Words like cryptocurrency and altcoins can be daunting, especially in the context of profiting through trading. With over 1600 coins and tokens now listed on crypto data sites like CoinMarketCap, it can easy to lose yourself in a sea of blockchains. But for those that are committed enough, it’s possible to make altcoin trading a lucrative and fulfilling exercise.
Those that are willing to learn, can build strong trading strategies and learn million-dollar lessons without the financial losses that usually come along the way. This is done through paper trading and can ultimately allow you to trade your way to crypto millions.
What Is Paper Trading?
Paper trading is a method of trading with hypothetical money in real time. Basically, you analyse the fundamental and/or technical indicators of a token you like the look of then record the time and price at which you ‘hypothetically’ buy it.
While traditionally this is done using a spreadsheet, a much simpler way of paper trading is by using the $100,000 of virtual money in our fantasy crypto competitions. Altcoin Fantasy has provided thousands of people the unique opportunity to learn from their trading without the usual financial risks.
Common Mistakes
One of the most important aspects to successful paper trading is to complete it in real time. It’s not good enough to simply look over the retrospective charts and point to an area that you “would have bought” because it’s making the right formations as that can lead to confirmation bias. Unfortunately lots of people make this mistake and overestimate their trading abilities because they falsely think they can easily pick the winning altcoins.
Another important aspect to successful paper trading is the use of the live order book. In live trading systems, the total cost of an order doesn’t just depend on the price, but rather the quantity available at different price points. Altcoin Fantasy leverages real order book data to ensure that the price correspond to the quantity that you’re buying or selling. In addition to using the live order book, Altcoin Fantasy also mimics the same trade fees that you would incur if you were using the real platform.
Trading Your Way to Crypto Millions
Altcoin Trading using our crypto trading game enables you to test a trading or investment strategy and see the results in real time and against a range of capable competitors! It’s the sort of invaluable knowledge that million-dollar cryptocurrency investors seek out to improve their methods.
If you’re just starting out, you can use paper trading to test out basic analysis & trading skills. But as you begin to have some success, you can use the simulated crypto trading to test out new and unproven strategies. If you’re getting more experienced with your crypto trading, you may instead like to use simulated crypto trading to supercharge your success by testing out new indicators or chart patterns.
The simplest way to ensure success and profitability when it comes to altcoin trading is to run it up the flagpole and see which way the wind is flying. That is – to test it and make sure you trading strategy is profitable in real time.
Altcoin Fantasy is the world’s most realistic crypto paper trading platform. You’ll be sure that if you do well on Altcoin Fantasy, you can transfer the same trading skills to a real crypto exchange. Joins the thousands of traders in the platform now and win free prizes and crypto
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