"I have heard of many having a trading plan, just like a business plan, and others that have done very well without any written trading plan. How many here have one? If so, care to share a portion of it?" Why are you asking this question?
Why on earth u want to avoid the open?: a study has been conducted on trades placed during the first hour after the bell has been discovered (no wonder) r/r beats any other time frame 3:1. You clearly don't know enough about opening range mechanics and I would recommend stalking and studying volatile stocks behavior from 9:30 to 10:30. That's where serious money can be made. On any other time frames r/r becomes lousier and lousier: volumes drop, ranges tighten and risks dramatically increase while perceived and real rewards just don't justify favoring trades here while discarding the open: u are always exposed to the same losses wherever u enter and while profits are potentially in full percentage gains at open, after 10:30 gains are usually capped to pennies.
======================= Dominic Another reason to have a trading plan; trading above average[bench mark SPX-SPY] is not easy, even more difficult to do it year s persistantly. And besides adding to a written plan/refine it is part of the fun. Here is part of mine, use black, blue ,green red ink; Losers average losers-Paul Tudor Jones. In all labor there is profit-Solomon,trader king Probably should say got this next one came thru Jack Schwager-Rich Dennis, its written in my plan however as ; there is an insurance premium in holding overnight ,[swing/position trading]. Another reason to cut losses is; if you don't cut losses in a timely, planned manner,its an unnecessary business expense.[ Think on /apply that one !!!!!!!] IBD, 50 dma,200 day moving average; investors.com
================= Closing price is more important to a swing trader than open; besides a good /excellant time to enter a swing trade is last hour, when day traders exit, swing traders enter. Chose to write in plan myself ,several rules- principles about open price -830 central time ; but like banker dad said ,dont tell every thing you know.
My rules: 1. Admit that the market is mostly random. 2. Look for fractals. 3. Volatility breakouts are high profit setups. 4. The only time trades are skewed in any direction is immediately following a volatility breakout, in which case, a reversal or retracement is most likely in the short-term. 5. Front-run big orders and use thier liquidity as safety. 6. Get out at break-even if safety gets taken out. 7. Admit that double and triple tops and bottoms will fake you out everytime. Get over it. 8. Be willing to hold a winner for a significant amount of time and do not let a winner go if you don't know where you'd get back in. 9. Scalping doesn't work. 10. There are no conspiracy theories in the market and the specialist is not out to get you. 11. Remain humble and largely anonymous.