How I Made $47,692.27 In A Single Day
The Subtile Trap of Trading
Day Trade Extreme
The Psychology of Price Movement
Trading Stocks and Options as a Business
Inside Days Chart Pattern Course
Free Forex Trading Course
by Jens Clever
Day trading doesn't have to be complicated, and in fact keeping everything simple is the way to success. The most successful day traders I know only use a few basic strategies.
I have met day traders with very sophisticated and complex approaches incorporating several indicators. And guess what? Many of them were successful!
I doubt that the indicators themselves made these day traders successful though; more important was their confidence in their day trading strategy.
Some people can only work with very sophisticated approaches just because they donít believe that simple things work. They say: ďIt canít be that easyĒ.
My point is that there are many approaches to day trading. I donít want to judge whether one day trader's is better than another's. As long as they work for you the goal is achieved. No one holds the Holy Grail to day trading success.
Personally I donít like advanced technical indicators too much in day trading. The reason is that there are too many variables that can be adjusted. I like to get clear entry signals based on absolute prices (i.e. highs and lows), which I am not able to alter.
This gives me clearer signals and less room for personal interpretation. (More articles on day trading.)