Discussion in 'Professional Trading' started by Bolimomo, Apr 18, 2009.
Wow! I am glad I am not the only one who thinks that way!
Why did you start a thread and use Ollie the Oiler as an example of a "Trader"?
I hope you washed after shaking his hand!
Exactly, would you rather compete with sophisticated algo's during lunch -- or fearful, greedy people at market open and close. This is day trading 101.
<i>"I hope new and developing traders will read and reread this a dozen (make that hundred) times until they understand. This alone could save them thousands of dollars."</i>
Just because the chosen market is open does not mean anyone must remain enslaved and subservient to the screens.
Anyone here ever make modest to huge $$ by/before 11am est only to give much, most, all or even more back by the closing bell?
Anyone here ever wished they quit trading for the day by/before 11am est... after comparing their P&L, in black at that time versus blood red by the closing bell?
We trade for the freedom of time & lifestyle this profession offers as a major part of its attraction in the first place. If/when sufficiently profitable by 8:31am, fold up shop, happily walk away and enjoy the fruits of your massive labor required to get there in the first place.
Golf courses have thinner crowds midday during the week. That's when the rich guys tend to play.
I did an analysis of all my trades last year to find out that only 1% of my total net was made from 1-2 pm. So now I use that time to eat lunch and shower instead. I'm sure there are many other traders with similar results.
Though, if the market is moving between that time for whatever reason I will turn my systems on, though that's very rare these days....
Surdo I didn't use Ollie-Oiler as an example of a trader. I did not say he is or is not a trader. I said I have seen his presentations. According to him, most market makers (who are career traders by definition) go out for a 2-hour lunch everyday and thus we have a 2-hour doldrums in the stock market.
Some people call the lunch time area the Dead Zone. Unless there's specific unsettling news, it tends to a less active period of the day.
I call the first hour the Money Hour since it's often the best action of the regular trading session. I only wish that I could find a number of markets that opened up sequentially, every hour on the hour.
ZB and ZN: 8:20am est
ES, NQ, TF and YM: 9:30am est
ZC and ZS: 10:30am est
6E: good from midnight est thru late-morning est
No problem Bolimomo, it's all good.
I found an invitation in my SPAM box from Ollie for a Velez cocktail reception!
I'll forward it on.
Separate names with a comma.