A day trader’s advantage is the speed of market movement, and the frequency of repetition of market behavior. More strategies do not mean it is better. Traders that always feel the need to have more and more strategies imply that they are very afraid of losing out, and this flaw will easily manifest itself into other trading sins easily.
1 or 2 strategies with good probability of success, and that a trader find easy to spot is all it takes. The key here is the frequency of repetition. Within a 2 hour session, if the strategy can appears 2-4 times, it is considered optimum as that means it is not too quick, and that allows the trader to be in a more relaxed state. Day trading can be intense and if the trader takes too many different strategies and the strategies itself is too rapid, he will be burnt our very quickly and open himself up for mistakes.
After the strategies have been identified, the crucial step is for the trader to execute the trade flawlessly. This means taking the trade without resistance and doubt. This can only be achieved by:
1. Observing the strategy setup multiple times.
2. Taking the trade based on the setup in a simulated environment WITH HIGH REPETITION OF SUCCESS.
3. Taking the trade based on the setup in a LIVE trading environment WITH HIGH REPETITION OF SUCCESS.
Once the cycles of trade taking and success repeats itself enough, the trader will learn to trust his system and HIMSELF and he secures his way to trading success.