"Get your money and RUN!"
These 5 words have been etched into my head forever. Especially after I completely ignored them and wish I had listened.
It is a known fact that there are specific days that you should trade and specific days you should NOT trade. And if you DO trade on the worst days to trade, GET YOUR MONEY AND RUN!
If you are a part of the The Market Keys: Gold membership, you will notice in the 2 week intensive class that Chris Cole only teaches on Tuesday, Wednesday, and Thursday. This is because historically these have been the best days to trade in the market.
Monday and Friday have historically been the WORST days to trade in the market. There is a logical reason for this and you can definitely see this reflected in the charts through the excessive amount of consolidation and fast magnitude pushes in direction of the candles.
However, Chris teaches us to trade WITHOUT using the charts and THE BEST way to see this is through the time & sales monitor. The difference between the time & sales and the charts is this:
Pretend you work in a clothing store. The charts are equivalent to working on the sales floor. You see sales happening but the time & sales monitor is like working at the cash register. You see how much everyone is BUYING AND SELLING (or returning, just to keep up with the example).
So why is it called TRAP DAY????
Let's go back to our example.
You are now the OWNER of the store and you are only open Monday thru Friday but just because you are closed on the weekend, doesn't meant that you don't have to pay rent for those days. SO, what do you do?
You do whatever you can to MAKE MORE MONEY on Monday and Friday.
Well, on Friday you are going to need to make enough money to cover costs for Friday AND Saturday. Then on Monday, you will need to recover from the loss of transactions from Sunday.
So as the owner, you figure out how you can TRAP the customers in the transactions they intend to make.
Maybe on Fridays and Mondays you offer NO REFUNDS or DOUBLE THE PRICE on all items at random points of the day with no remorse for the customer. This is how you, as the owner of the market, make twice the money to cover the days you will be closed.
If you have not learned how to read a time & sales monitor, you HAVE TO get into this Gold membership plan and learn from Chris. The way those transactions LIGHT UP is fantastic and I was FLOORED when I saw exactly how TRAP DAY looked from the inside.
It literally took my trading to the next level!
Before I learned my lesson, I was a bit hard headed and got into the market anyway.
I would trade the market like it was a regular day, make profit, and lose it all or take a loss for the day in a matter of LITERAL MOMENTS!
Talk about pissed!
THEN, I would revenge trade! You know what I mean... when you get all your money for the day taken and you try to hop into STUPID trades you would probably never take in an emotionally sane mind and end up losing more money.
Now you looking stupid and broke...
You ever cry because of a REALLY bad trade?.... Nah... me neither *nervous laugh
This is all tied into your own emotional intelligence. If you do not know when you are acting out of emotions, you will ALWAYS lose in the market. That’s why I made a free guide to clearing the emotional obstacles that are blocking you from your desired income. Download it here. You will have access to all free downloads once you create a log in.