Skills Crypto Traders Can Use While Playing Online Slots
Having been a fringe interest for some time, cryptocurrencies like Bitcoin have begun to infiltrate the mainstream recently. There is much greater awareness of the bigger coins like that one, Ethereum and Litecoin amongst the general public and there has also been real growth in crypto trading.
The volatility of the crypto markets mean that this is not an activity for the faint-hearted or risk averse, but that is also true of other popular pastimes like online gambling. Both crypto trading and choosing to play online slots at Rainbow Riches Casino and similar sites combine risk with excitement and the potential for financial reward.
Given that they have those features in common with each other; it is worth considering whether there are skills involved in crypto trading that can be used for success when playing online slots.
What Does Crypto Trading Involve?
Trading in crypto is not a whole lot different to other forms of currency trading, except that the currencies in question are digital rather than real-world physical objects. There is clearly a difference between the two in the eyes of many people though.
Gamban and Solent University conducted a study not long ago to measure the attitudes of adults towards crypto trading. The results showed that 56% of them regard investing in crypto as being a form of gambling.
That stance is supported by the Financial Conduct Authority (FCA), one of the key finance industry regulators in the UK, which has classified crypto trading as a high risk activity. This is partly down to prejudice towards cryptocurrencies because they bypass the existing industry gatekeepers, but the element of risk is real.
That is part of the appeal for traders just as it is for gamblers, so can one be used to do better at the other?
Key Crypto Trading Skills
These are the key skills that crypto traders need to have and how each can help when playing an online slot game.
- The ability to research
People tend to think of crypto traders as impulsive ‘bros’ aiming to get rich quick without thought for long term consequences. However the more successful traders are a lot more cautious and careful than that stereotype.
Investing involves doing a lot of research into the market for whatever you want to trade and that is true of crypto coins like Bitcoin too. Indeed, the complex fluctuations of that market make research even more crucial to success.
This is a skill that can be applied to online slots. Smart slots players look around for games that offer potentially lucrative features like free spins and bonus rounds as well as solid return-to-player (RTP) percentages.
That patient crypto trading research will pay dividends if applied to online slots.
- Risk management
Crypto trading is about balancing risk and reward and successful trading means you have to be willing to invest enough money to make the rewards worth it. That is true of slots games too, because the more pay lines you are prepared to bet on, the greater your chances of securing a win.
Both traders and slots gamers need to know how to quit when they are ahead as well, so that a win does not turn into a loss.
- The ability to concentrate
A third essential quality needed for viable trading in Bitcoin and other cryptocurrencies is the ability to concentrate. Being able to focus on everything from currency updates and trends to ever-shifting crypto market stats and figures can mean the difference between smart and stupid trades.
Although playing an online slots game is nowhere near as complex as that, the players who are able to maintain concentration from spin to spin will do better than those who let their minds wander. The strategy involves looking out for features like wild and scatter reel icons that can potentially trigger wins, as well as studying how often different slots pay out.
- Emotional control
Just as with any other form of currency trading, investing in crypto is something that you must keep a clear head to be able to do well. Letting emotions get the better of you is a sure fire way to make rash decisions that end up costing you serious cash.
That is every bit as true of playing slot games or any other form of gambling too. Bets placed when your emotions are high will not be rational and that will significantly increase the risk of failure.
Taking the ability to control your emotions that you have learned from investing in crypto markets and applying it to your slots play is guaranteed to produce better results.
- Knowing what to avoid
The extreme highs and lows of the crypto markets are partly down to naïve and inexperienced traders getting involved. Thus, the investors with more savvy tend to avoid the coins that are attracting traders of that sort, due to the fluctuations.
Once you have reached that point of greater awareness you can use it avoid slots games where the reward to risk ratio is not high enough. Picking the right slot is crucial to making money from playing them.
Crypto trading has a lot in common with playing casino games and other forms of gambling, so there are a lot of trading skills that can make you better and more successful when playing the slots.
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