How did you find your edge?

[Omar Shazly 0]

I really am struggling to find my edge in this market? I went from trading every strategy and keeping logs of my perfomance to narrowing down 4 strategies and when they work best for me. I know you might think that's a lot but this is my routine:

9:31 ORB - break of the first minute candlestick on a doji candle 

ABCD Pattern - between 9:35-9:40 using 9 and 20 EMA as the entry and stop loss

VWAP Reversal - 5 minute candlestick must break the 9 and 20 ema and bounce off VWAP on a strong stock

Double Top and Double Bottom - Looking for this setup around 10:00-11:00

 

Is this too many strategies? And how does one find their edge? I feel like it's one of those things where "you'll know" but I want to put my time and effort in the right areas.

I'll be joining the bootcamp in September and i'm excited to actually hone down my skills but I want to see other's opinions. 

[GoldWTcal 1]

It is said ( from the trading books and experienced trading mentors) that it is better to stick with just one ( or at most two ) strategy for either day trading or swing trading.

The advantages include:

- by focusing on one strategy, you can better ( easier ) find out the accuracy and profit/loss ratio of your strategy; by a number of testing.

- there are all kinds of entry points / setups during the day in the market, by " filtering out " the various opportunities and narrow down to just one type of setups ( entry points ) , 

you are easier to react to price actions that keep moving and changing, and your emotion will be more stable and easier to control and be calm. 

It is said that " do not attempt to catch all opportunities in the market " & " Less is more".

Hope it helps. 

Edited October 8, 2022 by GoldWTcal