Hi, Mike! I asked for your advice about daytrader’s midday activity. What your young traders do tipically do during 12.00-14.00? I used to ovretrade during midday, so I decided not to trade at all during slow market hours. Can I do something useful for my trading game within two hours? Maybe rip through charts or watch some trading videos, read some blogs?
Thanks!
Bella Responds
I like the idea of you developing a distinct plan for the midday. The midday is a separate business from the open and the close as Dr. Steenbarger has taught. A few ideas:
1. Trade only the best set ups.
2. Trade with less size.
3. Yes, rip through charts.
4. Write in your trading journal.
5. Read blogs.
6. Find great set ups for the close.
7. Talk to others about the open.
Mike Bellafiore
Author, One Good Trade: Inside the Highly Competitive World of Proprietary Trading
One Comment on “Traders Ask: What Should I Do Midday?”
Yes I think the key is to only take the best trades.. be very selective. You cant bang in and out of things and hope for the best midday, but it really is true that some of the best trades are midday. Pullbacks, failures at previous swings, trendline breaks and reversals… lots of good stuff here if you understand technicals.
The key point, as Bella says, is that midday is a totally different kind of trading from the open. And, depending on the stock and the market environment on that particular day, midday-type trading can start as early as 9:30:01! :0