How To Prepare For a Trading Day
Like someone who is into fitness, their daily routine is absolutely essential to their long term success. The same is true for a day successful day trader. A successful day trader goes through the same routine every market day and the market day essentially starts onSunday when the futures market opens for the week.
This is how I prepare my day trading day. For me, my preparation begins the day before for example if it is Sunday night I start off by taking a look at the futures market and I might even take a futures trade but we will leave that for another article.
I like to see what direction the futures market is taking prior to the week starting on Monday. Next, I like to make a list of stocks I might have traded during the prior week or stocks that made impressive moves. I will generally pinpoint one I will have front in center on Monday in case nothing else is popping off. I will identify levels on the daily chart and based on that I will formulate a mental plan for this stock.
The next thing is I relax into the night and go to sleep to at least allow me 7-8 hours of solid sleep so that I can wake up feeling rested and able to concentrate. I have traded before with lack of sleep and feeling foggy and all it served was for me to make mistakes that could have been avoided, mistakes as simple as buying the wrong expiration contract or hitting the wrong click or clicking the wrong tab.
These are all things that you should learn during your day trading education
period. The day of trading has arrived, for this example, we will use Monday
morning. I wake up and go through the regular morning routine of brushing teeth etc. Once I am at my office I sit down fire up the computers and begin to scan the markets using my scanners found here https://lddy.no/msqp you can use coupon code JESSEW15 for 15% off.
once I find a few takers on my gap scanner I will study the volume, float, daily levels, 200day and 50day moving averages on the daily.
Once I have formulated my plan of levels to watch I move on to the next stock and usually have a list of 3-5 stocks with maybe 1-2 ore on the back-burner list. Once the bell rings I sit back and watch these stocks trade and I wait for one of my favorite setups to start to happen generally around 9:40 am and beyond.
I wait for these setups and if they do not show up I will not trade. Once I am done with my trades I record a day trading recap for my YouTube channel found here
riber Then I continue on with my day managing my other businesses and keeping an eye on the market in case any A plus setups show up in the afternoon.