Dustin Tibbits is in the lead of the WTI US League and on the second place of the world rankings with gains of 135% accumulated since December 1st 2014 five months ago. WTI interview him with the help of View Trade broker sponsor of the US League competition.

WTI- When did you get into the Markets as a trader?

Dustin- I was lucky. My father was a futures trader and I always enjoyed hearing his stories. As a kid you knew when dad did well because he would have so much energy. You also knew when to run and hide in your room  I started trading myself when I was in high school wanting to be just like my dad. He wouldn’t let me trade futures so I experimented with stocks and options.

 

WTI- What is the strategy / method you are following and what are your rules?

Dustin- I am a firm believer that if you cant reduce your cost basis then you have already lost. This may be something as simple as selling calls against a new position. I am very active in reducing cost basis and over time have found that to be one of my edges.

 

WTI- What type of products are you trading?

Dustin- I am only interested in the most liquid products that are available. Top S&P names, the most liquid ETF’s and anything with short term volatility. I live and die by a feature on the ViewTrade platform that shows me up to the second analyst announcements. Even if I don’t agree with the analyst I still have to be ready to trade that information, and I have seen no platform get me that information faster than ViewTrade.

 

WTI- You have been placed very close to the 1st place, would you change your strategy to improve or you will you be following the same one till the end of the competition?

Dustin- I may have a few surprises up my sleeve. I’m here to win and will be making adjustments to catch up. My strategy does involve a little more volatility though so I understand if I move up and down a few times.

 

WTI- What are your current beliefs about the markets you trade in general.

Dustin- I would be very happy to see a pullback. My overall portfolio is always net short so for the moment I am anxiously awaiting any pullback… even a small one would be a great start!

WTI- What are some beliefs that you used to hold but no longer believe to be true nowadays about trading?

Dustin- My father used to tell me that “you just trade”. “You have no idea what is going to happen and neither does the next guy”. As a kid, naturally I felt that I knew better :-) As I have grown I have adapted his approach. The truth is we all are just trading and really have a 50/50 shot. The winners know how to manage trades and manage capital effectively.

 

WTI- Do you have any trading tips which you would like to share with our community?

Dustin- I used to trade very large and try to hit home runs on every trade. Over time I have moved to smaller positions but many more of them and I will never go back to the “gunslinger” days

WTI- What methods do you believe works well nowadays?

Dustin- Keeping control of cost basis and making sure your portfolio is taking advantage of volatility.

- What indicators / methods do you believe to be totally worthless? A long time ago a guy tried to sell me on the idea of buying a stock and then buying more if it went lower. If it went a little lower then you bought more to reduce your cost basis. In my opinion this is a disaster waiting to happen and I cant believe people still do this.

 

WTI- What is your opinion about the WTI Competition and if you are willing in continuing being part of our trading community in the next years?

Dustin- I think this is a great venue for traders to visit. We are all very competitive and love to learn from each other. Once my rookie year is over I will make adjustments to the permission in my account so I can better compete.

WTI-Thank you for your time. Good luck for the remaining of the competition.