What is the best trading strategy ever ? – Life Hack for Traders

Many people are confused about which strategy is best among price action, elliot waves, indicators, and so on.

Finding the best trading strategy for you can be a time-consuming and difficult process.

There are no sure-fire success strategies, and what works for one person may not work for another.

Choosing your best strategy

However, there are a few steps you can take to help you find a strategy that works for you.

A good place to start is to learn about and research the various trading strategies available, such as day trading, swing trading, and scalping, as well as various assets such as stocks, options, cryptocurrencies, and so on.

Examine various strategies used by other traders to determine which ones have been successful. You should also consider the various types of analysis tools that are available, such as technical and fundamental analysis.

Once you have a better understanding of the various strategies available, you can narrow down your options and begin testing them on a demo account or paper trading. This will assist you in honing your skills and determining which strategies are best suited to your personality and risk tolerance.

Now you should backtest your strategies and analyse their performance. This will assist you in determining which strategies are most likely to succeed in the long run.

You should also educate yourself on technical analysis and chart reading, as these can aid in your understanding of the markets.

Finally, keep in mind that no strategy is perfect, so you should always be prepared to adapt and adjust your strategy as needed.

Types of strategies

Certain strategies have proven to be profitable for many traders. Trend following, momentum trading, and volatility trading are few examples of such strategies.

There are strategies based on signals given by

Indicators – volatility, volume, momentum, trend etc.

Price action – Breakout, reversal, breakout and pullback of support and resistance or patterns etc.

Trading style – Swing, scalping, day trading etc.

But the best trading strategy is one that is tailored to your specific needs and objectives.

What is the best trading strategy?

This question has two answers: yes and no.

On the one hand, no single “best” trading strategy applies to everyone. Different traders have various trading styles, risk tolerances, and objectives. As a result, what works for one trader may not work for another.

Certain trading strategies, on the other hand, have been proven to be effective over time, like support and resistance breakout, market structure strategy etc.

So, always keep in mind that even the best trading strategy cannot guarantee success. There is always the possibility of loss with any type of investing.