The good news is that if you trade in a 30 minute time frame, every time the clock reaches the o’clock or the 1/2 past there may be trading opportunities.
The bad news is that on every o’clock and every 1/2 hour there are trades that you will miss. When you are just starting out it is more than enough to take just one trade at a time. There are so many things to do. Check your indicators are lining up. Place the trade, place your stop and work out your profit target.
Assuming the market moves in your direction you may move your stop to entry or scratch. OK that’s for one trade.
If you take two trades there is twice the work. Twice the pressure and twice the profit or loss, or though you could win one and lose one. And twice the stops to close out after you complete the trade.
As you become more confident and more competent you may want to take more trades. You may have multiple order pads open and have 10 trades lined up ready to enter as the clock turns on the half hour.
Lets assuming you have a good win to loss ratio. You are pleased with your success and your profits. Here is the problem, the more trades you take, the more trades you want.
For some personalities this knowledge that there are trade out there every 30 minutes, that they are missing out on, becomes very stressful. They start to search their platform for more and more trades.
OK we know that two of the big problem emotions experienced by traders are greed and hope. This is an example of greed.
Unless the market is quiet then there is always going to be a lot potential trades. Just think about the futures market. There are indices, currencies, grains, metals commodities and softs.
Another problem that arises for the greedy trade taker is that they start trading more obscure contracts. Maybe taking a Zimbabwe Dollar against a Afghanistan whatever cross. Even if it existed you might be the only one silly enough to trade it.
It is important to acknowledge that there will always be trades which escape you. But you are far better to stick to a few markets, learn them back to front and accept that you can’t take them all.
Greed will destroy you faster than another other in day trading.
and now if you would like my FREE newsletter about day trading just go to http://www.daytradingprofitsecrets.bigpixie.com/Prelaunch.html
Would you like to get my regular day trading blog go to http://daytradingprofitsecrets.wordpress.com/
Happy Trading
Ian Newton
You must log in to post a comment.