WRAP-UP OF INTERVIEWS WITH WSDT I WINNERS (Part 2)

As the WSDT competition has successfully ended and its best competitors have been announced, we have decided to tell you about some of the highlights and top comments from some of the top winners.

We asked our participants a few questions to get to know more about them and their team, their winning strategies, and overall feelings during the WSDT competition.

A Diversity of Motivations

Continuing with the spirit of top individual performers, WSDT top 3 team winners came from a variety of backgrounds. The nationalities of our interviewees cut across the Atlantic and ranged from Pakistan to Canada, and from the USA to India. Interestingly enough, three out of five interviewees started trading 2-3 years ago.

There was also a diversity of motivations to take part in the competition. While some were confident to achieve top positions, like Vijay (Number 2 in Jerremy Newsome team), others focused on the emotional part and the possibility to manage large share sizes which were in the case of Qadreen (Number 2 in Gil Paz team).

Gurtej’s (Number 1 in Jerremy Newsome team) goal was to “put theory into practice” which showed some form of assertiveness. Destiny (Number 3 in Gil Paz team) merely wanted to have a great time and understand how the competition works.

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Strategies

The winners were keen on being interviewed, and each participant had their own approach to the game. Qadreen focused on a specific volatility target of +3%. Others, like Destiny, had a rather conservative take and decided to break out and down with a tight stop loss in the beginning.

Vijay and Gurtej traded a wide range of stocks and decided to go for gap and go , and moving averages/failure test respectively. Rolf’s (Number 1 in Gil Paz team) case shows the importance of understanding the trading platform which gave him a big push to become one of the top competitors.

He started trading conservatively: “companies I know well”, he said that until he could get access to the trading room to take advantage of some of the suggestions.

Teamwork and Winning

Surprisingly enough, none of the participants stressed the importance of teamwork. Qadreen stated that he decided to join Gil Paz team as he sometimes follows his stock picks while Gurtej remarked the competitive environment within the team when he stated that “we did compete with each other hard as our overall team standing throughout the competition wasn’t in the top 3”.

He added that it was due to the vision to move on from his current job and the room alerts from Tradenet, which made a difference.

Mindset & Emotional Well-Being

Most of the interviewees did not really dig deep into the more psychological part of the competition, nor did they mention having a sense of competition within the team.

Qadreen was the exception. His ultimate purpose was to manage large shares as a means to overcome hindering emotions that pop up when he uses a real account. The daily updates in the overall standings made it a more stressful process, according to Gurtej.

Future Participation & Improvement

The majority of participants agreed that they are going to take part in the WSDT next year. Understanding the software better is going to be one of Rolf’s top priority. Qadreen is thinking of maximizing his share size to a full potential whilst Gurtej recommends to set up a limit on the share size “to make the competition more realistic”.

Some recommendations were suggested regarding real-time updates on the team standings and the automatic closing of positions at the end of each trading day, at 4 p.m.

Interview | Stelios — mentor of the winning team

“Everyone has a strategy… But not everyone has a winning strategy, no matter what they think.”

Stelios Stylianou

As the WSDT I competition is over, we are more than happy to receive feedback from our competitors and team leaders. And the most valuable feedback is always the one that is from the winners.

Read the interview with Stelios Stylianou, a founder of Stocklock and a trading mentor, whose team won WSDT I. Learn which strategies he used, how he managed to be in touch with so many contestants, and his advice to future competitors.

How does it feel to be an accomplished Team Leader of WSDT? Does it feel like an important milestone in your mentoring career?

It was a great accomplishment to be the leader of the winning team and a great reward for all my efforts as a mentor for all these years. Success never comes overnight. But only after a lot of hard work.

How would you describe your overall experience with the competition? Was it more of a challenge that you took seriously or more of an entertainment event for you and your team?

