after browsing these boards its become quite obvious that everyone has different systems. my question is, why have a 'set' system at all, surely u just limit ur ability to react to situations if they arise? wouldnt a grasp of all these systems therefore be more beneficial?
There's a quote that sums up the answer to that perfectly, only I can't quite remember it, something along the line lines of "Jack of all trades, master of none"
If you are going to make money trading you need to have a system you understand and have faith in, and will stick too. In practice, for most of us at least, it means working out a system of our own that we feel we have ownership of. Other people's systems may be a good place to start, but I doubt anyone ever became a financially succesful trader stopping there.
Apart from anything else, if we all followed the same system it wouldn't work, as we'd all be trying to buy and sell at the same time.
A system is not "Set in stone"!!! It is only good for as long as it proves to be profitable - hence it is necessary to adapt any system to suit changes in the market. People will use a system to suit their particular trading style. For example: A scalper, will use a different system from a swing trader, and swing trader different from a medium term investor and so it goes on.
Remember there is NO "holy grail"!!!!
Adapt to the market at all times!!!!!!!
As for a grasp of "all these systems" being more benificial, I am sure the more active traders on this Board, will tell you they have tried lots and lots, and still they come back to adapting to market conditions to be successful, whether it it bullish or bearish.
Remember the trend is your friend whether day trading or longer term.