Day Trading Same Stock or Trading different securities based on pattern opportunities?

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sjain100

I'm not new to trading, but currently only trading Micro e-mini futures. Am I being narrow focused by not exploring and trading other products. My question is basically - do successful day traders typically trade 1 security (future, stock, etc) and focus on that and master it, OR is it best to scan the market and seek opportunities (in various markets in various products within those markets). I.e - Is it best to scan, set filters on the universe of 3000+ stocks and look for pattern opportunities in any stock or future that may have a chart pattern we are familiar with and looks good to trade from a pattern point of view?

Any insight would be great?!
 
Welcome to trading multiple securities.

I trade multiple futures.
It keeps me busy.
It gives more trading opportunities.
most importantly, it is for Intermarket correlation trading.

Of course, I started trading with one futures.
Then I expand to 2, 3 ... 20
 
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Hi sjain100
It comes down to your trading style which includes indicators/price action
i personally trade forex and only pair that is EURUSD
I prefer mastering one pair inside out and then moving to the next
each pair/stock has its own language
 
sjain100 said:
I'm not new to trading, but currently only trading Micro e-mini futures. Am I being narrow focused by not exploring and trading other products. My question is basically - do successful day traders typically trade 1 security (future, stock, etc) and focus on that and master it, OR is it best to scan the market and seek opportunities (in various markets in various products within those markets). I.e - Is it best to scan, set filters on the universe of 3000+ stocks and look for pattern opportunities in any stock or future that may have a chart pattern we are familiar with and looks good to trade from a pattern point of view?

Any insight would be great?!
More...
For the past few years I have mostly been algo trading one futures contract (MES). As I get into discretionary stock trading my focus is on setups that can occur on any number of stocks. My focus is to master the setup and its variations which will mean more opportunities to trade.
 
sjain100 said:
I'm not new to trading, but currently only trading Micro e-mini futures. Am I being narrow focused by not exploring and trading other products. My question is basically - do successful day traders typically trade 1 security (future, stock, etc) and focus on that and master it, OR is it best to scan the market and seek opportunities (in various markets in various products within those markets). I.e - Is it best to scan, set filters on the universe of 3000+ stocks and look for pattern opportunities in any stock or future that may have a chart pattern we are familiar with and looks good to trade from a pattern point of view?

Any insight would be great?!
More...
You can also try trading Trading Signals. Check us out if you want! :thumbsup:
 
fan27 said:
For the past few years I have mostly been algo trading one futures contract (MES). As I get into discretionary stock trading my focus is on setups that can occur on any number of stocks. My focus is to master the setup and its variations which will mean more opportunities to trade.
More...
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Makes very good sense to master a particular setup and check if that setup/pattern is unfolding in a particular stock, future, etc. Right?

In terms of setups/patterns, what's a good resource (book, video, etc) to study setup/patterns that you use or may have come across in your past experience and could share?
 
Raheel Shaikh said:
Hi sjain100
It comes down to your trading style which includes indicators/price action
i personally trade forex and only pair that is EURUSD
I prefer mastering one pair inside out and then moving to the next
each pair/stock has its own language
More...
---

My trading style is price action. Mastering one pair, stock, or futures product also makes sense. Or also mentioned below, mastering a setup also makes sense. Then recognizing that setup we've mastered on a particular pair, stock, or future is also good logic.
 
maxinger said:
Welcome to trading multiple securities.

I trade multiple futures.
It keeps me busy.
It gives more trading opportunities.
most importantly, it is for Intermarket correlation trading.

Of course, I started trading with one futures.
Then I expand to 2, 3 ... 20
More...
---

Can you expand on intermarket correlation trading and how its helpful? Maybe an example that worked?
 
sjain100 said:
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My trading style is price action. Mastering one pair, stock, or futures product also makes sense. Or also mentioned below, mastering a setup also makes sense. Then recognizing that setup we've mastered on a particular pair, stock, or future is also good logic.
More...

Make an attempt to first master a single instrument. That will give you confidence, and hopefully some growth in your capital. Otherwise, its easy to spread yourself thin and waste your time time chasing after shadows.
 
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