So you have worked hard honing your trading skills on one asset class, the question that often then arises is can you transfer these skills onto other asset classes?
I personally specialise in FX but I used to trade stocks, stock indices and commodities. The great thing is that a great deal of the skills I mastered, and the approach to trading, can be replicated between asset classes. Essentially all asset classes are driven by humans and their behaviour is repeatable and predictable irrelevant of the asset class.
The easiest thing to replicate are the technical skills, the price action, support and resistance, indicators etc…A price chart will look very similar irrelevant of asset class and you can apply your technical skills in a similar fashion.
What is slightly trickier is getting an understanding of the asset specific fundamentals i.e. Oil is driven by slightly different news than FX pairs for example. However it is still easy enough and with a bit of research you can tune into what is driving a particular asset class and whether this is powerful enough to give you a bullish or bearish edge to go alongside the technicals.
In this video, I use recent examples of several different assets (oil, stock index and an individual stock) to illustrate how you can powerfully transfer your skills from one asset to another and essentially open up several revenue streams.
But please bear in mind that each asset has its slightly different pricing that will have a knock on effect on your risk management so ensure you are comfortable with this before trading a new asset. A good guide would be to demo trade it for a couple of weeks before making the leap to real.
To your continued trading success