What to really do with opens like today?

Discussion in 'Trading' started by antincedo, Jan 9, 2009.

  1. rather simple question. what do you do (traders) when we open like today and the first 20 minutes or so is just a free fall. i have stayed out of it because well there was no setup, anybody have a good method of trading such opens?
  2. I stay away too......you're not alone -)
  3. Sticking to your trading plan is the way to go. You have a trading plan right?
  4. oh! trading plan? you mean some sort of orderly method of doing what i do? wish i thought of that.

    yes i do have a trading plan, that's why i do not jump in head first. although i am looking to develop and learn, that's why i posted.
  5. on days like these, what i usually do is locate my hot key sell button, tape it to the keyboard while shouting : allahu akhbar! allahu akhbar! for abt 5 mins.

    i made money :)
  6. rofl :D
  7. If you have a method and have good reason to be confident in it, and it gives you a setup, then take it. If it does not give you a setup, then there is nothing to take.
  8. well that's what i'm saying... i dont have a plan to trade 100pt drops out the open. maybe i should develop one? or maybe someone can share?

    didnt trade it because theres no plan, feel like i keep saying the same thing over in these threads. im asking what others do when such a thing occurs.
  9. Trade the short term trend and when it changes then change with it. Simple.
  10. understood.. so you jumped on that move? how far did you ride her?
    #10     Jan 9, 2009