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
Great article, Lance. I enjoy seeing your trades, how you manage them, how you recognize different conditions and adapt. I always learn one or more new things every time 🙂
I’m currently going through all old articles, with time wanna read them all. My favourite ones are something with psychology, challenge, self-control, choppy PA, basically everything we feel when in a market place.
Thanks for the feedback Vladislav. I’ll definitely be doing many more articles of this style. They’re one of my favourite topics as well.
A very good article
This happened to me a lot, but now I have a solution
thank you
Best of luck implementing this Mahdi. Expect challenge. It never goes away. You just get better at dealing with it.
What a great lession . Thank you Lance !
It also illustrates what you teach about getting out with a close stop-loss when the trade doesn’t go the desired way.
Thanks Justin. Glad you liked it.
Best of luck with your trading.
Lance