Best trading method in terms of accuracy for day trading?

[btcb3g1nn3r]

Hello guys,

I use Elliott Waves in my trading but I'm studying Price Action and Gann to complement my knowledge.

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

thanks

[Bitcoin_Arena]

I tried a bunch of trading strategies, indicators, but then I came to realize that It depends on one's trading style. I don't do harmonic patterns, Elliott Waves etc. I mostly rely on price action, support and resistance levels and maybe have a look at a few simple indicators (RSI, MACD)

Sometimes I trade low cap, volatile coins, most of the methods listed above are mostly suitable for High Market cap coins like Bitcoin and maybe ETH. It's hard to use them to analyze some low cap coins, for reasons you obviously know about.

I am trying to learn pine script so that i can be able to script strategies and back test them. I think the most important aspect of trading that's ignored most is risk management. You can have a very good strategy that wins 90% of the trades, but if your risk management is poor. You can blow off your account in a single trade, especially with trading derivatives with a high leverage.

[palle11]

I mostly rely on price action, support and resistance levels and maybe have a look at a few simple indicators (RSI, MACD)

This is like the resolve of many experienced traders because they have sojourned up and down the market looking for easy and short cut to making profit but it has not come that easy. At the end, as a trader that want to be focused, you have to look for a strategy that you can understand and believe that no strategy is 100% if you are making profit then stick out with it and be better on it. I'm of the same view with you, using support and resistance work better then addition of few more indicators like RSI and MA helps to make the chart clearer.

[EarnOnVictor]

It was difficult for me to choose any of your stated strategies as there is no best strategy anywhere, it's what you personally use that works for you at best that you should be using. Based on experience, what you believe is the best might not be agreeably best for others, so it's always personal. However, it was difficult to choose between price action and Elliot wave, they are good, and more are to be mentioned like Fibonacci and trendline trading, they are all good in my experience.

And if a trader does better, they will have to combine at least two strategies together for better results.

[joniboini]

What kind of trading strategies are you familiar with right now? What kind of accuracy or efficiency are you looking for? I don't think there is any 90% or even 80% trading strategy that will net you profit without doing any adaptation. Some traders that I know use Bollinger bands, RSI, and just RMA, while some of them exclusively use Elliot wave theory to trade. The difference between their usage is on time-frame. Since you're looking for day trading, I think those tools are more than enough. CMIIW.

I'd suggest you use the strategy you're familiar with the most and adapt to market changes and stick with your risk management as mentioned above. As far as I can see, most traders are looking for bots nowadays to help with consistency and backtesting strategy. Some of them are free and you can modify them on your own, but keep in mind it won't magically increase your profits.

[Ziskinberg]

Hello guys,

I use Elliott Waves in my trading but I'm studying Price Action and Gann to complement my knowledge.

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

thanks

So many strategies I've tried but ended to 1-3 of those as I see they are the most effective depending on the market condition.
I've found out that it was not necessary to have multiple strategies because it only confused us but rather keep at least 2-3 and master them. It was not we are looking for perfection or 100% accuracy as it never exists in real life but what we need is a strategy that would help us to earn even just small amounts. Many traders had lose their money because they never know what strategy they use and much more difficult if you use too many strategies, you will never find which one is more applicable in the market.

[Awaklara]

you can learn and try it. and then you will find out the advantages and disadvantages of the trading strategy you are using. after you try a few, maybe you will find the most suitable for you.
some day traders, usually only use the simplest trading strategies for them. you can learn and focus on its development with the market situation. to be honest, learning too much when we haven't mastered it, sometimes makes us feel dizzy.

[Eternad]

Hello guys,

I use Elliott Waves in my trading but I'm studying Price Action and Gann to complement my knowledge.

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

thanks

Is Elliot Wave cycle working on your day trade? I use this trading method in long term overview on the trend if there’s already indecision happened. But I never thought using it on short term period because the cycle on short term is not that accurate or not too often to form. A simple Bollinger Bands combined with patterns is still the best on day trading because the price always reacts perfectly on BB channel especially if there’s a clear trend for the day.

[btcb3g1nn3r]

yes, I use it for 15m tf, zoom out for 1h/4h in case of doubts

[adaseb]

When it comes to crypto. None of those methods will actually make money long term.

The best method is just by looking at volume + liquidation charts. Usually when there is massive liquidations in same area, there is a great probability ill reverse in that area. Its the age old "Price always hits my stop and reverses". The trick is to get in with the smaller stop loss possible and hold as long as possible.  This works better during the non-NY sessions because that session is usually just correlated with stocks. If stocks pump so will crypto and same for vice versa.

Usually works best during Asia and London session and sometimes after NY lunch.

[bitgolden]

I use Elliott Waves in my trading but I'm studying Price Action and Gann to complement my knowledge.

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

Accuracy and daytrading are complete controversial things and if you try to combine them then your success rate definitely less than 20% in long run. Now tell me, you still need to struggle to enhance your knowledge? In my opinion, it is just waste of time, instead you may spend your time in other things and get paid for your time and invest in bitcoin with what you have got for daytrading.

I am not supporting the people who are rising with trends of bitcoin market. I have seen people who have sold their bitcoins around $45k levels in 2021 March/April but some of them got FOMO and bought back when bitcoin was testing above $60k levels and must be holding now in loss. But, people who hold without any short term or long term trading plans, must be having better ROI than anyone else.

[thecodebear]

Intuition and experience is my trading method.

Any technical indicator trading strategy is only going to work until it doesn't. Every pattern holds until it doesn't hold, and you never know if the current time is when it will hold or when it will break. I find using intuition and experience a far better strategy.


This relies on being experienced with the crypto market in general, and being fairly experienced with the cryptos you are trading, though I do at times trade cryptos I have no experience with based solely on general crypto experience and studying the recent charts for that crypto.


