Fortunately, in my own trading I use four different day trading strategies:
The Simple Strategy, which is a trend-following strategy,
The Boomerang Strategy, which is another trend-following strategy that allows me to enter late into a trend in case I missed or skipped the original entry,
The Ping Pong Strategy, which is a trend-fading strategy and works great in a sideways market and
The Seahawk Strategy, which is a scalping strategy that's perfect for a slow market, e.g. before the opening.
The best day trading strategy is always the strategy that fits the current market conditions!
Let me explain.
In a trending market, you want to use a trend-following strategy. These types of trading strategies are very rewarding, since you often see a winning percentage of 50% or more and the average profit per trade is larger than the average loss per trade. Since you make more money on your winning trades than you lose on your losing trades, you only need to be right 1 out of 2 trades and would still make money. If you could get your winning percentage above 50%, you are in good shape!
The problem with these trading strategies is that they don't perform well in sideways markets. If you trade a trend-following strategy in a sideways market, you will get whipsawed - and frustrated. Therefore you must make sure that the market is really trending before using a trend-following strategy.
Some people say that the markets are only trending 20% of the time. I don't know if that's true, but it sounds about right. And sometimes there are days when the markets are not trending at all.
Yesterday morning's trading was the perfect example: in the 2 hours we had to trade for the trading challenge, there were no trends! Therefore using a trend-following strategy would not have been the best day trading strategy - at least not this morning!