charts and assess price fluctuations. Once you know that, you can start applying tools like moving averages.

A moving average shows the average value of specific crypto in a certain timeframe. You can analyze it for the time of 15, 30, 50, 100 days, or longer. If you do the math for a currency and discover the moving averages are different, check if it’s wise to include that asset in the portfolio. For example, let’s say that the 100-day moving average is USD 500, while the 15-day value is USD 420. Can that asset move toward its long-term average value? If yes, it could be a wise addition to your fantasy trading portfolio. But if you believe it will continue to fall, avoid inserting it into your selection.

Read the Latest News

For each round, you have a specific deadline. It can’t hurt to check the latest news from the industry before it expires. Last-minute changes based on important events could help you to outsmart your opponents. An advertisement with a celebrity promoting particular crypto might have only appeared today. That could immediately drive the asset’s value up, and you should use that to your advantage.

While we are on the topic, look for any momentums and trends in price charts. If you believe that the growth trend for particular crypto could continue, add that asset to your portfolio. Alternatively, avoid currencies for which you notice that their value has started going down.

Expert Tips to Use During Crypto Fantasy Tournaments

If you don’t have previous experience on a fantasy trading platform, it’s smart to hear what experts have to say. Check out these tips from those who tried the tournaments:

  • Participate regularly. Freerolls and premium tournaments both have a generous prize pool. If you want to maximize your odds of winning, it’s imperative to participate in as many events as possible.
  • Visit the website daily to tailor your portfolio. You have the chance to change the entire portfolio every day. Aim to make only the necessary changes, but confirm the selection before each round starts.
  • Don’t hesitate to try stock tournaments, too. You might specialize in crypto, but you can also try fantasy contests where the assets to choose are stocks. It’s a great way to get ready for the traditional trading market while having the chance to profit.

Final Thoughts

Fantasy finance is the perfect way to learn about the traditional trading world. You’ll discover different assets and understand price fluctuations better. Assessing the charts and learning about volatility is something you could take advantage of later.

Apart from the learning component, fantasy tournaments made a huge step forward when it comes to the available profit. These fantasy contests have impressive prize pools. You can’t neglect the feeling of pride when you outsmart others and qualify for rewards. 

You can find stocks and crypto tournaments on StockBattle every week. These unique fantasy trading contests keep the thrill of the competition at the highest level throughout the entire tournament. Don’t hesitate to give them a shot and see why they’ve become the user favorite!

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