Personally, it was both. A serious competition but fun and exciting at the same time. I was trading my account as well during the competition because I still needed to pay the bills… Hehe. But yeah my team and I took it seriously and we set our goal from day one to be in the first place. We are very competitive as a team and as a group in our free chatroom.

Your team

Do you have any message for your team at this very moment?

I want to congratulate every single member of our team who participated. In the WSDT, even if they didn’t make the top 20. Stay with me, master our strategies and you’ll do great In the next competition.

What advice would you give to novice traders who have tested the waters of day trading with you in the competition and are preparing to tackle the challenges of the real world?

Nothing comes easy in this life.. And especially in trading. You need to put in the hours to become successful as a trader. You also need the right tools, the right mentor, the right broker and the right strategies with risk management rules. But if you are reading this you are already on the right path.

Was it hard to coordinate such a great amount of traders? What are the new challenges that you had as a mentor?

It was a challenge but I had help. People that I mentored and have become self-sufficient now help a lot in our chatroom. My biggest challenge was to offer consistent value to the people who trusted me as their leader. That is the reason why I was doing live videos on Youtube every day before they open, to help everyone build a watchlist and know which stocks were in play. Also, it was a challenge to provide consistent winning alerts in the  chatroom. But I am used to this kind of pressure cause I‘ve been doing this for quite a few years

What kind of feedback did you get from your team? Will it affect your approach to leading and mentoring in the future?

I heard only positive comments so I am looking forward to leading my team again with the same determination.

What was the overall sentiment within the team? Were they competing with each other, or preferred to help each other out?

People were still calling trade ideas and setups all day during the competition, helping each other, especially the more experienced traders. And they were really excited at the end of every day seeing our team in the first place.

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Trading

How was paper trading during the competition different from trading with a real account?

In terms of emotions and technicalities. Everything changes when real money is on the table… It's a different ball game. Your emotions are different and your reactions are different. You can't compare the two. For me, it was easier to take risks on the competition account, risks I would never take with my money.

Did you change your trading strategy to adapt to the competition? Maybe took more risks or played safer than usually?

I took riskier trades for sure.

Was there anything special about the market during the competition? Any events that affected your strategy?

I specialize in trading earnings gaps. Earnings seasons appear 4 times a year and the WSDT competition took place outside of that period. For that reason, the opportunities we had were less than usual. But we still managed to find good setups to trade. We use 9 different strategies, so our arsenal is big enough to make us money even during quiet periods.

Describe your strategy during the competition – did you have a plan, or decided to take advantage of the situation on the spot?

As I mentioned before we didn’t use just one strategy, but nine… Depending on what the market gave us. We know exactly what we want to see before we enter a trade, so we just wait for the market to come to us. We trade like snipers, waiting for the right opportunity to take the killer shot.

Were there any key moments that set you on the path to where your team ended up – planned decisions, luck or crucial mistakes?

Yes, I believe how we handled red trades or even red days made the difference. You can’t let a red trade mess with your mind. If you do then you lost the game. So it’s all in the way you handle a red trade and bounce back with confidence.

What did you have to change in your mentoring style to adapt to the
competition conditions?

First of all, I started doing live YouTube videos to help my team see the market from my perspective. That was something I 've never done before and I really enjoyed it. Usually, I trade for 1-2 hours and call it a day. But during the competition, I tried to stay connected all day to help my team.

What were the key factors, in your opinion, that helped you to achieve victory?

There are three key factors: Strategy, Discipline, Rules. All three are equal. Everyone has a strategy. But not everyone has a winning strategy, no matter what they think. We have a winning system and that gives us confidence. We know if we trade the system with discipline and follow the rules, the outcome will be positive. It’s pure math.

Stelios's website: https://www.stocklocktrading.com

WRAP-UP OF INTERVIEWS WITH WSDT I WINNERS (Part 1)

The WSDT competition has successfully ended and we have announced it's best competitors. In light of this, we have decided to show you some of the highlights and top comments from some of the winners.

