What is more important: a good trading system or a trader’s personality? In short, both are important, but if you cannot control yourself and follow your plan with discipline no trading system will help you. If, on the other hand, you diligently analyze markets and are able to see what works under different market conditions you will be able to use not only one, but a number systems that will be good for that specific state market is in at that specific moment.
Ability to see what state market is in is a key to successful trading. If you are a trend trader and want to apply trend trading strategy for a range bound market you will definitely be disappointed. If you want to be a good trader you have to expand your knowledge. I do not agree with people who say you should follow only one currency pair and trade only small time frames. You will not be able to see larger picture if you follow these kind of tips.
Yes, you can be a good day trader if you want. There is nothing wrong with that. But you can expand your opportunities by analyzing most currency pairs and then selecting (speculating) which are going to be leaders in upcoming move and those that will (possibly) present you with the biggest profits odds.
There will be times when (after analyzing the market) you decide not to trade and maybe not to trade the whole month. On other occasions you would be willing to make a dozen pairs and add to your position by building a large line that you will close with big profit. Seeing big picture and ability to control yourself puts you in a position where you are able to see the biggest opportunities and to squeeze the biggest profits from those opportunities.
The same can be said about day trading, scalping, range trading or any other trading method you are willing to use. You need to see the best times for using those trading methods. Yes, you can be a very profitable trader using one system, but that depends on a very simple fact whether you are able to analytically evaluate the market and control your emotions while waiting for best opportunities.
Ok, sorry if my thoughts were too erratic. Hope you understood my point.
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