Best Day Trading Strategy

Posted on March 14, 2011 by Bary

As a follow-up to my last blog post about breakout trading, I ask the question:

Is there a “Best” Day Trading Strategy?

I’ve found the one I like the best, in fact after many, many years, this is the one I LOVE!

You can get a free 5-day video course explaining it here:

FREE 5-DAY VIDEO DAY TRADING COURSE

Part of the answer is that you must find one that fits your personality. Just because someone else is successful with a particular day trading system, doesn’t mean that you will be. There are several reasons for this:

  • You may not have the same risk tolerance as another day trader.
  • You may not be able to “see” the patterns another trader sees.
  • Your brain may simply work differently – some people are better trading numbers, while others are better trading visually.
  • A day trading strategy used by another may simply not make sense to you.
  • You may have a psychological need for more trades, or more confirmation than another trader.

That’s a short list, but hopefully you get the idea. Day Trading is not a “one size fits all” career.

While there are many trading techniques, and none of them may ever be proven to be the best day trading strategy, one thing has been demonstrated over time:

The market is a very dynamic, moving, and constantly changing thing. The best day trading approach must be flexible and adaptable.

Adapt or die!

I’ve seen so many traders adapt a day trading system, get excited that it works for several weeks or month, only to have it fail them when market conditions change.

This is a basic principle of nature. Charles Darwin rightly said that the organisms that survive are those that are the strongest, or the fittest. What he actually said was not that the “strong survive,” but that the ADAPTABLE survive as the environment changes around them.

In fact, that may be the best way to define “strong” or “fit” – ADAPTABLE – because it leads to survival through inevitable change.

Just as the world around us is constantly changing, so too, the Forex, futures and stock markets constantly change.

For this reason, the best day trading strategy will be one that is not static, but can change and adapt to changing market conditions. It is that type of trading system that will allow you to survive financially.

The method I’ve discovered does exactly that. In fact, that is the very focus of the day trading strategy – it measures the constantly changing energies in the market to point out with objective clarity when there is a high probability situation for making profits.

I created this video to give you a demonstration of this approach. Enjoy!

 

 

You can get the free 5-day video course explaining it here:

FREE 5-DAY VIDEO DAY TRADING COURSE

Posted in best day trading, day trading, day trading strategy, emini trading, forex day trading | Tagged , , , , | 27 Comments

Best Day Trading Breakout Strategy

Posted on March 10, 2011 by Bary

BEST STRATEGY FOR DAY TRADING?

There are many day trading strategies for Forex, the stock market, commodities and futures. Is there one “best” strategy? I don’t think anyone could prove such a thing objectively, but it is critical that you find the best one for YOU.

I’ve taken many, many day trading courses over the years and studied with several day trading coaches, teachers and mentors. It took awhile to learn day trading, and I learned a lot from each of my teachers. But I couldn’t take and use any of their systems or strategies exactly as they presented them and make money.

That’s not to say that any of them were a waste of time or money.

In fact, every one of them was a valuable learning experience and I’m grateful for each and every course I’ve taken.

Still, I ultimately had to find my own way.

For example, I learned “breakout” day trading strategy for trading the S&P eminis from a very famous trader (who I won’t name).

Through that experience of spending weeks with him and trading his system, I discovered that I didn’t like breakout trading! That doesn’t mean that breakout trading is bad. It works great for him. It just doesn’t fit my personality. I prefer trading pullbacks. I’m comfortable with that.

That’s me.

Is that you?

You won’t know until you actually try both approaches to trading, just like I had to do.

So that experience was very valuable for me even though today I don’t use any of the actual trading strategies I learned from that teacher. It’s like Thomas Edison who said he didn’t waste time with his 1,000 failures in inventing the light bulb. Each one of those “failures” was a success in the sense that he eliminated another way NOT to invent the light bulb!

Actually, I did finally come up with a way of trading “breakouts” that fits my personality. It allows me to keep my risk super small, increase the reward on the trade (it’s always good when you can make more money!) and gets me in before the traditional breakout day traders.

You can learn this in the video below, it’s one of my best day trading strategies:

 

 

Posted in best day trading, day trading, day trading strategy, emini trading, forex day trading | Tagged , , , , | 28 Comments

Best Day Trading Resources

Posted on March 4, 2011 by Bary

BEST DAY TRADING RESOURCES

Welcome to my blog about the best day trading videos, articles, indicators and courses that I’ve found for the stock market, futures and Forex.

I’ve been around the day trading world for many, many years. In fact my dad was a trader so I’ve actually been around it all my life … though I didn’t develop a strong interest in the stock, futures and Forex markets until about 10 years ago. Or has it been longer? Time flies when you’re having fun!

And I have been having fun with “day trading.” It’s one of those things that I’d do even if there were no money in it. Becoming a day trader is one of the best decisions I’ve made. And after all, isn’t that the ideal? To have a “job” (if you can call it that) you love so much that you’d do it even if you weren’t paid?

That’s one of the biggest problems I witness with a lot of new day traders – they pursue it only for the money. For them it’s just a get-rich-quick-scheme.

Let me be perfectly up-front and honest about this right now:

Day trading is NOT a way to make a quick buck!

Day trading is a career choice, and a tough one at that. The fact is that most people LOSE MONEY at day trading. Can I be any more clear than that?

It takes time and devotion, study and effort, and after all that, it will take plenty of “screen time” (time in front of the monitor practicing what you’ve learned) before you become profitable. In mastering any day trading strategy, there’s simply no substitute for experience.

One of my colleagues once said that the worst thing that can happen to a new trader is that he/she makes money right away!

Why?

Because it gives them a false sense of success. It causes them to think that trading is easier than it is. The likely reality is that they had simple “beginners luck.”

The best thing that can happen to someone new to day trading is that they begin with realistic expectations, and so they start slow, using a trading simulator (not real money), and treat it like they would if they were to begin any new career that requires a lot of education.

Sure, some people are successful for the short term.

  • During the tech boom everyone was a Nasdaq genius!
  • During the real estate boom everyone was a real estate genius.

But those bubbles burst and those “geniuses” lost all their money.

The  only real test of success is whether you can make money day trading consistently over time and through varying market conditions. Very few are able to stand up to the demanding test of time.

In this blog I’ll be sharing some things that I hope will help you do just that. So look for more to come, and let’s make this a two-way communication …

So please respond with your comments to my posts. I cherish your feedback and your insights.

Enjoy!

P.S. If you came here looking for a list of the best day trading resources I’ve found, I’m happy to supply it. Simply click on this link:

BEST DAY TRADING RESOURCES

 

Posted in best day trading, day trading, forex day trading | Tagged , , , , , | 10 Comments