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A trader is only as good as his or her strategies. This is a point we’ve been driving on since the inception of Access a Trader in 2010. I have introduced many strategies over the last 6 – 7 years. 2nd day plays, red/green, open range highs, 10 day breaks a.k.a. “birth of a trade”, and of course, the PS60 Theory — the most important discovery of my trading career.
If you are a trader with only one “strategy”, please don’t take my words lightly.
A chef in the kitchen is always looking for more recipes. You should be no different as a trader, which is why back-testing is one of the single most important things you’ll do in your career. Without back-testing, I wouldn’t have developed the strategies I’ve employed successfully over the years and I may not even be trading anymore.
All strategies are a work in progress. With any new strategy, you’re going to have some highs and lows. It’s important not to get discouraged as you work through them. The market changes day by day, so it’s critical that you have multiple tools in the toolbox. Think about it — can you hang up drywall with a wrench? Of course not. Some strategies will work for a couple months and then become obsolete seemingly in an instant. Others, like the PS60 Theory, will have real staying power.
But, as the members of Access a Trader can attest, even the PS60 Theory is evolving. At the end of last weekend’s episode of Pancakes and Pivots, I shared a new discovery about using 5-minute candles along with 60-minute candles. It’s been 3.5 years of consistent profitability since I first discovered the PS60 Theory, and I’m still back-testing and looking for improvements. As long as I’m a trader, that will never change.
Test things out. Don’t be afraid to make mistakes in the process. It’s all about getting an edge and adding tools to your toolbox. New traders, keep focusing on education and developing strategiesssssss not a strategy.
Hope everyone has a great weekend.
Happy trading.
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Ready to improve your win rates with the PS60 Theory?
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