Some days, we intraday traders must simply step aside and tip our hat to the investors and swing traders. Such was obviously the case this morning, as the Qs jumped 2 full points after hours on the
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PowerRating),
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PowerRating), and the rather strangely timed
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PowerRating) earnings announcements.
Yet while one of the challenges daytraders have is not being able to take advantage of nice pre- or post-market moves, I’ll never hold a trading position on which I can’t keep a tight stop (which is impossible with overnights), and I sleep very well every night knowing my trading account is safely in cash and that the store will simply reopen in the morning.
Which brings us to a common nemesis for many traders: the nagging feeling of perceived opportunity loss which for some can be more painful than real financial loss. I’ve already had numerous discussions last night and this morning with traders kicking themselves for missing last night’s move. Missed a big move? At the risk of bringing out the old soapbox which I’ve been known to do from time to time … forget about it gang.Â
The market will always be moving and the larger the move missed, the greater the opportunity to align oneself with a new trend on higher probability pullbacks or position for a reversal or oscillation. If you’re beating yourself up over would’ves and could’ves, it’s a complete waste of energy. Focus on the future, because that’s the only timeframe where profit opportunity lies. (Strange that I never get calls on missing those massive overnight gaps down.)
Anyway, as far as this morning goes, as of this writing, this normally high-volume trader has made but a handful of “test the water” trades good for a burger and fries (no drink), as I wait for more normal market rhythms to prevail.
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