When choosing a trading system I feel that one of the most important considerations is “Does the system match my lifestyle and personality?”
My lifestyle, I have a regular job. I can only put in a few hours a day trading, roughly 7:00-8:30 AM EST, and an hour or so in the evening before bed. I am unable to monitor my trades during the day. So I need a system where I enter one trade a day in the morning that I can “fire and forget.”
My personality, I don’t need INSTANT gratification, but I do need positive reassurance. So I like making one trade each morning that I can be reasonably sure will either reach my target price or get stopped out by lunchtime. I make the trade on my computer, and then I can check its progress via an app on my smartphone.
So I trade a version of the London Open Breakout strategy modified for the New York session, with price targets built around the average daily range of the last 20 days.