Trading is a business, where it is better to move slowly and to make money step by step. Hasty actions and wrong strategy may lead to losses. Sometimes not to trade is the best strategy. Do you agree with it? Do you have such "non-trading day"?
I do not hold a position into a Fed rate announcement, other than that I take my signals when they occur, on whatever day they occur.
Other than having a hangovers, or going to start drinking to get a handover, wake up sick, girlfriend in the mood, be nude when Holly Rollers knocking on the door, cat has a toothache, have no "non-trading day". Not realizing it is Saturday.... Speedo, good one, reports.
Yes it's one of the most important things to do, and its a conscious decision to just let go and see what happens. There's a concept called "Going to the well once too often". I generally take the first pullback after a move out of consolidation, sometimes a second. But i learned the hard way not to stay on it, to just step back and let the market decide. Or if I see a setup, get in and now I'm struggling to pull anything out of the market, it's best to just close it all out and reevaluate. Often the setup breaks down and the market reverses at least temporarily. It's the fear of missing something which keeps me--us trapped in marginal trades. When I'm on my game I stay light on my feet. Just let go.
Here's the thing.... "When you have a technical set-up/indication, play it. Period." "Passing" on set-ups (for whatever your rationale) is as big a mistake as others.
Non-trading days: Day before FED announcement, day of FED announcement, option expiration, some holidays.
There are some good reasons for passing on setups. 1. Tired. 2. Currencies trade 24 hours-you can't take them all. 3.Overtrading
Often a setup lacks all the qualities which would make it a great setup. 10s don't come along very often. Ask Dudley Moore.