A Week in Review: Friday the 5th +3.75 Points
Today's trading was short and sweet. Sometimes I do go a bit longer on Fridays but most of the time they are pretty short days for me. That also means that this will probably be a pretty quick recap.
The good news was that even with a very short session today it was still a positive result of +3.75 Points bringing the weekly total to +19.25 Points or $4812.50 with 5 contracts traded. That's a great result by any measure but considering that my average loss is usually just a little under 1 Point it really puts things in perspective.
Some weeks offer more than this and some offer less but the key thing as I've mentioned before is CONSISTENCY. If you can be consistent week after week then even just making 5 points on a weekly basis allows you to have a very profitable trading business which can continue to grow as position sizes are increased.
A Week in Review: Tuesday the 2nd +7.25 Points
A Week in Review: Wednesday the 3rd +6.5 Points
A Week in Review: Thursday the 4th +1.75 Points
The Big Monthly Event
The important thing to note about today was that the Non-Farm Employment report (aka Non-Farm Payroll) was released early in the morning before the New York Stock Exchange open. This is a major release each month that shows how many jobs were gained or lost in the US so it can make a major impact. Volatility usually goes up, the swings get a bit larger, and sometimes that means some extra opportunity for traders as well.
That's not always the way Non-Farm plays out though. Sometimes the release is a bit more subdued as it's line with expectations and already priced into the market. Sometimes numbers that are a bit off the forecast don't have the kind of impact one might expect.
For this reason the Non-Farm release day can be a bit hit or miss when it comes to the price action and trading opportunities that are available.
This one had a decent start though that allowed me to bank some points in the initial market moves after the open. I considered being very aggressive to catch the move to the upside but passed on the chance and then we ended up running into some resistance where my system kept me out of further trades. At this point I was up a good amount in only an hour of trading but the weekend was calling me so I just shut things down on what was overall a very solid week.
- Strike While The Iron is Hot - March 1, 2021
- The Path to Becoming a Full Time Trader - February 22, 2021
- Looking to 2021 and Beyond - January 20, 2021
