The essence of any trading system is not the system itself but its approach to risk management and the skill of the trader using the system.
All traders, regardless of timeframe, should devote their energies to the following :
Research and develop timing tools that have shown relatively high degree of accuracy as opposed to trading system per se.
Focus on methods of risk management including limitations of losses, maximization of profit, and improving trailing stop losses.
Focus on improving your relationship with the market and develop your skills as a trader.
On stop losses : There are different type of trailing stop loss for day trader based on time or bar count. Time based trailing stop loss would be to place a SL at high or low of the last 30 or 60 minutes. Bar based SL would be to place a trailing SL a the high or low of the last no of X bars, be it 3 or 5.
All traders, regardless of timeframe, should devote their energies to the following :
Research and develop timing tools that have shown relatively high degree of accuracy as opposed to trading system per se.
Focus on methods of risk management including limitations of losses, maximization of profit, and improving trailing stop losses.
Focus on improving your relationship with the market and develop your skills as a trader.
On stop losses : There are different type of trailing stop loss for day trader based on time or bar count. Time based trailing stop loss would be to place a SL at high or low of the last 30 or 60 minutes. Bar based SL would be to place a trailing SL a the high or low of the last no of X bars, be it 3 or 5.