5 Steps to Begin Making Money on Fantasy Tournaments
Description: If you are interested in learning how to profit in fantasy tournaments and trading contests, check out these basic tips to begin making money on fantasy finance platforms!
Fantasy tournaments offer a great thrill for all participants. You compete against hundreds of other users in multiple daily rounds and adjust your portfolio to get the best possible results. But as every competitor, you are probably dreaming about winning and profiting from these fantasy contests.
If you haven’t had much success thus far, this guide is the right choice for you. It discusses the steps that will help you begin making money on fantasy tournaments. Here are the steps to follow to become more successful in these competitions!
Always Check Your Portfolio Before the Deadline
Available contests depend on the fantasy finance platform you choose. The same applies to how choosing your portfolio works. For example, Vig gives you a virtual fund you can use to add, buy, and sell orders to your portfolio.
It’s a bit complex, which is why StockBattle might be more attractive. Beginners will appreciate the simple formula of choosing five assets for their portfolio. Experienced traders adore the thrill that comes with competing against many opponents in multiple rounds.
Each round of competition has a deadline and you need to submit your fantasy finance portfolio before it expires. You can make your default choices early, but always see if there’s room for changes as the deadline approaches.
The reason is simple – markets are volatile. That especially applies to crypto, where things can change in an instant. You can use that to gain an advantage over the other participants in fantasy tournaments. Let’s say that a celebrity mentions a specific crypto. If the comments were positive, the asset’s value would start increasing in hours.Getting the news in time to add that currency to your portfolio can get you important points.
Try Different Strategies That Fit Your Style
You can use different approaches in fantasy trading. The great news about the tournaments that last for days and have multiple rounds is that each round is a new chance. Even if you didn’t do well in the last round, the next one is around the corner.
While designing your portfolio, you can use different strategies. Here are some ideas that experts suggest:
- Focus on stability and balance. It includes picking assets that aren’t likely to make huge jumps or dips during the round. You should assess those who have the best chances of stable growth. It reduces the risk of negative points and helps you stay in the upper half of the rankings.
- Putting most eggs in one basket. That approach usually involves relying on one or two assets from the selection to get you the most points. You should go for risky crypto or stocks. They have a chance of the biggest win but also the highest odds of costing you a lot of points. It’s an all-in situation and it’s suitable if you need to improve your ranking in the last rounds of fantasy tournaments.
- Stick to the winners. Another strategy you could try is to see which assets have performed best lately. If crypto had a positive run, jump on board and use that growth while it lasts.
Analyze Price Charts
Even if you aren’t an expert, it shouldn’t be difficult to analyze a price chart. Most platforms, such as StockBattle or Invstr, offer a detailed price analysis of each asset on their websites. You can see how the asset value moved in the last hour, day, week, or month. That could give you a better idea about a particular crypto.
The more you spend looking at charts, the more comfortable you’ll become with reading them. You’ll learn about different assets and their volatility. The knowledge you acquire will give you a better idea of which crypto or stocks are a better fit for your portfolio.
Here are several tips you can use when checking the price charts:
- Identify a price trend and use it to your advantage. Has crypto been on a steady growth path for the last several days? Perhaps there’s room to benefit from that, so consider adding it to your fantasy trading selection.
- Find crypto that could improve after a slump. It’s not uncommon for digital currencies to crash. It’s often followed by a recovery, during which the asset price increases. If you think it’s the right choice to go against the trend, don’t hesitate to trust your intuition.
- Learn which assets to avoid. Those usually include tokens that have been surrounded by bad news lately. Stocks and cryptos with frequent price changes and without a clear trend are also smart to avoid.
Use Market Tools to Analyze an Asset
Observing the price chart can give you an idea about a stock or crypto. But if you want a detailed asset performance analysis, you should use technical indicators. These are tools that will give you a better idea of how an asset performs in the short and long runs.
Here are some basic technical indicators that could help:
- OBV. It’s short for “on-balance volume” which analyzes the trading volume of an asset in the specified timeframe. If it’s going up, it shows an increasing readiness among traders to buy that asset.
- Moving averages. You can compare the asset’s values in different periods with this tool. For example, you can calculate average 15 and 100-day values. If the 15-day value is bigger, the trend is positive, and you should consider using the asset in fantasy trading.
- Average directional index. It can serve as a useful tool to confirm a current trend. The index has values from 0 to 100. The higher the number, the stronger the current trend.
Join As Many Fantasy Contests As Possible
Experience is often what can tip the scale in your direction. That’s why you need to be patient and join as many fantasy trading competitions as possible. The good news is you don’t have to invest a fortune to acquire fantasy finance experience. Furthermore, you don’t have to invest a single cent. You can stick to freerolls, which don’t require a fee to join.
Freerolls often come with real money prizes. You have a chance of profiting without investing, which makes this a great way to make money in fantasy tournaments. The rewards are modest, but the experience counts.
Apart from classic fantasy contests, you can consider head-to-head duels. These are short-term competitions that last for only 15 minutes. You use your skills to create a portfolio that could perform well in the short run. Instead of competing against dozens of opponents, you only have one rival. The winner takes the entire pot, which makes this a great way to make money quickly.
Fantasy tournaments don’t require a big initial investment, compared to trading on conventional markets. These contests rely on skills and require you to choose a portfolio that will outperform the opponents’ selections. Fantasy finance platforms offer huge diversity in competitions. Invstr focuses on monthly cycles, while StockBattle has both 15-minute duels and weekly fantasy tournaments.
Whichever competition you choose, make sure to carefully pick the assets for your portfolio. That’s where the secret of profit lies. Using the latest information to choose the right stocks or crypto and relying on price charts and performance analysis can bring you success. The simple steps from these articles will boost your odds of making money in fantasy contests. Don’t hesitate to give them a shot and enjoy the thrill of these competitions!