Please guys I need your candid opinion on this; am considering these different strategies to see which to implement into my trade in the near future, especially as we'll be entering another year! These are the lists am having in mind; Larry williams strategy Trading on moving Bill williams strategy Applying of graphical objects and indicators. I have a tried some, but Please which have you used and worked well for you?...share!
You will have to venture and explore on your own -- what works for one person, may not necessarily work for another.
Absolutely correct. There is a different trade plan for every successful trader. Learn from guys like Bill Williams and Larry Williams but you will have to develop your own based on what you see and your levels of patience, focus, discipline and courage. I use MA's and a momentum oscillator. There are people on ET who swear that these don't work, well they work for me....you have to find what works for you. Be patient, it takes time, sometimes a long time.
Unless you can breathe Price Structures, the building blocks of charts, you will have most difficult time for day trading, take three years and learn, back test over five years of tick data, you want to be able to answer any question like it is 2 + 2. Trading is NOT just finding signals to get, but is the signals valid before you get in, you start by studying structures of price, you find areas where price has difficult areas of pushing through so like if you have a signal to entry, you don't. Most people are too eager to start real time trading, only to lose all there money. If you can't be profitable 18 of 20 days in real time sim, not worth testing the waters with money. You should have like 30 reasons of money management rules and like 2-3 entry signals, so you can see where your time should be placed.
The strategy that works for me is the APA Zones one, scalping my first target to pay for the trade, then having runners to higher time-frame consolidation. It keeps my percentage high and emotions more in check since my first target comes quick, and then I can relax.