Zeak,
Good question. I work during the day and find that my best trades are made "at the open". I'm looking to place an order by 11 AM or be out. This is when the big traders move. I'm not scalping but either taking out a measured move or trying to take out a trend day. I want my trades to have time to work out or to exit at a good price. If I enter late day, I've found it is too easy to lose quickly and not have time to recover. I find my performance is worse too. If I'm wrong late day then there isn't any time to recover and again late day moves tend to fail more often. So, it is a combination of factors: i.e morning is best opportunity, work, and also risk of not having time to recover. This is not a hard rule but a general principle. But now why I'm out before the close, I'm trading the spreads at NADEX, and I chose a 12 PM expiry. My read and market action were not compelling enough for me to want to risk another trade. I'm a real greenhorn on CL.
Good question. I work during the day and find that my best trades are made "at the open". I'm looking to place an order by 11 AM or be out. This is when the big traders move. I'm not scalping but either taking out a measured move or trying to take out a trend day. I want my trades to have time to work out or to exit at a good price. If I enter late day, I've found it is too easy to lose quickly and not have time to recover. I find my performance is worse too. If I'm wrong late day then there isn't any time to recover and again late day moves tend to fail more often. So, it is a combination of factors: i.e morning is best opportunity, work, and also risk of not having time to recover. This is not a hard rule but a general principle. But now why I'm out before the close, I'm trading the spreads at NADEX, and I chose a 12 PM expiry. My read and market action were not compelling enough for me to want to risk another trade. I'm a real greenhorn on CL.