I recommend trying to resist loading the new answers and continuing to finish and then posting your answer. The reason is that you may be discouraged from your answer by reading other answers and it also takes time to read those other answers.
In a situation where many people are answering in a short period of time, your goal should be to practice completing and posting your answer quickly but not hastily. The other answers might be too short or wrong and you could still have the first complete correct answer.
If your style of answering is to provider longer answers, you can also answer the question in two stages:
- the initial correct answer with a minimum of elaboration
- the rest of your answer, that you know you can complete within five minutes
This accomplishes two goals:
- it allows you to submit your answer earlier so you can compete with the "fast answerers"
- it allows you to answer the question in your own "style" with more details
Finally, by committing to the answer and clicking "Post Your Answer", you get more comfortable and secure with answering in a competitive situation. Then add as much detail as you can in the five minute grace period.
Only then take stock of the situation:
- How did your answer fare in order of answers?
- How good are the other answers?
- Do any answers posted before yours contain basically the same answer?
- Which answers are getting votes?
- Finally, are you getting any votes? We sure hope so!
But if this time the clock didn't work out for you and you feel your answer just duplicates a previous answer and most especially, if you are not getting any votes, then simply delete your answer and call the whole thing an exercise!
Answering under pressure takes practice and you won't know how to cope with that pressure if you often abort your answers when you've been beaten by the clock. But using a two-stage answering approach can help a lot when your answers tend to be longer than other answers. Just be sure your initial answer stands by itself and that you can complete your fleshed out answer within the five minute grace period. That takes practice too!