Market Opens and Drops Like a Rock

It’s trending Tuesday!

With the markets skipping regular trading hours on Friday but not before Non-Farm Payrolls come out, it’s safe to say we are in a pretty weird week.

As I said yesterday I expected the shorts to be back in control but not in this dramatic fashion!

From the open to midday we dropped around 50 points.

The ES dropping like a pile of bricks in today’s DPS

It would have been very easy to gamble short here but there wasn’t a solid trade idea for me to get on board with so I chose instead to preserve my capital.

As you know trading is about maximizing profits and minimizing losses, and one of the not-so-secret secrets of REAL professional traders is that some days they take no trades at all.

A novice trader might force trades every single day and end up losing his account but a disciplined trader keeps his PnL on the up and up by sitting tight when he doesn’t have a valid setup.

I didn’t take any trades yesterday or today not because I was “scared” to enter the market – it’s just that you don’t always need a position.

And two days out of a full year of trading pales in comparison to the bad things that can happen when jumping the gun.

The great thing about the markets is that there are always plenty more opportunities tomorrow!

Happy trading,
Your boy,

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