Today we’re going to talk about something specifically tailored towards you day traders out there.
People often look for quick fixes when it comes to their trading.
Here’s the reality though…
Trading involves multiple different disciplines that all need to be mastered in order to truly get an edge over your average market participant.
The means that there is no such thing as a “quick fix”.
With that said, there is one piece of advice I can give that is the closest thing to it…
Waking up before market open!
I know…..if you live in Hawaii or the West Coast this won’t be a lot of fun.
Let me assure you though…
It will be worth it!
Here are a few reasons why…
1.) It allows for planning and prep work
In order to be able to perform to the best of your ability, it is helpful to first lay down the groundwork.
Do you know what your game plan is?
Do you know what stocks are showing signs of momentum?
These are the types of questions you should be asking yourself every time you sit down to trade…
Think of it like cooking…
Before you prepare a meal, you first have to know what you’re looking to make, and what ingredients you have in the fridge.
If you skip this step, you will likely end up cooking up a mess that even your cats won’t want to eat!
Trading is no different…
2.) Most big moves happen in the first two hours of trading
It is well-documented that the most volatile period in the market is the first 1-2 hours after open.
Volatility is important because it gives traders more opportunities to find big winners…
That being said, if you lack risk management then this won’t be of much use to you…
Most of these small-cap rallies tend to be short-lived and come crashing down just as fast as they went up!
That’s all for now.
Until Next Time,
-Damian