Binance Futures Trading Tournament: Top Traders Secrets Revealed
Binance Futures ushered in the new decade with a trading tournament where our top traders won a total of 100,000 USD in BNB tokens. The tournament was well-received by the crypto-trading community, with an average of 11,000 people taking part each day from across the world. It was exciting to have traders with diverse backgrounds and experience join the tournament to put their skills to the test.
Throughout the tournament, there were daily and weekly prizes to be won. For instance, our top 10 traders by ROI of the day received a total of 330 BNB tokens. Also, our top weekly performers by profit received a total of 1,060 BNB tokens. We saw amazing results from our traders. One of them recorded a 1874% ROI in a single day, while another trader set a record for the largest weekly profit of 812,475 USDT - what a remarkable feat!
Meanwhile, Binance Futures saw its trading volume reach a record high of $3.46 billion on January 14. There was lots of positive feedback from participants, most of them were pleased with the tournament and look forward to future events.
Given the spectacular results, it sparked our curiosity to dig deeper and find out how the traders worked their magic. So we interviewed some of the top traders and explored the secrets to their phenomenal success. Here are the key takeaways from which you can learn about the strategies that worked for them, the philosophies they hold and understand their motivations to succeed in the tournament.
Plan the trade, trade the plan
In the interview with our top traders, we discovered that most of them were well versed in technical analysis. They relied on statistical or technical analysis and followed a rule-based approach to make their trading decisions.
For instance, a top trader revealed in an interview that his phenomenal returns were largely attributed to his trend-following strategy, a method that he developed over months of trading. Another trader created strategies to profit from overbought and oversold market conditions by using oscillator indicators such as the Relative Strength Index.
Despite varying strategies, these traders revealed a common factor that contributed to their success - a methodological approach in making trading decisions.
In the interview, a trader who generated more than 900% ROI in a single day shared a story of how he recovered from a heavy loss in his early days of trading cryptocurrencies.
“ I started crypto trading with a friend's recommendation in 2017 during the Bitcoin bull market. I entered the cryptocurrency market with a big dream of being able to make big money in a short time, but in reality, it was completely different. In late 2017, Bitcoin hit its all-time high of $20,000 and fell throughout 2018. As Bitcoin broke $20,000, I committed a rookie mistake by chasing the trend and made a huge bet on it. Eventually, I lost 99% of my investment (Most altcoins were down 99% from their highs). Since then, I’ve learned from my mistakes and have started margin trading where I can go short and make money even if Bitcoin falls.”
Some traders also revealed that their motivation came from the desire to test their skills and at the same time, receive recognition from the trading community. Others took the opportunity to further expand their knowledge about trading and strengthen their passion for cryptocurrencies.
While personal goals drove their success, our top traders also commonly agreed that the rewards offered by Binance Futures added extra motivation to compete at the highest level. With 330 BNB up for grabs every day, the opportunity to generate additional income was too attractive to ignore.
Reliable and world-class trading platform
In the interviews, the traders shared with us their trading experience on the Binance Futures platform and also revealed how it played an important role in their success. They highlighted the importance of a reliable and world-class trading platform, especially in today’s volatile crypto market - Binance Futures provided that throughout the entire tournament.
In addition, the traders mentioned that Binance Futures’ expanding range of products provided more trading opportunities to generate good returns. Along with the attractive leverage offered on Binance’s crypto futures, its product offerings are one of the most competitive in the industry.
One of the biggest attractions to Binance Futures platform was its intuitive design. The traders said that the platform was easy to use and were impressed with its user interface that has a clean and appealing feel. A fellow trader also pointed out Binance's efforts to build the largest engagement groups in the crypto world.
On the whole, Binance Futures’ trading tournament was a massive success. With an average of 11,000 people taking part each day from across the world, the phenomenal response was definitely encouraging for us. The tournament emphasized the importance of building a strong community of traders that helps us grow as a leading trading platform. It also allowed us to receive direct feedback from the community on ways to improve the trading experience. We remain committed to ensuring a healthy ecosystem to optimize both retail and institutional user experience.