Today is a Bad Day for Day trading -- Minimal volatility
5 minute CandleStick Chart
Dear Trader,
I have today is a bad day for trading. I was up at 9:30, watching the market, although I can detect a downward bias, the market wasn't really moving much. Price movement is sluggish and I came to a conclusion that there isn't going to be much market movement today. Well, if you really have to be in the market, it'd better be a short. The past few days were shorting days and the downward bias is still evident in today's price action. However, if you asked me, I'd say "Let's live to fight another day, the market is full of opportunities, we need not trade when we don't have to." Learning how to stay on the sidelines is as important as learning how to pull the trigger. As you can see from the chart above, the range for the whole day is a mere 17 points, although if you had shorted, you would have won, the risk is too great.... And even if you won, you can't be convinced that you won by skill and not by luck.