Just got off the phone with a client. He explained he was having trouble with Mondays. After having a bad day he fights an uphill battle the rest of the week. Nothing can be more frustrating than waiting all weekend for the market to open and to get beat up on the opening bell.
Coming back after the weekend, holiday, or vacation often times makes me impatient. I recently was off, I felt a need to get back in. Make up those days in the first fifteen minutes of trading. I got my ass handed to me. The best analogy I have is an elevator. There are many that come throughout the day. Not all of them are the same but you do not know that till you are in it. You can still get to where you are going even if you do not take the first elevator but eventually you do have to take an elevator.
My first trade of the day or coming back from time off is usually small risk for small reward. As I settle in, I press it a little. The only way to get to 150% returns is to get to 10% first. I am willing to sacrifice long term gain for short term gain for the time being. It builds confidence and a nice fat cushion.
The downside, the first trade may be the best trade. I have been at the bottom of the hill so many times that it is worth it for me.
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