A day trader explains why he waits for the first 5-minute candle to close before trading, instead of jumping in right when the market opens. He's cut his initial 30-minute skip down to just five minutes. Managing losses with discipline matters as much as winning trades.
I used to skip like first 30 minutes of the market at the beginning, then 15 minutes, then first 10 minutes, and now just first 5 minutes that I skip and then make decisions. Okay, market open. There is no rush. Patiently waiting for the first 5-minute candle to close. I'm hoping they're not going to be just shooting to the upside without providing me any opportunity to go in for the trade. Hopefully it's going to be a winning trade today, but even if that's going to be a losing trade, the disciplined way of how to deal with the losing trade is also success in my opinion.