We asked our participants a few questions to get to know more about them and their team, their winning strategies, feelings and overall perspective about the WSDT competition. 

A Diversity of Backgrounds

Competitors come from very different countries and diverse backgrounds. Among the TOP 10, we can find winners from Russia, The Dominican Republic, Lithuania, and California.

Some of them got into trading looking for a second income and hoping that the future would allow them to become full-time day traders, as Vilmantas (#2) told us. While others were dead set on a career change like Gary K (#10), who is currently working as a contractor.

Strategies and Tools

Aggressiveness and risk-taking were both pointed out as a must by some of the winners. Valdas N (#8) remarked how important it is in selecting a team with an aggressive approach in mind. That’s why he chose to be part of Stocklock’s team.

Vilmantas further added the importance of risk-taking in such competition if the goal is to climb up to the first position, with many participants and a handful of prizes for the very best.

When it comes to the strategies, the competitors used a myriad of approaches and creative dynamism. From specific tools such as support and resistance, round numbers, pivot trading and being aware of capital injection as Andy F (#7) reported, to fully developed formulas.

For example, Gary K  figured out that trading is about 80% psychology, 15% technique and 5% luck via breakout and breakdown strategy that includes looking for volatility and black swans.

Vladimir S (#4) states: “I got all the picks from all the analysts in the room on Monday, put them in a watchlist and then I created another watch list and put all the \”cheap\” shares from the 1st watch list there. Then, I choose 2 setups good to my mind from them and partially went all in. It brought me $21000 by the end of the day!”

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Education, support and Teamwork

All TOP winners had some form of knowledge about day trading, be it more informal by watching some successful traders or be it professional, explicitly mentioning some day trading service provider.

Some of them emphasized the fact that they had taken formal educational courses in day trading.

Vilmantas N, Vladimir S and Andy K told us that they were following Meir Barak and Stocklock respectively, while Gary K commented on the encouragement and support received from Tradenet.

Some participants did feel mentorship encouraging, while others focused exclusively on individual performance and did not interact with their teams that much.

Mindset and Emotional Well-Being

The diversity of opinions concerning the right psychological approach is remarkable and perhaps one of the aspects that you should highlight the most.

Some traders decided not to trade during all days to avoid exhaustion. Others made it clear that one would have to pay in the form of stress and discipline if you take up an aggressive and risk-taking trading style.

Gary K laid out his extreme discipline and slight disappointment together with some tips: “I was up at 3.00 am every day as trading starts at 6:30 in California, looking to see what my next trade was and formulating a plan. I was self-disciplined enough to stop for the day when I was very close to the maximum daily loss. Overtrading and trying to force trades was a bane to my existence during my last two days.”

Future participation & improvement.

Most participants are willing to participate in the next WSDT and all of them strongly recommended taking part because of the learning process and the possibility to trade with a fully funded account.

Andy F, from the Dominican Republic, went a step further by recommending his Latin American fellows to get involved in the competition since it is not easy to save up enough money to fund an account from the very beginning.

Some of them, like Vladimir S, was so happy with the prize that he does not think he will participate anymore.

A note for improvement to the organizers had to do with the waiting period for the final results and the importance to warn participants to close all positions at the end of the day since that is the reason why some people get disqualified.

And that’s all for now, folks. We will be also happy to hear from other participants’ highlights. Stay tuned for the upcoming World Series of Day Trading.

INTERVIEW WITH GARY K | #10 in Overall Ranking

Country: United States

Trading Profit: $16,887

“I figured out that my formula is 80% psychology, 15% technique, and 5% luck.”

About Gary

Tell us a bit about yourself. Where are you from? 

I am from Mission Viejo, California.

How, when and why did you start day trading?

I was introduced to the Robinhood trading app around March 2018 and tried some other brokers but I lost over 30k of money trading penny stocks, so I am sticking to it because I am looking for a trading career in the near future. At the moment, I am working as a contractor in California, a highly demanding physical job.

