Do you know the story of the Holy Grail?

In Christian mythology, the Holy Grail is the dish or plate that Jesus used at the Last Supper. It is said that Jesus' blood during his crucifixion was caught in this vessel. It's supposed to possess miraculous powers. The search for this cup became the principle quest for the Knights of King Arthur - and the main theme of the movie "Monty Python and the Holy Grail".

When it comes to trading, the Holy Grail is loosely interpreted as a trading system or strategy that can't fail. Many aspiring traders devote countless hours and dollars to the quest of "The Trader's Holy Grail".

Why am I telling you all this?

Because I don't want YOU to become one of these traders. The "Modern Knights of King Arthur" fall into the following trap:

• They spend countless hours (and sometimes thousands of dollars) on their quest for "the perfect day trading strategy"
• They test the strategy they found only to discover that it still produces some losses.
• Since according to their standards the strategy is not perfect, and they continue their search and find the next strategy
• ... and the quest continues

Don't fall into this trap!

In order to make money with trading, eventually you will have to start trading.

You won't be able to avoid losses, but if you keep your average loss smaller than your average profit, then you will make money, even if you just have a winning percentage of 50%.

The key is to take ACTION.

If you ran across a day trading strategy, do the following:

1. UNDERSTAND the trading strategy
   Is it a trend-following or trend-fading strategy? What is the underlying principle?
   .
2. Perform a QUICK ASSESSMENT
   Based on the understanding that you gained in step 1: Why should the strategy work?
   "Because it says so on the website" is not a valid answer.
   .
3. BACKTEST the strategy
   Get your own performance record. Never trust anybody's performance record!
   Don't take any shortcuts. Backtest the strategy on at least 40 trades to get statistically relevant results and evaluate the performance. Is the performance satisfactory for you?
   .
4. PAPERTRADE the strategy
   Now it's time to test the strategy during live trading. Are the trading rules easy to understand and execute? After 40 paper trades: Are your results similar to the results you achieved in your backtesting? How do you feel when trading the strategy? Does it support your goals and preferences? Do you feel confident?

Instead of just doing a quick assessment on 3-4 trades, do a thorough testing as outlined above before jumping to the next day trading strategy.

And leave the quest for the Holy Grail to the Knights of King Arthur.

BTW: If you are looking for a simple day trading strategy for the Futures and the Forex market, take a look at this video:
https://www.rockwelltrading.com/free-day-trading-strategy