Steemit Crypto Academy | Summary On Trading Competition [Team Reminane] | S2T2

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Hello Steemians, crypto academy trading competition week 2 season 6 has ended. The week ran from 00:00 am Sunday 27th February 2022 to 11:59 pm Saturday 5th March 2022. This is my first time leading my team in the trading competition and I'm glad to say that I was impressed by the performance of the participants.

30 participants joined team Reminane in the 2nd week of the competition. Only 16 participants were qualified to enter the competition as they met all the requirements. Meanwhile, the remaining 14 participants were disqualified for failing to follow the guidelines of the competition.

The table below shows users who were disqualified and the reason for their disqualification. The correction to address this will be found later in this post.

Username	Remark
@tenguhatanga	Missing Trade in Video
@imanthadd	Wrong Data Entry
@rosz	Incorrect Video required
@tripplem	Wrong Data Entry
@preshymukel	Wrong Data Entry
@ojerindejoel	Wrong Data Entry
@zekea	Wrong Video Information
@donjosuexd	Wrong Data Entry
@phlexygee	Wrong Data Entry
@gabikay	Wrong Data Information
@ebuahsang1	Wrong Data Information
@rizaldamti	Use of Bot Account for Upvotes
@sputnik1	Late Submission
@khamara	Late Submission

All the users posted their trades daily while answering the following questions on the Coin/token they traded.

• The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
• Why you are optimistic about this token today, and how long do you u wish it can rise.
• How to analyze the token? (This can technical analysis and trading strategies learned from professor's courses) - This section is very important.
• Your plan to hold it for a long time or when to sell.
• Do you recommend everyone to buy this token? Give reasons for your answer.
• Any other thing you might want to share about this coin/token.

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The majority of the users carried out spot trading for buy trades and also sell them when the price appreciates. Whereas, some users took advantage of leveraged trading to capitalize on both up and down movement of price. Only a few users were able to trade CFDs using brokerage firms. Out of the 69 trades that were carried out by the qualified participants, 49 trades were winning while 20 were losing trades. We can see that in the pie chart below.

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Summary of the trades executed by each trader in the team and also the outcome is shown in the Screenshots below.

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Total profit from the team = $38.352
Total no of trades = 69
Total no of winning Trades = 49
Total no of losing Trades = 20

Team Ratio = Total no of winning Trades / Total no of Trades
= (49 ÷ 69) × 100 = 71.01%

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Top 3 Participants

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There were many entries in Team Reminane this second week. However, some participants were exceptional in their trading operations. This includes the total number of trades, the quality and technical analysis carried out, and also the profit realized by each user while following the proper guidelines for the competition. The following participants deserve an award for their performance.

Username	Homework link
@avagah	Homework post link
@ononiwujoel	Homework post link
@beckie96830	Homework post link

Feedback and Recommendations

• Firstly, I'm impressed with the performance of the participants in this trading competition. The majority of the users paid attention to the competition guidelines and executed their trades correctly. I was amazed to see all the lessons I have thought being put into practice. This includes support and resistance, market structure, confluence trading, multi-timeframe analysis, etc.
• I noticed most participants still have poor chart analysis and this makes it difficult for them to make a good trading decision in the market. Like I will always tell my students, trading is all about having patience and discipline for your trading setup to unfold in the market. Only then can you capitalize on this opportunity and make a good profit. You don't have to chase the market.
• Some of the participants were analyzing the market using only a lower timeframe like the 5mins, 10mins. This can be risky as you do not have enough price information. I always recommend multi-timeframe analysis from the higher timeframe to have a clear understanding of the market trend. Some traders were counter trending (trading against the trend) and this resulted in losing trades. The trend is your friend and you should always trade according to the trend.
• Most of my students are familiar with confluence trading in the crypto market. I see some participants relying on only indicators for trading decisions. Indicators work best as a confirmation tool to other technical analysis tools. Relying only on an indicator is risky and can lead to a losing trade. Price action tools like chart patterns, support, and resistance, market structures are the key basis a trader should always focus on.
• Finally, risk management has remained the most important aspect of trading. Before executing your trades, ensure that you have identified your exit positions either in profit or in a loss. The crypto market is highly volatile and anything can happen anytime in the market. I always recommend setting stoploss and take profits at strategic positions like support and resistance levels, swing high and lows. Some users were trading with leveraged funds with a margin of 20×. I trust you understand margin trading and also the risks involved in such a market.

Corrections for users who were Disqualified

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In the invitation post, we clearly explained the formation to fill the Google form and also how to enter the data for your trades. This information is analyzed in Google sheet and inputting the data incorrectly makes it very difficult for us to analyze them effectively. This week, I was able to manually correct some data which was a difficult task to do. Please kindly follow the format below while entering your data.

BTC/USD, BUY, 37000,38500,+100
Correct Format

BTC/USD Buy, $37,000, $38,500, +100
Incorrect format.

The format above is very simple and using the wrong format complicates the data and makes it difficult to analyze the data. You can see that every entry is separated using a (coma). Also, you do not need to include a coma in the entry and closing prices.

The screen record should contain the transaction receipt or transaction details of your position. Most users uploaded videos explaining how they executed their trades. Also, ensure that transactions on the video correspond with the data you uploaded and also the data on your post. You should always try as much as possible to upload a viewable video.

Conclusion

The 2nd week of the trading competition was successful. Though some users are still struggling with technical analysis and also how to fill the Google form properly. I believe the next competition will be different as corrections and recommendations have been made on this week's trade.

Trading in the crypto market comes with a high risk due to the highly volatile nature of the market. Always invest what you can afford to lose and ensure that you maintain proper risk management before executing your trades.

Thank you for participating in this trading competition.