How to Improve, Advance, and Win WSDT
Day trading strategies for WSDT Sep 20, 2019
The World Series of Day Trading is a new day trading competition organized to challenge day traders of every nationality, language, and background and reward the best ones with valuable prizes.
The competition is no joke and will be a tough challenge for contestants but the main prize is more impressive — access to a $240,000 funded account plus a $6,000 voucher.
Note that, the World Series of Day Trading can be a great platform for day traders to showcase their best skills in the financial market and that is why everyone would be bringing on board their “A” game.
Is there a secret strategy that will help you to win WSDT competition or it is just blind luck?
While luck may be an important factor in competitions such as this, proper preparation is also very crucial.
With this in mind, we have compiled a set of guidelines that will improve your chances of victory in WSDT.
Mental Preparation for WSDT
Day trading is a pretty intense style of trading thus it demands quick actions and a very sharp concentration.
Before and during the competition, a trader should have a keen mental focus, that will enable control over personal behavior and actions.
The best way to achieve a proper mental focus is discipline and strong will power. These are the things that all winners of any competition need to possess.
Another important mental factor that can have a great impact on your success in WSDT is the emotional excitement of competition.
The World Series of Day Trading is an intense competition with up to 4,000 expected participants, so it is very easy to let your emotions overwhelm you. But this is the main reason why we have written this guideline for you – to make you prepared and less anxious.
Moreover, your WSDT mentor is there to assist you anytime, be sure to closely following him on his social media handle and not miss out on any valuable piece of advice. (Later in this article we will explain how to pick the best mentor).
In the end, realize that victory is within your grasp, be confident, use your strengths and strategize how to win WSDT.
Risk Management during WSDT
It takes a great deal of effort to be victorious in any competition. You need to practice in advance, psychologically and mentally prepared to minimize risks and achieve expected results that play on your strengths and strategy.
You may trade perfectly without losses if you follow simple rules and calculate the risks during trading sessions by not allowing fear to decide for you.
Risks and the WRONG ways to trade
- Become complacent and use the same trades and strategies, just because they work for you.
- Overestimate your capabilities based on a good trading day and assume you can trade higher capital volume.
- Trade higher capital volume until you’re a veteran trader
- Trade irresponsibly based on someone else's market data, use your own and good common sense.
Risk and the Right Way To Trade
- Be realistic in your capabilities, goals, trades and with your capital.
- Time is important in trading and so is patience.
- Be prepared to react when your goal or target is close
- Always change your strategies never stick to one set.
- Develop your plan based on which strategies work for you and your trading style.
- Only use 5% per month of your capital and increase it sightly if successful.
Day Trading Strategies for WSDT
It is very important to master more than one trading strategy for WSDT. This will dramatically raise your chances of victory and give you the necessary foundation of how to win the World Series of Day Trading.
The primary day trading strategies used are a combination of breakouts, momentum, pivot points, and reversals.
Day trading typically consists of attempts to capture price fluctuations, the sizes of which vary from a few points to several hundred points and can spell the difference between winners and losers.
It is not always necessary for a day trader to immediately respond to microscopic imbalances between supply and demand. Most traders can use traditional candlestick charts in combination with volumes and can be one successful method for you to follow and win WSDT.
Day traders are typically active in the first hour after a trading session opens. Then, they hold positions during the day and adjust protective stop losses. To attain the most profitable position requires attention to detail and complete control.
However, day traders often encounter situations where the accumulated profit instantly disappears due to sharp oncoming movements. One effective and reliable WSDT strategy to protect yourself is to make the correct decisions in a fast-paced environment. The most essential point in determining your victory in WSDT is decision making, in other words, look forward and try not to second guess yourself.
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