So what I have been gathering it seems as someone learning to day trade. Is the goal is to collect enough data to determine a profitable strategy. Is it typical for novel strategies to last a long time? Do you determine the strategy isn’t useful after 10-20 trades? What do you do with the strategy after? Do you just store it and implement it back in when the market conditions have changed again? And is it the best strategy to always be trying to find new strategies as a trader within the field?
There are two issues with any strategy - one is that the visible current market conditions won’t support its successful use until they change - the solution is to eother find a market win which the conditions are visibly more suitable or just wait for the price set-up to come back to you.
The other is more tricky. Any strategy mainly based on TA will see its performance gradually fall away on any single market and it won’t improve again for a long period. But there will be no visible changes to the chart that explain this, it just happens. the solution is hopefully just switch immediately to another market - hopefully you have been tracking another market as a substitute so you know your strategy will work there as from tomorrow morning.
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In day trading, you collect lots of data to make and improve your trading plans. Strategies don’t work forever; they need updates or changes when markets change. You should test a plan with many trades to see if it’s good. If a plan stops working, change it or save it for later. It’s important to keep learning and be ready to switch plans as needed. The main idea is to be flexible and keep learning.
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A trend trading strategy does last the test of time in a trending market. A USD Dunn client investment firm has been profitable for over four decades.
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At the end of the day you only need two tried, tested and proven strategies.
A range trading strategy where you enter at the edge of the range and trade back to fair price.
Or a break out strategy where you enter as the market breaks the current range.
So basically support and resistance ^^
I think you should a strategy as long as it gives you good return and if you see this strategy isn’t giving you good return, you can change it.
Adapt to or wait for suitable market conditions, and proactively switch to alternative markets as TA strategies’ effectiveness wanes over time.
In day trading, the goal is indeed to collect data to determine a profitable strategy. However, no strategy lasts forever due to changing market conditions. Typically, a strategy’s effectiveness isn’t judged merely on 10-20 trades; it requires a more extensive set of data for reliable evaluation. If a strategy becomes ineffective, traders often set it aside and may revisit it if market conditions change favorably. Continuously seeking and testing new strategies is common and advisable in day trading to adapt to the market’s evolving nature.