Fantasy stock and crypto games can be a fun way to earn extra cash for anyone interested in the markets or trading, but it comes much more naturally for some people. There are some features and psychological traits that most, if not all, of the players with the highest number of winnings have. If you already have or are willing to develop these traits, you might have the right attitude and approach to be a serious competitor.
Regardless of the strategy you choose, a system won’t help you win games if you don’t stick to it. Successful players can create and follow their strategy because they have developed certain helpful psychological traits. True, there are key differences between traditional trading and fantasy games. However, both traders and players tend to use many of the same psychological traits.
Here are some of the most valuable traits you can work on to improve your game:
An Analytical Mind
Coming up with an effective strategy means doing the research to fully understand the markets you are going to play in. Doing the math to make sure the numbers check out also ensures that your system will be reliably profitable.
The math part isn’t too hard to wrap your head around if you put the time into learning, but a naturally analytical mind is a big help. People with the ability to recognize and respond to patterns are successful traders and fantasy players because they are more able to develop their strategy based on a broader understanding.
Discipline and Preparation
Games like StockBattle are simple enough that anyone can jump in and have fun, and even win a few games. But if you are serious about improving your win rate and your profits from playing, you will need to take the time to prepare a strategy.
The right system for you depends on a wide range of factors, such as your areas of knowledge and the times of day that you will be playing, but the psychology required to execute a strategy is also important. Even the most seasoned traders still experience strong emotional responses from their decisions. This is why it is vital to find a system that works with your own psychology instead of against it. Think about the kinds of strategies you can actually stick to.
For example, you might create a hedging strategy that reduces your risk on paper, but if having more money in play makes you anxious and prone to poor decisions, you’ll need to either prepare to push through that self-doubt or work on an alternative system. To use StockBattle as an example, a hedging strategy could involve playing simultaneous games to balance one team of stocks or cryptos with an opposing team.
Anticipate Fear
It is normal to feel a little worried about your decisions or picks for a game. Whatever system you are using, you will never be able to pick the perfect team for every match. The fear of losing can convince you to avoid playing under anything but perfect conditions, or to deviate from your strategy to mitigate risk. If fear and risk aversion are factors that are impacting your game, adopting a strategy that focuses on playing shorter games could reduce the build-up of anxiety.
Strong fantasy players are able to ignore these fears, and players who are not will be less successful. Waiting for the perfect situation for your strategy results in not playing enough games to make a real profit, and deviating from your planned system means you won’t be able to accurately assess your results and improve your strategy.
Confidence
Instead of making decisions from fear and risk aversion, successful fantasy players have confidence in their strategy and don’t second-guess the plan they have created. This enables them to be decisive in making the picks that align with their system, rather than making last-minute changes to avoid a perceived risk. As a result, players with high confidence are effective in more volatile and unpredictable markets such as fantasy crypto, as they are able to make the right decisions quickly and without hesitation.
If this kind of fast decisiveness does not come naturally to you, it might be better to build your system around playing longer strategies on less volatile markets. Some games allow you to choose the time length of your games. For example, in a short StockBattle game, the timing of the match can have a huge impact on the winning stocks. You will need to have a cool head under pressure to make the right choices as soon as the game starts.
Humility
Being confident in your approach to stocks or crypto is not the same thing as ignoring the flaws in your system. Follow your strategy in each match, but regularly review its performance to find room for improvement too. Then you can make changes to your plan and act according to the new system, instead of changing your picking strategy on the fly. This will disrupt the process you worked on and calculated to be profitable and prevent you from getting reliable data you can use to devise a better system. If you want to try out a wildcard strategy that isn’t part of your system, use your StockBattle freerolls to avoid using your own money to test these tactics.
Passion
Whatever system you use or stocks or cryptos you focus on, you need to be passionate about them. Successful players follow every new development and news update that could affect the markets they play on and love to learn more about any related topic. The passion for constantly taking on new information about a subject is a critical trait that enables both traders and players to understand and predict the current market situation.
Players with the passion for learning anything and everything to do with their chosen markets can benefit from tactics that take advantage of this wider knowledge, such as hedging. For example, you could use your knowledge of an industry to hedge your choice of one stock or cryptocurrency against a competitor that is likely to benefit from news that could hurt the companies in your original team.
Find a Game System That Fits Your Mindset
Different approaches to winning fantasy crypto or stock games work for different types of people. This makes it critical to learn as much about each strategy to understand which ones suit your style and which you should avoid. It is equally important to know your own strengths. If your mindset is only suited for certain systems, you need to understand how your psychology will affect your games’ decisions.