Binance, the global Blockchain company that owns the world’s largest digital asset exchange, doesn’t seem to rest on its way to immortality. Recently, he successfully completed his trading tournament called “Binance Futures Spring”.
In fact, the 15-day tournament attracted more than 140,000 traders from around the world. With more than 580 participating teams, testing their skills.
The Binance Futures Spring tournament
As a curious fact, the tournament brought together some of the best crypto traders in the world. All vying for the grand prize of $ 1.6 million in BNB.
To this end, after the tournament ended, some of the best operators were interviewed, learning the secrets of their success. Specifically, about your trading style, strategies, and psychological approach to trading.
Very importantly, the main traders shared in the Binance Futures Spring tournament, their best and worst experiences. Providing an insight into the dos and don’ts of crypto trading.
Below are the top tips shared by the top traders of the Binance Futures Spring tournament.
1. Develop the negotiation methodology
As is known, each operator is unique. Each one has its own methodologies. Every successful trader has a working method to analyze the markets. Therefore, each one has a well-defined methodology.
In this regard, SpeculantX, a Day Trading (Intraday) operator that is always on the lookout for small market impulses and trends. He uses the order-book to study the flow in a particular market, helping him to understand the buying and selling activity at a given moment.
To better understand, Day Trading is an investment method that consists of taking positions to buy or sell financial instruments during a single session.
Likewise, another top-tier trader, Jonsnov, uses two trading methods to gain an advantage. Effectively, it is based on a long-term strategy that reflects your long-term views on a specific cryptocurrency. The other is a short-term strategy designed to capitalize on short-term market movements.
“If you are not comfortable with a strategy, it is likely to be unsuccessful.”
2. Establish a risk management strategy
In particular, risk management helps reduce exaggerated losses. Also, it can help protect traders from losing all their money. In fact, if risk can be managed, traders can open up to making money in the market.
For example, SpeculantX strongly believes in risk management and believes that it should be the foundation of any trader. To this day, he firmly believes that risk management is the key to success.
3. Master your trading psychology
Ultimately, in the Binance Futures Spring tournament interviews, most of the major traders believe that a fundamental trait to becoming a successful trader is mastering their trading psychology.
Basically, the psychology of trading refers to the emotional element that traders face when there is real money at stake.
In this regard, Jonsnov believes that a good operator must be patient and calm when operating. Traders must have a strong mindset and must have a suitable plan for all market conditions.
So, SpeculantX believes that any aspiring trader should possess qualities such as perseverance, stress tolerance. Also, the ability to make decisions and work competently with risks.
In particular, it takes a lot of practice and effort. Therefore, you must work to understand trading psychology. And guide your mind to set yourself up for success.
4. Self-confidence and conviction
Additionally, conviction is what separates amateurs from professional traders. Conviction trading often contributes most of your earnings when the market is going favorable.
Therefore, you must operate with conviction as you go about your business. When you trade, there should be no fear, hope, or doubt.
5. Use of technology
In general, in a fast-paced crypto trading environment, opportunities are plentiful and can appear in a fraction of a second. As such, leveraging technology can optimize your efficiency and ensure your strategies are executed quickly while eliminating human error.
Thus, 3Commas, one of the most profitable teams in the Binance Futures Spring tournament, uses trading bots to gain an advantage over other competitors. 3Commas has an extensive set of tools that allow operators to execute the most profitable strategies.
In closing, the Binance Futures Spring tournament emphasized the importance of developing a strong crypto community. Is this the recipe for success? Not exactly, but it will surely help you get on the right track.
I retire with this phrase by Ricardo García Damborenea: «In evaluations, no one can raise the truth, that is, no one can claim an irrefutable reason».