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A common misconception. There's always a reason to create to not trade - no Mondays, Fridays, week of holiday, week before holiday, summer, spring, winter, fall, full moons, half moons...
Point being that to take a day off simply b/c of some idea is not a good idea in my opinion. I've actually found that some of these days can provide quick and easy moves since many traders take the same approach. It doesn't take much to push something around.
Now, if your research has shown that in the way you trade that certain day(s) of the week and/or certain days revolving around certain event(s), then by all means take it off. If you are just repeating what so many other retail traders have been taught, I would suggest doing your own research.
Of course this Fri could very well end up being a flat/boring day, but you won't know unless you are there. It could also be a volatile day like today. Nobody out there knows. You could argue that with Monday being closed, many traders will be opening/closing positions for the long weekend. You could argue that many traders will be at home sleeping, so stay away. Or maybe that's a reason to be here... food for thought.
I understand that this type of information is all over the web and taught to newbies in books, magazines, etc. But unless the volume is zero, you know there's some persons there trading. And money to be made. |
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Thanks for spending time to post a reply.
If you read my post carefully, I specified that it wouldn't be a bad idea to take a long weekend just in case you've had a good week.
I know a few institutional traders who work in London and they will be taking the afternoon off. Same as many American traders.
I don't care what retail traders do, honestly. And I don't remember reading this stuff in books. I was told by professional institutional traders.
Let's just say that I like to be around when the pros are around, as simple as that. If you think trading thin markets may create opportunities, good for you. I rather not take any chance.
I am not afraid to miss any good moves simply because markets will be there tomorrow. One good trade won't make a difference in my P&L, I am not that desperate yet.
IS