How did you learn about WSDT? 

I learned about it through the morning chat room at Tradenet with Meir Barak, Scott Malatesta, through emails and phone calls from my account manager.

Why did you decide to join the competition?

I decided to join because I am a natural-born competitor having been ranked in the world standings of discus throw and being preselected for the 1996 Atlanta Olympic. In my life, I tend to go all or nothing so this is another opportunity for my claim to fame as I been through hardships and being both at the top and bottom. I love the team of people at Tradenet, feeling that I can always get any kind of silly question answered during the mornings.

What was going through your mind when you learned that you had become the winner of WSDT?

I thought: “Oh wow, I’m still in the Top 10”.

Did you really expect to become the winner? Was it your ultimate purpose?

After the 4th day, on Friday, I was in 2nd place overall. I would have secured my third position if I had not overtraded, as I saw my 3rd position slip through my fingers but I thought that, that was not me and that I always strive to become the best.

Strategy

What were your trading style and strategy for this competition?

I chose a breakout and breakdown trading strategy which aimed at finding stocks that are moving and then hit the gas pedal once the stock showed a violent pattern in one direction or another. The breakdown style got me the highest gains during the competition.

What were your favorite hours of trading? 

Well, I have been trading for a bit over a year and I might do so early in the morning or from the opening till the closing time if I have enough time.

Which stocks did you trade?

ROKU was my big winner while other moves were a couple of stocks on the top 20 trades with the guys in the morning as well as oil, gas and gold stocks from DRIP & JNUG when they were in play.

Were you trading your real account while trading a demo account in the competition?

I saw simultaneous trading as distracting although I did a small swing move right before

Emotional well-being and future participation

Moving on to your winning odds. How did you manage to win this competition? What helped you?

I took 2000 shares, all in buying power, from ROKU at 116 when I had already 400 at open and then I covered them at 106. I figured out that my formula is 80% psychology, 15% technique, and 5% luck. After going all-in ROKU at 116 I left for a job that took a few hours, went for lunch with a cushion of 6-7k dollars and then came back and covered the position. I guess I would have covered it earlier if I had been staring at my computer screen.

My move on ROKU moved my status to the 2nd place by the 4th day. It was a crazy trade, moved 10 points with my maxed-out position but my last day was awful. I could not even get one green trade, became very frustrated and kept trading until I almost hit the maximum daily loss.

Was there a point you thought you might blow the account?

At least 3 times but I walked away before making another trade around the minus 3200 loss or so.

How did you manage your confidence as well as your psychological tension?

I was confident but it was hard to manage the tension as I was up at 3:00 am every day (trading starts at 6:30 am in California) thinking and looking to see what my next trade was and formulating a plan. I knew I did not have to let myself stop out and hit my daily max loss. I came close, but I was self-disciplined enough to stop for the day when I was very close to the maximum daily loss. I was only unsure of finding a stock that could move a tremendous amount.

I felt great knowing that my plan for my best trade brought me to the top 10! On the other hand, I was displeased with my performance after the 4th day and was kicking myself the 5th and 6th day for making so many errors as I looked back and saw how many tickets I had. Overtrading and trying to force trades was a bane to my existence in my last 2 days.

Will you take part in the competition next time?

Absolutely, I will definitely take part in the competition again as it is a great test for a competitive individual to get in and out positions pushing the pedal to the metal.

Wrapping up, I’d like to ask you about your final thoughts on the WSDT competition. What would you recommend to the WSDT team to make the competition better?

I’d simply suggest that a reminder could be set up to close all positions by 4:00 because that might be the reason why some people accidentally hold them overnight and then get disqualified.

Final words

Thank you. I had a very wild emotional roller coaster ride in this test of nerves! Thank you all that put this incredible competition into play! I certainly learned quite a bit, especially my mounting frustration as I overtraded the last 2 days.

