Some trading “gurus” preach that you should learn how to trade the open. Because, as they say, you can trade 15 minutes a day, make 500% a year, buy a Lamborghini like me, and be the envy of all your friends.
Other trading “gurus” say things like: avoid the open, I don’t trade until 10am, trading in the first 30 minutes is for fools — fools that want to be separated from their money.
So which is it? More importantly, which is it FOR YOU?
All this noise about “the open” can breed confusion and fear.
We suggest that you learn everything you can about trading the open — from people that have made big profits trading the open for nearly two decades.
We’ve spent so much time perfecting our opening drive trades that we have affectionately named the strategy: The Opening Drive Play. It is one of ten trades we will be teaching in our new training program, The Winning Trader– here.
The Opening Drive Play is a trade where yes! you can make thousands in the first five minutes of trading.
The Opening Drive Play is a trade that yes! trades quickly, too quickly for some.
But the best way for you to decide if this trade should be a part of your trading business, is to learn it and try it.
I think of it as a very specific trade, for which we can scan. It’s a trade with very specific variables that if you see, then RISK ON.
During Trader Development at our firm, we teach The Opening Drive Play and let traders experiment with it. Traders decide for themselves if The Opening Drive Play is a trade that would work for them after experimentation in real-time, review, mentorship and study.
But to say you should never trade the first 30 minutes of the day is a bit silly. Perhaps after you experiment with The Opening Drive Play strategy and fail, then exclude this time frame. But not before. You learn proven trades. You experiment with them with small size. You take notes of how you could have traded them better. You review. You determine if the trade makes sense for you, your talents, they way you think, and your personality. And if so then, you study, and review, and trade them live more often, working towards mastery.
The Opening Drive Play strategy offered us the trade of the day just this Friday.
Before the open on Friday, I surveyed the desk as to the stocks they were watching most closely. The first four new traders all proudly had one stock in common: YELP. The first four all proudly had one trade setup in common: The Opening Drive Play in YELP. And this setup worked beautifully. Here is a PowerPoint summary of this Opening Drive Play opportunity.
The Opening Drive Play: Is it for you?
Related posts
Traders Ask: Must I Learn Opening Drive Plays?
*no relevant positions