So, the end of the first week of the simulated derivatives trading TestNet on KuMex and the final calculations on the rewards for the first week prize pool. The last couple of days had me busy with family stuff, and so I hadn't had the chance to really do much trading... besides, there was a large step up for me to make it on the next tier of rewards, and to be quite honest, I wasn't really willing to spend the time and effort to get up there! So, I finished around the top 100 mark with a total profit of ~220% in the first week. So, that nets me a nice little payout in KCS which I'll just leave in the piggy bank. After all, I do the occasional trade on Kucoin anyway, so it might have some later use.
Somehow, the last funding round fed into the second week of trading as well, so I start the new reward week with a 20% profit... which immediately puts me in the prize pool for the last tier. I might not do so much trading on the TestNet this week as I'm on the road with work, and that means that I have slower internet and the chance of being caught out on the wrong side of a swing gets higher with slower connections. It was interesting that there was a second week of rewards though, I had thought that it would be limited only to the first week...
I did take a quick look last night as Bitcoin took a massive dive, to see if I could pick up an easy profit somewhere... but the testnet market was going utterly crazy and it isn't a great idea to do anything when you first log on... that's a great way to get sideswiped by not knowing what is going on... or accidentally setting a bad order because you weren't familiar with the current swings (or even setting the order for the wrong USD range... yep, done that one before...).
Anyway, if you have interest in learning how this all works (the derivatives trading, not the actual token market)... this TestNet is a great way to try it out (there is information on how to sign up below). It's a fast moving (sometimes...) high risk, high profit/loss experience... so, something that is best learned when you are only trading simulated BTC/USD contracts. So, be prepared to set spreads, stop-limits and stay on the ball and cancel and limiting losses when you have to. I prefer to trade pretty defensively, but if you want you can always go for the all or nothing Hail Mary orders... I'll probably be the one chipping away, nibbling at your heels. Plus, for this week (and probably the next week), you have a chance to collect some KCS for your efforts at testing the TestNet.... I think that the requirements for this week are lower, you only need to show a 10% profit to get a cut of the lowest tier.
For a quick post on how to join the KuMex simulated trading (10,000 KCS for ranked traders at the end of the first week) or a chance for a share of 100,000 EUR from the Binance Europe on-ramp read my earlier post here!
Not into reading and stopped listening at the prospect of "FREE" tokens/cash, here are the relevant links!
Kucoin account required for KuMex.
Complete KYC at Binance Jersey
... reading is better!
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