The market open demands a flexible mindset
Not everyone performs well at the market open. That’s absolutely fine. Some are better standing aside till structure develops and conditions have revealed themselves. And then trading off this opening structure. It’s all good. There is plenty of trading still available.
For me though, I like the market open. Partly for the opportunity that is available. And partly for the challenge. It keeps the passion alive.
We all love charts with a strong opening momentum drive. But it’s not always like that. It’s not always smooth. It’s not always one-directional. And if you’re not careful, it can cut you up.
The good news: The greater ranges mean that the market will allow you a few losses and still provide enough opportunity to overcome them.
The bad news: Without a flexible mindset you risk letting early losses place you on tilt. And then missing the actual opportunity when it comes, or completely screwing up it’s execution.
Monday was challenging. Initially a wrong bias. Followed by right bias but failure to match execution to the market. Followed by a period of uncertainty. But then clarity and recovery.
Let’s check it out.
Again, I don’t think I’m too far off the mark here in saying that your success or failure in this game depends MASSIVELY on how well you manage yourself, your decisions and your actions in these times when things are not going to plan.
Recognise. Adapt. And overcome.
Especially at the market open. Because the market open DEMANDS a flexible mindset.
Happy trading,
Lance Beggs