(Last Updated On: April 15, 2020)

For most of you, who are part-time retail traders, naturally you might not be watching out for trading setups in the midst of the day while the market is still trading. So what happens is that, based on the workflow that I share with you, is that the most ideal scenario is after you finish your work, go back home, spend about half an hour or so, run through the charts of all those stocks, those instruments in your watchlist. And if you do notice any trading setups…

Because when you do notice trading setups, the market already close, right? So which means that if you notice the trading setups and you decide to think that you think that this trade is great, meets all your criteria based on your trading plan, and you run through all the checklist and it meets the criteria, you want to get in.

So, my suggestion is next day when the market open, just executed a trade, provided when the market open, the price has not changed adversely from the previous day’s closing price. So if it opens more or less about the same level as yesterday’s closing price, and the night before there wasn’t any significant world events happen or change of interest rate, or whatever, or that news that came out, whatever, or a war started, or whatever, then the press shouldn’t have moved too much from the previous day’s closing price.

Then, just enter a market or get in straight away and the next day, morning, after the market open. Okay? So, that’s my suggestion.
No need to wait until the next day to see whether there’s a confirmation or whatever, unless waiting for confirmation is one of your trading plan items that you have already put inside your plan.

Interested to receive mentorship opportunities like this with Philip?

Find out more at traderwave.com/innercircle

Facebook Comments