The first trade of each trading day is a unique experience for traders. This is the trade that often sets the tone for the rest of the trading day.
A trader who finds it hard to make the first trade, often spending a huge amount of time researching and being ready, is quite often a fear-based trader. These traders often display above average performance in their first trades.
A trader who can’t wait to jump into the markets as soon as they start to trade is more likely to be a greed-based trader, and unfortunately these trades often underperform.
Use the First Trade of the Day metric to see if there is any significant difference in your trades.
If your first trade is a strength, then this is something you can capitalize on. Ask yourself what you are doing to prepare for this trade. Is it simply the markets, or is your level of discipline higher than at other times. Try to copy this behaviour for the rest of the day to obtain better results.
If your first trade is a weakness, then make sure you trade a small size for your first trade, as you identify what you need to change to improve.