Become a Winner at WSDT
Best day trading practices Sep 23, 2019
World Series of Day Trading (WSDT) is a unique opportunity to demonstrate personal skills, knowledge, and winning strategy in day trading challenge. Any trader with minimum experience can take part in this competition and get a real prize while using a demo account.
Each participant must be ready to compete with more experienced traders. For that, you need to improve your methods and strategies to win WSDT. Selecting the right day trading strategy for WSDT is vital if you are looking to win.
The team leader will guide and mentor every member throughout the competition, so it is also highly recommended to follow the leader’s social media where he will share his experience with you. In this way, you will be able to learn the best practices and strategies of your mentor.
A consistent, proven, and practical strategy should be based on in-depth technical analysis, indicators, charts, and patterns so that you can predict future price movements.
Here is one of the best day trading strategies that might help you to win the WSDT competition:
Breakout Day Trading Strategy for WSDT
The breakout strategy is suitable when the stock price clears a specified level, and you consider an increased volume of these stocks.
How do you win the WSDT using this strategy?
It is possible to enter into a long position after the stock breaks its resistance point or enter into a short position as soon as the stock breaks below the support level. When stock becomes traded beyond the specified price limits, volatility usually increases, and the stock price in most cases moves in the breakout direction.
Along with that, it is crucial to consider both support and resistance levels. When the price hits these points, it is a signal for further actions.
If the price is close or above the resistance level, it requires a bearish position. If the price is near or below the support level, then the bullish position comes into play.
Use the stock performance to set a reasonable price target. Chart patterns can help you make it more accurately. Once the stock price reaches the price target, exit the trade and enjoy your earnings.
Momentum Day Trading Strategy for WSDT
Using a momentum strategy, a trader focuses on stocks with high volumes that move mainly in one direction. Momentum traders hold positions starting from a few minutes to a couple of hours, depending on the movement speed and the possible change of direction.
How to win WSDT using this? The stock market features significant movements in price, so a trader has to detect the right stocks, hold them until the signs of reversal appear, and then sell them out.
This strategy is effective and easy enough when used in the right way. However, traders are very dependent on upcoming news and announcements, and they have to act fast according to them.
Reversal Day Trading Strategy for WSDT
Day traders all over the world use the reverse trading strategy, although some consider it as potentially dangerous. It is also called a mean reversion and a pullback trend strategy. Using it, the trader you aim to trade against the price trend.
So, how to win WSDT with that?
Traders try to exit the given positions before a reversal, or they get out once they can see the reversal movement underway. To perform this in the right way, a trader needs to precisely identify whether this is a reversal or pullback and forecast its strength. So, this requires in-depth market understanding and a certain leve of experience.
Pivot Points Day Trading Strategy for WSDT
The pivot points strategy requires identifying support and resistance levels and acting accordingly.
How to win WSDT using this strategy? Traders can use it to identify points of both entry and exit, as well as by locating key levels needed for a breakout.
Pivot points are commonly defined as points of a price direction change. The trader uses price information for a relatively short time frame when he wants to calculate a pivot point. Accuracy is often reduced in such instances.
Which Day Trading Strategy Is the Best for WSDT?
As you already know, One can use a vast variety of useful strategies at the right moment. When choosing the best one, you should rely on your trading style, your experience, your intuition, and so on.
You must also take into account that every participant will be a team member during WSDT. Thus, team spirit is the way how to win WSDT.
Your team will compete with the other teams, so if your group becomes part of the top three, the leading players will get even larger WSDT prizes.
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Not all countries are allowed to the WSDT competition. Look through the list of eligible countries.