To maximize my own edge and avoid unnecessary losses an appreciation and thorough understanding of the different day types that exist on any given trading day are an integral part of my Day Trading duties & tactics .
Whilst traders’ core skills can be applied to almost any market ,
depending upon the day type in question will the manner in which they are applied vary .
The absence of significant scheduled data releases on a Monday, followed by tier one data later in the week, often leads to quiet/range-bound market conditions for that day.
In such conditions, patience and accurate trade selection are of paramount importance.
Strong fundamentally driven markets require the application of trend-following skills and the identification of pull-backs .
You should try and anticipate the day type with a key factor to consider being the structure of that day’s/weeks economic calendar.
An appreciation of how these impact a market’s conditions and experience of trading them will traders develop a consistent strategy –
Honed only through deliberate practice Day type identification is a definitive skill that becomes like a second nature to a professional Trader who see,s his day through in any and all conditions consistently executing ones own edge in his chosen Market .
Although it is a good idea to be prepared – This is by far the least important aspect of trading and simply a introduction to the next Series were I would like to talk about what it really takes to become an individual who truly care,s about achieving optimal results and how in which manner it is really D O N E in Clinical Fashion .
The baldy one has spoken – Copyright © 2011 FreshlySqueezedPips
“ Traders wisdom Edition “