To the participants and spectators of the inaugural World Series of Trading (WSOT), the name junki84 has attained almost mythical status — with a jaw-dropping 5,242.02% in Individual P&L for BTC Troop Showdown and an equally breathtaking 4,974.22% in Individual P&L for USDT Solo Throwdown, junki84 is the undisputed MVP of the first WSOT. The Bybit team reached out to the elusive trader for an exclusive interview.
Here is what he had to say:
1. Hi junki84. Have you participated in any other competitions before?
WSOT was my first. I participated in the competition because the prize was big, and it presented a valuable opportunity to test out my strategy properly.
2. Why do you think Bybit stands out from the rest of the pack in the current crypto derivatives ecosystem?
The biggest advantage of Bybit is that it is safer than BitMEX during volatility whipsaw and does not overload. Also, the Strategy Alert is amazing!
3. Viewers are very curious to know about your strategy. What’s your ‘special’ strategy? Did you approach differently for the competition?
It may sound very rudimentary. I judged that the price was in a sideways pattern during the competition period, so I bought where I felt was the lowest point and switched where I thought it was the correction.
4. So you were leading the entire WSOT Competition and were ranked 1st in all the individual rankings. One of the most impressive was your 5,242.02% for the BTC Troop Showdown Individual P&L, which makes us wonder how much leverage you used during the competition?
I never set the leverage first. I set the position quantity and stop-loss price first. But if I must say, my average leverage was 8~10x.
Many people have been curious about my leverage, but I am more curious about why they are curious about leverage when there are more important concerns.
5. You went down to the 2nd place of the BTC Troop Showdown Individual P&L ranking at some point. What went through your mind then? How did you recover from the temporary setback and reclaim the top spot?
In the first week of the competition, I’d already raised my equity a lot. So, for the rest of the period, I had a strategy of waiting without holding a position.
However, the 2nd, 3rd, and 4th places chased faster than expected, increasing the likelihood of turning the tables in the third week. My approach was to wait without position until they catch up to me, and when the ranking reverses, I will place an order at the most confident price with higher leverage. At the dawn of August 30, the ranking reversed. The price was about $11,480, and I was able to reverse by opening a position three times of what I usually do.
6. SalsaTekila, the trader that ended up in the 2nd place of the BTC Troop Showdown Individual P&L Ranking, together with many other traders, mentioned you a lot on twitter. What was your reaction, and what do you think about them?
Frankly, I didn’t know at all. I searched for Salsa during the last week of the competition and found his Twitter only then. That was when I first opened a Twitter account. After I opened the account, I found a few mentions about me.
7. I guess we already know the answer, but will you be participating in the following WSOT competitions? If so, what things would you like to see in future competitions?
Of course I will. My goal is to win the 1st prize again. That is my target!
8. Do you have any advice for amateur traders?
Always set the principle. The principle can be varied and changed. However, don’t change too frequently. The important thing is whether you can keep your principle or not. And the more important thing is whether the principle has an expected value of profit. If the principle has an expected value of profit, but you still don’t make a profit, then it means you didn’t keep your principle.
By my standard, the principle seems to change once or twice a year. The new principle always has a higher expected value of profit than the previous one.
9. How did you first get into the cryptocurrency and crypto derivatives space?
I started margin trading because I purchased cryptocurrency at too high a price during spot trading and wanted a way to hedge or exit.
10. Do you have any preference for trading style?
Some 90% is trend following; for the rest, I use breakout strategy and support-and-resistance mainly.
11. What indicators do you refer to? What indicators do you use?
MA (Moving Average), Volume, Fibonacci, and RSI.
12. What else do you invest in?
As of now, only Bitcoin. But I do handle ETH/XRP occasionally.
13. How do you predict the BTC price? What’s your BTC price prediction for December this year?
I think Bitcoin is either a success or a fall. But I trade BTC with the premise that it will succeed. The long-term outlook seems to be good. I don’t think there will be much difference from the current price at the end of this year though.