Trader with Over 4,000% Gains Lead Bybit’s Crypto Trading Competition
A crypto trader has surprised the market by generating 4,000% profit in less than three weeks in the World Series of Trading (WSOT) competition conducted by cryptocurrency exchange Bybit.
The competitor, who goes by his twitter handle name ‘SalsaTekila’ leads the WSOT leader board by giving a giant leap to his team with 4,495.95% profit.
Interestingly, the trader began the competition with a mere 0.19 Bitcoin (BTC) and turned it into 8.76 BTC during the course of competition.
While participating in a discussion on Tone Vays’ YouTube channel about the trading competition, the trader disclosed his trading strategy which is based on making quick entries and exits, technically referred to as scalping.
He also acknowledged the use of high risk money management in the first few days of competition in order to quickly rake up profits and move up the leaderboard.
Bybit’s first WSOT competition, which began on August 10, included two key categories namely team BTC, also referred to as troop BTC, and individual USDT. SalsaTekila participated in the troop side category, which involves participation in groups.
The best team is selected based on profit/loss ratio, and overall profit & Loss (P&L) generated by trading Bitcoin USD perpetual swap contracts on Bybit’s platform. The cryptocurrency exchange also offers prizes for individual who generate highest profit and best P&L ratio among all traders in the troop category.
Jalapeno, the name of the group to which SalsaTekila belong, is leading the board with best P&L. It is followed by a group called W.T.C. Notably, a trader with nickname junki84 has generated 3,591.56% profit.
Similar to SalsaTekila, junki84 began with a modest 0.30 BTC and raked it up to 11.206 BTC. Regarding the competition, SalsaTekila has tweeted about the tough battle he has with junki84, with both of them fighting for top positions in three categories.
The competition ends on August 31 and 135 teams, comprising 10,240 traders are contesting.