I'll be the first to admit that the morning session today was a bit, *ahem*, boring. We're in the midst of summer trading where trading volume is often low and ranges are tight. It also doesn't help that price is sticking near All-Time Highs which usually makes the market far more hesitant and indecisive. Those factors made for a very slow start today as price moved in a 4 point range and there really wasn't a quality trade to be found for my trading strategy.
However, there's two lessons that come out of this kind of scenario. First, there's no need to force a trade. Some ranges are going to have excellent trades with a strong positive expectancy but many simply don't offer anything with good momentum or potential to latch onto.
If there's no trades available that fit your plan then the trader's best action is to simply sit on their hands and wait patiently for the next good setup to arrive. It sounds easier in theory than it is in practice, which is why so many traders who search for consistent profitability end up failing through over-trading time after time. Read more