Knowing when to Not Trade is essential for Day Traders
Most people when they start day trading, they think because the market is open Monday through Friday they should trade every day, every session, every candles.
They are driving by FOMO or Greed or just excitement to make money in the market, but as we learn with experience how often you trade matters as much as have a high probability technical strategy. You need to be able to keep your capital and the profit you're making in the market.
Learning from experience, I realized that the more I trade my winner rate decreases, my psychology deteriorate and I make impulsive decision that I eventually regret making. So the best things that happened to me is understanding that they are times I shouldn't engage in the market. Time like FOMC or NFP are perfect example of this rule. Distance myself from the market around these times gives me a fresh prospective on price action and I am more likely to engage the market with a very clear mind.
So Know when is the best time for You to Engage Price and When is the least Ideal time to do so...
They are driving by FOMO or Greed or just excitement to make money in the market, but as we learn with experience how often you trade matters as much as have a high probability technical strategy. You need to be able to keep your capital and the profit you're making in the market.
Learning from experience, I realized that the more I trade my winner rate decreases, my psychology deteriorate and I make impulsive decision that I eventually regret making. So the best things that happened to me is understanding that they are times I shouldn't engage in the market. Time like FOMC or NFP are perfect example of this rule. Distance myself from the market around these times gives me a fresh prospective on price action and I am more likely to engage the market with a very clear mind.
So Know when is the best time for You to Engage Price and When is the least Ideal time to do so...