Any trading strategy is guesswork, but I'd rather go with the intuition and experience I've built up over years of being in crypto rather than trying to rely on some technical indicator strategy.

[jeraldskie11]

Price Action is the best trading method for me. It is applicable to any time frame. We really have to master basics in trading and Price Qction for me is the basic. We can have harmonic or other method for another confluence to increase the probability in your trading. That's what I've been doing right now, the more confluences the higher the probability that your Technical Analysis will materialize.

[Franctoshi]

Hello guys,

I use Elliott Waves in my trading but I'm studying Price Action and Gann to complement my knowledge.

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

thanks

Elliott Waves is good if you understands how to use the method properly. In terms of the trading strategy that works accurately, What can work for me may not work for you, the best way to go about this is to study the market behavior and apply different methods to see the one that works for you , and how consistent the strategy is using historical data and back testing the strategy.

[SquallLeonhart]

Intuition and experience is my trading method.

Any technical indicator trading strategy is only going to work until it doesn't. Every pattern holds until it doesn't hold, and you never know if the current time is when it will hold or when it will break. I find using intuition and experience a far better strategy.

This relies on being experienced with the crypto market in general, and being fairly experienced with the cryptos you are trading, though I do at times trade cryptos I have no experience with based solely on general crypto experience and studying the recent charts for that crypto.

Any trading strategy is guesswork, but I'd rather go with the intuition and experience I've built up over years of being in crypto rather than trying to rely on some technical indicator strategy.

I think both are not trading methods but both can be needed in trading. Intuition is same with instincts. We need it to help us decide in an unpredictable market. When you have experience, you will came across those methods listed by the OP and the more you gain an experience the more can try and access different trading methods, tools and others which can aid you in your trading journey.

There is no guaranteed pattern in here so it's always better to have different plans or strategies to keep up with the pace. Trading is about guessing but it's always better to guess in an educated matter. If you do not then you are more of a gambler already and not a trader anymore.

[pixie85]

Years ago when I started my crypto journey I used to rely on moving averages, general market sentiment and support levels to form a channel.

Bitcoin often remains in a channel for a while and you can make some money by selling at the top of the channel and buying at the bottom. This doesn't give you a lot of profit as the bear market channel for bitcoin was only $300 apart so by trading 1 bitcoin you were able to make about $300 every week.

For me it was too risky to hold $20000 on exchange just to make 1000 a month which is why I don't trade anymore.

[thecodebear]

Intuition and experience is my trading method.

Any technical indicator trading strategy is only going to work until it doesn't. Every pattern holds until it doesn't hold, and you never know if the current time is when it will hold or when it will break. I find using intuition and experience a far better strategy.

This relies on being experienced with the crypto market in general, and being fairly experienced with the cryptos you are trading, though I do at times trade cryptos I have no experience with based solely on general crypto experience and studying the recent charts for that crypto.

Any trading strategy is guesswork, but I'd rather go with the intuition and experience I've built up over years of being in crypto rather than trying to rely on some technical indicator strategy.

I think both are not trading methods but both can be needed in trading. Intuition is same with instincts. We need it to help us decide in an unpredictable market. When you have experience, you will came across those methods listed by the OP and the more you gain an experience the more can try and access different trading methods, tools and others which can aid you in your trading journey.

There is no guaranteed pattern in here so it's always better to have different plans or strategies to keep up with the pace. Trading is about guessing but it's always better to guess in an educated matter. If you do not then you are more of a gambler already and not a trader anymore.

Yeah I guess what I was saying is I don't use a specific strategy. I just use my intuition which has been built up over numerous years of being in crypto and trading for a lot of that. I trust my instinct that has been educated with years of experience over some technical trading strategy.

It's not about gambling versus trading. It's all trading. Nobody here is gambling. Gambling is something very different. But if you just follow some technical trading indicator and don't base your trades off your own instinct and experience you're just blindly following a rule even though as you say there is no guaranteed pattern, meaning rules don't apply.

The one thing I've noticed over the years from all the technical indicators and watching people draw lines on charts and everything is that in the end its always "it'll either do this...or it won't". Haha. Which isn't any better than just guessing. I can see trading strategies being useful for the inexperienced though, because it might at least keep the inexperienced trader from just randomly buying without any reason at all.

In the end all that matters is if the trading strategy is successful. At this point I tend to be very successful at trading based on instinct, whereas a few years ago I was still not very successful. I doubt I could be more successful at trading if I used any defined technical strategy because that wouldn't allow me to use my experience to trade well and instead I'd just be blindly following technical charts.

[wxa7115]

I think the most important aspect of trading that's ignored most is risk management. You can have a very good strategy that wins 90% of the trades, but if your risk management is poor. You can blow off your account in a single trade, especially with trading derivatives with a high leverage.

And you are correct about this, traders often concentrate on when to open or close a position, and even if this is important too managing your risk is way more important.

Even if you had a system which wins 90% of the time, it is not rare to lose 10 or even more trades in a row, and someone with a deficient risk management strategy will be suffering tremendously by the 10th loss in a row, supposing they get that far as most traders are so bad at this they can lose all their capital way earlier than that.

[Gcrypto786]

I have used long-term as well as short-term and Scalping and all the methods are effective. The best one is Scalping because you can get a good profit from the market moment while stay active if you are not active at the time of bull signal, then you will miss the precious moment to get profit from the market.

[tvplus006]

Those that tested multiple methods, what did you find as more efficient in terms of accuracy for day trading?

There is no consensus among traders even when they are all looking at the same chart. Therefore, each trader, by testing, chooses independently which indicator to use. But, as a rule, you should not use more than 3 indicators, otherwise you will see conflicting signals.