For all NQ/ES daytraders out there, how do you stay alert for potential setups on slow days such as today? It seems easy to let your attention wander then look back and a trade setup has come and gone. Is there some method that you use or is it just a matter of discipline?
I play games to pass the time. Online spades on yahoo and bowling on shockwave. I try to take my mind off trading during the slow times. I keep one eye on underline though
In the old days before I had quotes and charts directly to my computer I used to watch the ticker on FNN and enter trades in the INDU to my Lotus Symphony spreadsheet and then chart it. It was very time consuming but it sure kept me alert to the market.
I trade option for longer term plays , vacuum, do the laundry, iron, retile my bath,etc. then I miss the big move and get pissed the whole weekend. I better stick to games and elitetrader. Have a great weekend.
If I have a good setup that I am waiting for but don't want to stare at the screen all day, I set price alarms on RealTick and go about my business catching up on e-mail, studying charts, whatever. I've found that alarms are great because they help reinforce my discipline not to trade when conditions don't warrant.
A) Turn off the order entry platform if you are trading only longer term set-ups or swings....(hence u will avoid the temptation to impulse trade) OR B) If you must do some boredom trading, set up a second account with a minimal amount of money and set your contract limits very low...(it also might help you develop a better feel of how your other longer term trades trigger ahead of time OR it might just get the anxiety out of your system)
Has anyone a good site where you can see trading-holidays and when the market is only open for half a day ? I live in Europe and trade the ES-futures, so I'm not that quite familiar with these days in the VS.