Multiple Trading Systems = Multiple Opinions
Every day, if you had to make costly decisions worth hundreds or thousands of dollars, wouldn’t you want a “second opinion” for each of those decisions?
If we seek out the expertise of medical professionals for second opinions when facing crucial life-impacting decision-making, would we not do the same during our regular occupation if that occupation is day trading?
Yes, a single trading system may be more than adequate. However, having multiple systems running at the same time allows for confirmation. It also allows for screening out (our filtering) of trades that may not be so good.
This new video from DayTradeToWin discusses exactly how multiple systems can benefit day traders.
As a trader, your job is to make the soundest decision possible at a given time, whether that’s action or inaction – trading or staying out – depending upon your interpretation of various conditions. Yes, it is possible to pile on enough indicators that almost prevent oneself from trading entirely due to rare “agreement.” This is why a day trader must be careful to select indicators that are known to work well together and have been tried and tested for a long period of time. That being said, there is no guarantee of future performance; a common disclaimer in this industry.
The ATO 2, Trade Scalper, and Atlas Line from DayTradeToWin have been around for many years. The ATO 2 and Atlas Line primarily operate on a 5-Minute chart. The Trade Scalper can be used on a 5-Minute chart as well depending on market conditions. Primarily, the Trade Scalper is most at home on a 1-Minute chart. If conditions are too slow on a 1-Minute, a 2-Range chart may be substituted.