Many individuals have been drawn to the cryptocurrency space for various reasons. Some people are here for the long-term and others are traders in the short-term. For beginners out there, short-term traders are typically in the market to catch a “quick profit” while long-term investors are willing to purchase and sit on the investment for a while. The trading space in cryptocurrency has become popular due to its high volatility (price fluctuations). Most short-term traders enjoy volatility because that can increase their chances of finding that “quick profit.” The biggest mistake individuals can make is investing too early. Investing too early generally arises from individuals placing trades who have no experience or strategy in play. This is why “Simulated” trading can be somebody’s best friend before entering the real markets.
It’s pretty interesting to know that many people have no idea that Simulated trading platforms even exist. What these platforms do is simply give you the ability to trade with fabricated money. At first this may sound comedic, but at the end of the day it can be one of the most effective tools out there. According to Tradeciety, a trading academy – there are numerous reasons a typical trader will lose money. Some of the most simplest reasons include:
- Personal Emotions: Not feeling confident and therefore buying / selling at times you didn’t initially intend.
- Sound Research: Not researching your strategy beforehand. Usually going right to investing due to a picture you saw on Instagram or what a friend told you.
- Millionaire Status: As mentioned above, many individuals see social media pictures with individuals showing off fancy cars and cash, pretty much telling the individual that trading is a piece of cake.
How Virtual Trading Helps:
All of those examples above sound simple, but these mistakes occur everyday and cut someone’s trading path very short. Becoming a successful trader may take 1-2 years of simulating. The simulated platform gives you the ability to get emotionally comfortable, which will make life a lot less stressful when you deploy real capital. On the other hand, the simulated platform gives you the ability to perform research and backtest many different strategies. This way you can go into the real markets with proper risk management frameworks.
Our Top Cryptocurrency Simulated Trading Platform Pick
We found Altcoin Fantasy to be a great trading simulator game in the crypto space. Their platform really makes it fun to learn the trading space. Along with the feature of socializing with other traders, they also offer various rewards just for participating. They generally run $500/week in prizes for their community which is hard to pass up for no cost to you.. With this being a simulated platform, there is no real money required. The platform does a great job of incorporating education into the simulation process. Not only can you learn with Altcoin Fantasy, you can also become comfortable in the cryptocurrency markets and find strategies that work best for you. Below we have included a quick introduction video for your review. Give the platform a try and let us know your thoughts!