INTERVIEW WITH ANDY | #7 in Overall Ranking

Country: Dominican Republic
Team: Stelios | Stocklock
Profit: $19,725

“My strategy was based on relevant areas in the market Support and resistance, round numbers, pivot, the zone where the price through level 2 reflects that there is capital injection”

About Andy

Tell a bit about yourself, Where are you from?

I’m from Santo Domingo, Dominican Republic

How, when and why did you start day trading?

I started 2 years ago to study the market through courses on YouTube and online trading academies. I did it because by becoming profitable in trading you get the freedom of time.

How did you learn about WSDT?

I found out through Instagram, in the tradenet account.

Why did you decide to join the competition?

Because I didn’t have the financial resources to fund a large account by myself but I have the ability to achieve profitability in trading.

What was going through your mind when you learned that you had become the winner of WSDT?

I got so excited because it was my goal from day one.

Did you really expect to become the winner? Was it your ultimate purpose?

Yes, I was expecting to win because I have the ability and the capacity to win and I try to learn more about the market each day.

Teamwork

How and why did you pick your team?

I chose the team because I’ve seen very good references for stock_lock since it had to be added to a team, it inspired my confidence because they share their knowledge through groups for free, allowing others to learn from it.

How has your mentor been helping you and your teammates during the competition?

He helped me a lot because he provided encouragement to continue in it because the competition is not that simple.

Did you feel the tension in your team as you’ve been competing with each other or you did support each other instead?

There was no tension because my mentor gave support to all of us without restrictions.

Strategy

What were your trading style and strategy for this competition?

The strategy I used was to combine the relevant areas where the price can’t exceed it in conjunction with the capital injection that I observed in level 2, plus the fundamental analysis that indicated weakness in the price.

My strategy was based on relevant areas in the market Support and resistance, round numbers, pivot, the zone where the price through level 2 reflects that there is capital injection.

How many days did you trade?

Around 4 days, but every day I was waiting for good opportunities, the truth is the market was passed in low range, which leads to little volatility.

What were your favorite hours of trading? 

My favorite time is when the market is opening because it’s the time that gets the most liquidity in the market, based on good analysis.

Which stocks did you trade?

* ROKU, * AAPL among others that I don’t remember.

Were you trading your real account while trading a demo account in the competition? If yes, was it distracting you?

Yes, I was attentive to the possibilities in both of them.

I was totally focused on the competition because I needed to fund an account with a large capital, to be able to dedicate myself completely to the market and stop working on other things that are not so profitable as trading.

Emotional well-being and future participation

Moving on to your winning odds. How did you manage to win this competition? What helped you?

Without a doubt, Capital Management and patience in waiting for the right opportunity. The perseverance helped me because on firsts days of competition I was far from the first places but I only knew that I had to continue since the good operations were going to arrive. I just had to wait for the market to make the correct structures.

How did you manage your confidence as well as your psychological tension?

With a good concentration, I knew that in order to win, I had to remain 100% disciplined because if I did not meet my criteria I would not have the opportunity to have a large account and fulfill my goal of being a Day Trader. And I know that if I didn\’t win I was going to have to work hard in my country for many months to fund an account.

Will you take part in the competition next time?

Of course, for the next competition, I will win the big bill.

Who would you recommend WSDT to? Why?

To all the people I know because in Latin American countries it is difficult to be able to raise the necessary funds to open an account.

Wrapping up, I’d like to ask you about your final thoughts on the WSDT competition. What would you recommend to the WSDT team to make the competition better?

The waiting for the results should be less, because the last day was a long waiting, counting minute by minute for the final results, and the whole morning I was excited to know the news since I knew I would be in one of the first places.

INTERVIEW WITH VLADIMIR | #4 in Overall Ranking

Country: United States Team: Pablo | I&CB Profit: $21,539
“….then I created another watch list and put all the \”cheap\” shares from the 1st watch list there. Then I choose 2 good to my mind setups from them and partially went all in. It brought me $21000 by the end of the day.”

