Online day trading provides the enormous potential for personal and financial freedom, and with the proper training and methodology, anyone can become a profitable trader. Part of the proper training and methodology is learning what to do, but also what NOT to do, however. One thing not to do is to assume one strategy fits all markets, this is one of the major reasons people fail at online day trading. Read on to learn why all day trading strategies are not equal.
Many rookie traders believe that because one strategy or system works in one market that it will work in all online day trading markets. Unfortunately, you will see this theory repeated in many day trading books and courses as well, but it just isn’t true. The truth is, every market is different and each market and time frame has different kinds of people trading them. To be successful at trading you need effective day trading strategies that work. But each market requires testing and a proven trading methodology, and regrettably, effective methodologies do not often transfer over to all markets and time frames.
Think about it. Why would a tried and true strategy in one market work in a completely different market in a completely different time frame? Online day trading is not a “one-size-fits-all” market. If you want to switch markets, you need to put in the time and effort to figure out what works and what doesn’t work. Don’t just dive in head first using a methodology that you have found to be effective in another market.
The quickest way to find out if your favorite day trading strategies will work is to do some back-testing, or trade a few markets. If you are used to trading one market, trade another. Or better yet, why not just stick with what you know? Concentrate on just a few markets and use the tested methods that you know work specifically for those markets. You really can’t go wrong with tried and true methodologies that you know will work from firsthand experience.
Online day trading can provide you with personal and financial freedom only if you’re willing to put in the initial time and effort required to learn the methodology and develop a winning system for yourself to work with.
So whenever you read books or courses that say a certain trading system or strategy will work on any market and any time frame (and if you’ve read any trading books out there, you already know how many of them say this), you need to take the advice with a grain of salt. Do your research, try out any and all methods first before going “all in,” and you will be on the road to success.
