TRADING GAME TIPS 1

You made the wrong trade. Every trader makes mistakes, even buying when you meant to sell. Don’t try to manage the position; just get out. It’s the wrong trade, and you can’t manage it correctly. It will distract you from other trades and eat up your time. Close out the trade as soon as possible, and get on with your life.
The time of day to trade. There are two reasons to select the time of day to trade. Volume varies considerably during the day. The greatest volume is near the open; the second greatest volume is at the close. After the open the order flow steadily drops until its low point in the middle of the day. Many of the traders are off the floor—some actually eat lunch. During the middle of the day orders dribble in. If one large order hits the market, it could push prices higher or lower but have very little meaning with regard to price direction.
The open and close are the two most likely times to show the high or low of the day. If prices open and start to drop, then the open is most likely to be the day’s high. The middle of the day is the next most likely time to be a high or low. Prices drop from the open and quiet at midday while there is little activity. When traders come back onto the floor and activity increases, they
may move prices higher again. Then the midday price becomes the low. If they move prices lower, then the close becomes the low.