About Vladimir

Tell a bit about yourself, Where are you from? 

Originally I'm from Moscow,  Russia. But several years ago I moved to New York with my family. And we still enjoy living there.

How, when and why did you start day trading?

I started day trading 13 years ago right after my graduation from the University.

How did you learn about WSDT? 

I've been following Meir on YouTube for 5-6 years now. So this is how I learned about the competition.

Why did you decide to join the competition?

I decided to join it because I was intending to win it. And I did it.

What was going through your mind when you learned that you had become the winner of WSDT?

I felt more than happy. It was beyond any of the excitement! I had a game plan but the fact that I did manage to get such a great result following it is a great deal of luck after all. 

Did you really expect to become the winner? Was it your ultimate purpose?

Actually, this was a very nervous time on the last day of the competition when I wasn't trading at all not wanting to risk my 3rd place position I was at that point in time. And finally, I turned out to be on the 4th which is very nice too. Of course when I found out the fact that I was going to become a winner.

Teamwork

How and why did you pick your team?

I decided to join Pablo's team because my best friend's name is Pablo too. He is a baseball player.  He once told me: \”No matter how you play, you got to be in the winning team.\”

How has your mentor been helping you and your teammates during the competition?

Actually, I didn't communicate with either mentor or my team at all.

Did you feel the tension in your team as you’ve been competing with each other or you did support each other instead? 

As I've just said I didn't communicate with anybody so I didn't feel any tension of that kind.

Sample Code

Strategy

What were your trading style and strategy for this competition?

At the beginning of the competition, I was trading following Meir and Scott and that was quite good because my profits were between $300 and $1700. Then I realized that to win that competition I had to change the strategy. So got all the picks from all the analysts in the room on Monday, put them in a watchlist,  then I created another watch list and put all the \”cheap\” shares from the 1st watch list there. Then I choose 2 good to my mind setups from them and partially went all in. It brought me $21,000 by the end of the day.

How many days did you trade?

I traded for 4 days.

What were your favorite hours of trading?

Most of the time I prefer to trade in the morning. 

Which stocks did you trade?

I don't remember all the stocks I traded but the most profitable for me was OSTK. 

Were you trading your real account while trading a demo account in the competition? If yes, has it been distracting you? 

 No, I didn't trade my real account.

Emotional well-being and future participation

Moving on to your winning odds. How did you manage to win this competition? What helped you?

I described the way I won above.

How did you manage your confidence as well as your psychological tension?

I didn't trade every day so this is how I managed my mental strength not get exhausted. 

Will you take part in the competition next time?

 If I keep having the real account I'm going to get as a prize I don't think I'll need to participate anymore. 

Who would you recommend WSDT to? Why?

I would recommend WSDT to everyone who wants to learn what real trading is. Because that's the best opportunity to do that to my mind.

Wrapping up, I’d like to ask you about your final thoughts on the WSDT competition. What would you recommend to the WSDT team to make the competition better?

Everything worked well this time.  I have no thoughts about improvement.

INTERVIEW WITH VILMANTAS | #2 in Overall Ranking

Country: United Kingdom

Profit: $30,564

“Risk management was very important. I was trading very aggressive”

About Vilmantas

Tell a bit about yourself, Where are you from?

I am Lithuanian and I live in the United Kingdom.

How and when did you start day trading? Why? 

Half a year ago. I started to look for a second income.

How did you learn about WSDT?

Found it on the internet.

Why did you decide to join the competition? 

Just wanted to test my skills and luck.

What was going through your mind when you learned that you had become the winner of WSDT?

I was thinking maybe its time to change my current career.

Did you really expect to become the winner? Was it your ultimate purpose?

No, it was a surprise. Probably luck was on my side. First I was very happy, and I cannot believe that I won.

P.s. I was a bit upset that Karim beat me on the last day.

