How many strategies or trading systems do you need to be a successful trader and a profitable one
Well, there is no fixed number for the same. As a trader, even if you are following one trading strategy and it turns out to be profitable then you have nothing much to worry about. You can still try out different trading strategies and single out the best strategy.
I use a long-term trend-following strategy which has not been as successful as I would have hoped. Therefore I am trialling intra-day momentum trading strategies to even out the profits and losses hopefully with more profits. The two time-frames are sufficiently far apart that the two strategies do not overlap except by chance and then not for long.
The issues I have encountered include insufficient margin to trade two strategies as fully as I wished and splitting attention between the two might cause missed opportunities or missed risks.
one, if both its PF and its availability (trading frequency) are adequate
i use two, myself
i don’t think i know, or have ever known, anyone trading profitably over the long term who uses more than two
the usual (perhaps even universal) reason for using more than one relates to inadequate availability (trading frequency) of the “main one”
Once you have found a successful way i would stick to it for a while. Once the profits continue you can start different strategies and methods slowly.
Leverage allows traders to implement multiple strategies and even multiple algorithms simultaneously thus increasing reward without risk if done correctly.
Find a trading well known trading strategy you like and can use and master it until u see consistant profits.
My strategy is trend trading and using major support/resistance levels with a break-retest-enter format with candle stick/fibonacci levels for precise entries with a 20pip stoploss.
to become a successful trader with certainly no need to ensure too many strategies , just need most powerful analyzing money management , nothing without it.