What is End of Day Trading Strategy and How to Use it?
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To trade successfully, you got to have a good strategy. It can’t be said enough. We’re not here to lecture you though and granted good trading strategies need time to evolve. Many traders find that within the bounds of their busy trading they find such a task difficult to accomplish. “End of Day” trading simply means concentrating your trading activities after the close of New York financial markets. Between the period from the close of the New York markets and the start of the Europe session, there is a long gap of relatively quiet trading (Asian Session). With little activities in the markets, traders can best use this time to analyze their charts and formulate their trading decisions for the day ahead.
More Efficient Use Of Time
By adopting End of Day trading, traders can fit their trading activities around their normal day work schedule. Unless you are a full time trader, it is difficult to sit and watch the markets all day long. In fact, there is a risk of over trading if a trader was to stay glued to his trading station all day. Studies have shown that on the average, low frequency traders are more profitable in the long run than those who trade more frequently.
Better Clarity
With End of Day trading, there are less clutter or noise and this gives traders a better environment for them to decide if there is a signal or not. Signals which are obtained during End of Day trading have more probability than signals obtained during intra-day trading. This is because traders do not have to sift through the mountain of insignificant price actions. Many traders become confused and frustrated because they get clouded from over analyzing the market.
Now Learn How to Use End of Day