Strategy

What were your trading style and strategy for this competition?

Very aggressive and I was taking risks.

Which day trading strategies did you use? 

I was trading IPO’s, shorting, and searching for weak stocks.

How many days did you trade?

5 days.

What were your favorite hours of trading? 

Early in the morning.

Which stocks did you trade?

Mdr, Roku, ping.

Were you trading your real account while trading a demo account in the competition? If yes, has it been distracting you?

I did not.

Emotional well-being and future participation

Moving on to your winning odds. How did you manage to win this competition? What helped you?

Risk management was very important. I was trading very aggressive.

How did you manage your confidence as well as your psychological tension?

It was really hard and felt a lot of stress.

Will you take part in the competition next time? 

Indeed.

Who would you recommend WSDT to? Why?

It’s a very good simulator, for guys to test their skills in real-time trading.

Wrapping up, I’d like to ask you about your final thoughts on the WSDT competition. What would you recommend to the WSDT team to make the competition better?

Do not update results on the last day of the competition.

WSDT I: Competition Summary

WSDT I is officially over and we have the final results.

Take advantage of this information to prepare yourself for WSDT II (Early bird registration started).

Participation

6,527 traders from all over the world participated in the competition.

The highest number of competitors came from the USA, while Canada and the UK followed. The next two spots were taken up by the Spanish speaking countries, namely Columbia and Spain.

Disqualification

20% out of the total competitors got disqualified on each of the first two days while 11% got eliminated daily during the subsequent days.

Your biggest challenge is the daily loss limit. It accounted for more than 80% of all disqualifications. 

Although maximum total loss caused many disqualifications, it is not a cause to worry for most traders. It is important, however, to focus on avoiding holding an overnight position. 13% of all competitors got disqualified due to this silly mistake.

If there is one lesson you need to learn, it would be playing a safer game in the first two days, which could increase your chances significantly in the following days.

Winners

Karim L. from team Stelios reached $32k profit in six days to rank #1 in WSDT I.

Vladimir S from team Pablo made a profit of $22k.

With a $240k account, these traders created more than 10% average return, in just a matter of six days. 

Was this statistic helpful? We hope that you may learn from it and maybe become the next winner.

By the way, WSDT II Early bird registration is in progress, register now to book your spot.

WSDT is Over Soon. What’s Next?

Although the first competition of the World Series of Day Trading is still running and will have its winners very soon, we already have some great news to share with you about the next competition.

So, we would like to announce that the time frame for the next competition is already decided!

We will talk about it a bit later in this article but now let’s talk about some novelties that the second competition is going to have.

Test your skills first

First of all, it is going to be easier to find out if you are good enough to win the competition.

The WSDT team will develop exclusive tests for potential WSDT competitors. You will have a chance to discover your strong and weak sides in day trading, compare your results to the results of other potential contestants and receive profound advice on your professional growth.

All you will need to do is to pass a small test on our website. 

You can become a WSDT team leader

We have received many questions about if it is possible to enroll your own team in the competition and how exactly to do it. 

It is not strange, because WSDT mentorship is a great opportunity for day traders to display their mentor skills to their community. 

Winning of WSDT will prove that you are really one of the best day trading mentors out there, as your team competes with the teams of other notable mentors. 

Even if your team doesn’t win, these types of competitions rally your followers and create a very friendly and supportive environment in your chat rooms and social media. 

Moreover, joining your community members as a team with the WSDT gets you and your members experience in the top event for stock day traders in the world.

So, if you don’t know how to become a WSDT mentor – don’t worry. We are preparing detailed instructions on applying for WSDT mentorship. 

Moreover, we have already developed instruction on how to mentor and support your teammates, which will increase your level of social media proficiency and will make your mentorship easier and more enjoyable. 

Other WSDT novelties

WSDT has very strong ambitions to connect day traders from all over the world and make the prizes, which they compete for, even more valuable.

