I've been thinking that all one really needs is two setups: one for trends and one for reversals. Say maybe flags for trends and tests for reversals. Then all one should do is just trade those 2 setups and nothing else every day for at least 6 months (and a couple of years is probably even better). I am starting to feel that everything else is just a distraction from the necessity of practicing 2 setups to death.... What do you guys think? Thanks!
All you really need is one setup and the ability to execute it (i.e. stick to the rules, easier said then done). A lot of folks talk about systems that stop working. I say it's not the system's fault, if it is a good system. A good system extracts winners from a particular type of market action. So "not working" should mean the market has not exhibited that type of behavior. Seems like a good strategy would be running one system in multiple (uncorrelated if possible) markets with small bets in each.