One way that people express dominance is to lean into your gender identity to express an elite form of that and that will vary inside your peer group. There is nothing politically correct about this but when you look at how dominants dress in media, you're often going to see an expression of elite gender identity.
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That is, in intra-sex competition how can you tell who is winning? Speaking honestly, that whole topic is a minefield of cultural gender expectations and you can mindfully reject all of that as regressive bullshit.
But, we're kinky people so sometimes we lean into something regressive because we find it satisfying in some way.
Classical elite American masculinity is expressed through power, confidence, wealth, and a certain look. In that space you probably want a suit, waistcoat, a tie, maybe a big watch... some rings, fancy shoes. You're playing a role there and you can feel free to take those garments off slowly because... you're confident. (Maybe instead you're an authority figure like a doctor, police officer, or instructor... those roles all have clothes that go with them too.)
The quickest path to the traditional elite masculine look is a button up shirt, a pair of slacks, a waistcoat, and a tie with some color that pops. You can get a waistcoat for about $25-$40 on Amazon and they make almost any man look amazing. Pair that up with a white shirt, and a tie, and you've created a classic masculine identity. (Leave the top button of the shirt undone, let the tie hang a bit loose. It's just much more comfortable.)
If your pesonal group is goth punk, that's a very different expression. How would you compete with other people within your sexual identity? Is it black lipstick, a shaved head, torn black jeans, and combat boots? Might be.
Think about how you picture yourself as a dominant and understand that it is totally okay to toss aside the culture's gender expectations and go your own way. I'm perfectly happy to dominate in shorts and a T-shirt and I know many other dominants are as well.
Most of my time as a dominant, I'm casual. When I want formal, the waistcoat is my goto option.