I'm not new to trading, but currently only trading Micro e-mini futures. Am I being narrow focused by not exploring and trading other products. My question is basically - do successful day traders typically trade 1 security (future, stock, etc) and focus on that and master it, OR is it best to scan the market and seek opportunities (in various markets in various products within those markets). I.e - Is it best to scan, set filters on the universe of 3000+ stocks and look for pattern opportunities in any stock or future that may have a chart pattern we are familiar with and looks good to trade from a pattern point of view? Any insight would be great?!
Welcome to trading multiple securities. I trade multiple futures. It keeps me busy. It gives more trading opportunities. most importantly, it is for Intermarket correlation trading. Of course, I started trading with one futures. Then I expand to 2, 3 ... 20
Hi sjain100 It comes down to your trading style which includes indicators/price action i personally trade forex and only pair that is EURUSD I prefer mastering one pair inside out and then moving to the next each pair/stock has its own language
For the past few years I have mostly been algo trading one futures contract (MES). As I get into discretionary stock trading my focus is on setups that can occur on any number of stocks. My focus is to master the setup and its variations which will mean more opportunities to trade.
--- How do you get your high probability trading signals? Are they based on indicators, price action, or something else???
--- Makes very good sense to master a particular setup and check if that setup/pattern is unfolding in a particular stock, future, etc. Right? In terms of setups/patterns, what's a good resource (book, video, etc) to study setup/patterns that you use or may have come across in your past experience and could share?
--- My trading style is price action. Mastering one pair, stock, or futures product also makes sense. Or also mentioned below, mastering a setup also makes sense. Then recognizing that setup we've mastered on a particular pair, stock, or future is also good logic.
--- Can you expand on intermarket correlation trading and how its helpful? Maybe an example that worked?
Make an attempt to first master a single instrument. That will give you confidence, and hopefully some growth in your capital. Otherwise, its easy to spread yourself thin and waste your time time chasing after shadows.