If it was only that easy! Let me ask you a question, “What is the best toothpaste?” Hmmm??? Think about it.
When you go to the grocery store, there are a lot of brands to choose from – but what particular toothpaste is the best. The answer is, “there are many that are good.” Because you cannot determine what “thee best” toothpaste is does not mean that you are going to stare at the endless choices in front of you for hours and never make a decision. At the end, you need to buy “a” toothpaste because you need to brush your teeth.
In trading, the same thing applies. There are many trading systems out there. It is true that many bad ones abound, but there are also many good ones. Day trading is not about finding the “best” system; it is about using a logical strategy with clearly defined entry and exit points as well as proper money management techniques.
In general, a good trading strategy tries to define how to react in different market situations (even though every once in a while, the market pulls a fast one on you!). The strategy
should be very specific, yet simple to apply whether you are trading currencies, stocks, or futures.
It should include exact entry conditions, exit points, stop-loss management, and money management.
Unfortunately, as human beings we are constantly looking out for the Holy Grail in trading; that secret strategy that should work better than all others. Stop wasting your time! It
does not exist. There are no secrets in trading.
There are many “professionals” and companies willing to take advantage of this foolish desire among traders. This leads to the development of $5,000 dollar seminars promising to show you a magical new way of trading or a $3,000 trading software package claiming to make trading “EASY.”
Stop wasting thousands of dollars trying to discover the perfect strategy.
If you are on an endless quest to find the perfect system, I think one of a few things will happen:
A) You will never trade because you cannot find what doesn’t exist. It’s an endless loop, a divide-by-zero event, impossible!
B) You will never be an effective trader because you will constantly be hopping from one system to the next before you have time to master any strategy whatsoever (again because you are looking for something that is inexistent).
C) You will be a favorite target of so-called “experts” who are more than willing to sell you an expensive seminar or software that has all of the “secrets” of trading.
Nevertheless, I do have to admit that most new traders frequently ask about what the “best system” is. Please stop! Lol
Start by reading my 7 Steps if you want to get on the path to learn how to day trade.