So you have finally started to make some consistent profits in your day trading. You have narrowed it down to onetrading platform, you use a proven day trading system, and your day trading indicatorsare second to none. Let’s just say that you have been trading this day trading system for months and you are making money in the markets consistently. What more is there? The question you need to ask yourself is: “do I want to keep tweaking an already good thing”? The way I see it is that if you have a system that is working for you (we’ll call it the golden goose), why fool with it?
I have a trader buddy of mine that is actually a pretty good guy, what I don’t understand is that he seems to do pretty well for reasonable periods of time and when he has a few bad days he re-invents the wheel. In my opinion whenever you change ANYTHING regarding your day trading system you start over. Little tweaks are OK, but when you go from using a MACD to a Stochastic, this is a huge change and needs to be forward tested. What this person does is use one day trading system for a while and when there is ONE losing day re thinks the entire process. I feel that most people think that you always have winning days; what they don’t realize is that not are there losing days, but losing weeks, months, and yes, even years.
The person I am telling you about goes through this cycle on a regular basis and whenever they decide to adopt a new system they are VERY anxious to get me to adopt it. So much so that they get down-right aggressive about ME using this great new Grail…..I mean system. They will tell you about how they are making consistent profits and that YOU can’t live without it. Another funny thing is that the new system always has an above average, large price tag. The real reason in my opinion that most traders do this process is to get YOU to validate what they are doing. Don’t get sucked into this endless cycle of garbage; if you have a system that works, stick with it. Don’t let others knock you off YOUR course to success.
I am at a unique advantage/disadvantage to most. I am stuck! As the trade room moderator for Ray’s Reality Room, the Day Trading Dojo (live trading room) – I am stuck with Indicator Warehouse systems and indicators. This is good and bad: bad in that I can’t just run willy-nilly all over the forums and the Internet searching for “the next Holy Grail” and more than likely big letdown. What is good is that I am forced to work with systems that are well programmed and have clear sets of rules. Now, NO SYSTEM OR DAY TRADING INDICATORS ARE PERFECT, like any tool, you need to learn how to use them. I am glad I am trapped/stuck with Adam at Indicator Warehouse, it has been a huge advantage when it comes to blocking out (or even having an excuse for that trader buddy) NOT to look for that Holy Grail. If your day trading is going well, why change it?
In a nutshell: if you have something that works don’t change it! If you have to prove your day trading system to someone else I am willing to bet that it may not be that great in the first place. Remember, “Trading is like a sport, when you “score” only YOU hear the applause” (quote from the movie Floored). Also, if you have a golden goose, don’t make it angry, change its diet, or try to genetically alter it.
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