Originally posted at forexfactory on April 6, 2011:
The whole place a trade, close your computer, and come back at a later point is a bit overrated at times. That strategy can work fine for swing trades, but not necessarily for day trades.
The closing of the computer and coming back at a later point, very subtly implies that you are not in control of your own emotions and psychology, and thus need to resort to drastic measures (closing of computer/trading platform) in order to manage them. Now that is fine in the beginning as you don’t want to lose money. But you should be striving for the ideal of always being in control of your emotions and trading psychology and mindset no matter if you are watching the markets or not.
Also, if you are a order flow day trader, you HAVE to be watching the markets closely. You can never close your platform when you are orderflow daytrading Why? Because if you close your platform/computer then the fundamental value/sentiment could of shifted in the middle of the day and if you haven’t noticed it, then your stop can get smoked, or your paper profit on your open position evaporated so fast you don’t know what hit you. Not to mention the fact of constant event risk at various points throughout the day that you need to manage through and adjust through.