That is why we are considering an opportunity of attracting more sponsors to the competition to make your experience even more exciting.

Also, WSDT will kick off the rollout of a special WSDT Challenge that will help you keep your competitive spirit in a good shape.

When is the next WSDT competition?

Now it’s time to lift the curtain and announce the next competition.

The second competition of the World Series of Day Trading will take place in January 2020.

But that’s not all.

We have opened early bird registration for the first 200 seats. 

So you have a chance to become one of the first contestant of the second WSDT competition.

But hurry up as it is a limited number of seats.

(please, note that you can apply for early bird registration only if you didn\’t participate in the first WSDT competition).

Reversal Strategy for WSDT

As in any competition, it is important to choose the right strategy. The most popular day trading strategies are reversal, break-in/breakout, momentum, pivot points, scalping. Today we will be discussing the “reversal” strategy.

What is Reversal Strategy?

The reversal strategy is a strategy commonly used by more seasoned traders since most traders need to identify sudden uptrends and downtrends to make it work effectively for them.

The reversal strategy can be implemented individually or in conjunction with another trading strategy for it to work effectively. The only downside is that beginners may misapply this strategy due to their ability to interpret an uptrend or downtrend. The ability to use this trading strategy depends largely on the mentorship or training that a trader has received before implementing it in their trades.

How is the reversal strategy used in day trading?

How a reversal strategy is employed is largely up to the trader utilizing it. This is largely due to the fact that most traders must have the training and instinct to interpret when to deploy this strategy. 

We will provide some basic points for traders to use to recognize a reversal and when it needs to be used.

Reversal Strategy – Uptrends

  • Defined as a series of periodic higher highs and higher lows.
  • Eventual end marked by absolute high price value.
  • Reversal begins at the absolute high and consists of price actions trending downward. 
  • Identified by the establishment of periodic lower highs and lower lows.

Reversal Strategy – Downtrends

  • Downtrends are identified by a set of periodic lower highs and lower lows. 
  • The endpoint is a low price value. 
  • Reversal begins from the absolute bottom and is identified by upward trending price action. 
  • It begins a series of periodic higher highs and higher lows.

Is the reversal strategy popular among WSDT mentors?

The “reversal” strategy has been used by some traders to some degree or other. Some traders like to use it as mirrors trading on the bull and bear markets. However, some detractors have recently said that reversals are a risky way to enter the markets.

Pablo Martinez Garcia from I&CB, one of the mentors taking part in WSDT, states:

“The strategy I like least is Reversal because it is usually accompanied by Martingale (probability theory) and I think it is the riskiest of all to lose a high percentage of your capital”.

However, Jose from I&CB, who also taking part in WSDT, likes the reversal strategy. He states that “The reversal is a strategy that does not require momentum or market strength and the market lacks these conditions 95% of the time”.

WSDT mentor Ali Biggz also thinks that the reversal strategy may be a good choice especially when with momentum and pivot points strategies.

Is reversal a good strategy for WSDT?

Reversal strategies are inherently risky due to the potential for capital loss. One other major reason for reversal strategies to be considered is that modern trading takes place at lightning speed and some traders aren’t adept at making decisions quick enough to stem capital losses that may occur as a result of this.

For those who can make effective decisive decisions at lightning speed and have good risk discipline, this may be your trading style for WSDT.

Final thoughts

There is no one-size-fits-all strategy in trading and this must be remembered. Most traders have in their own words learned from their own mistakes. In doing so they have managed to find what works or does not work for them. Some of the traders that have used this method of trading are still wary of its use in trading.

Traders that decide to deploy this strategy must be disciplined, have a good risk tolerance, and decisive. Admittedly, although using this strategy during WSDT may let you reap profits, it can also lead you to ruin if you are not adept at interpreting the market in real-time.

The registration deadline is April 14

The registration deadline is April 14

Not all countries are allowed to the WSDT competition. Look through the list of eligible countries.