Quote from Pension_Admin:
What is a typical day like for you? How was it differ from when you first starting out as a trader? Any change in mentality?
Pension_Admin
A typical day, and how it contrasts with how a typical day went back in the beginning. I won't discuss strategies or tips relative to that topic as that is not the topic of this thread, and would just plain rather not.
I am a news event driven trader in terms of selection, tape reading for trading. Generally speaking I like to see as much of all the headlines out there as possible to select among, to find the best selections for the day. Back in the beginning my days started I barely saw the light of day, on both ends. Now I typically start my research around 7am, 5-6:30 in earnings season. The biggest difference in my schedule between then and now is that now I am slightly more comfortable and also am able to sift through what is and is not important to me, news and chart wise, much more quickly and have come up with some automated ways to cut down research time (this applies only to non subjective decision based issues). Whereas I ended my days usually between 5 and 7 back then, I now close up around 4:15 out of earnings season, later depending on nows flow in season.
I feel much more energized for the day when I am able to squeeze in gym/run in the morning.
I will typically go through the earnings and economic calenders, and see as many headlines as possible that pass by, and that have passed from 4pm the prior day. Back in the beginning I went through every single headline that passed between 4pm and the following 9:30 (not missing any), whereas now I am a bit more lax, but overall am able to sniff out most of the goodies from experience. I'll quickly go through the charts of anything I traded the prior day. If any still look interesting, they will get put on a side screen. News flow slow? More chart plays... News flow heavy...few/zero chart plays.
I'll typically have my stocks chosen and up on screen by 8:30/9. In earnings season, while news flow is much heavier, I may have my screens filled earlier, or even the prior night since I already have listed who will be out for next day's trading.
By 9, daily, transfer a few dollars into a charitable bank account (give *then* get).
Music library on sort for entire day - all different genre's. The louder the music, the more focused I get (within reason).
Staying until the close? I used to stop without thought when a certain goal was reached. I don't really trade with much of a goal anymore other than to close losing positions, and trade the others smartly. Going with specific goals is important earlier on when learning how to trade successfully, after that whatever works for your situation. Different strokes...
I screen all calls during the day. Some days are so busy that you don't realize the phone rang, others nothing's doing, it doesn't much matter.
I find I'm much more focused when headphones are used through the day, as opposed to speakers.
I don't have strong feelings one way or the other, and often do not turn the tv on (and of course it's not fun when Gasparino & MBI propaganda team pull into town at the end of a thin Friday, and you're short a million stocks).
Whereas before I was very very tight when it came to daily consistency since I was trading with a just achievable goal, I am somewhat (intentionally) more volatile as I take bigger risks now going for a bit of gold, instead of consistent base hits (which for most and most of the time, is to me the best way to go though - consistent base hits).
Strategies then and now: Generally speaking, same strategies, applied a little differently as market structure has changed, but same basic stuff. Have expanded into other areas of trading, but still primarily, the same biz.
Position sizing then and now: Scale in/out, both then and now. Initial position size hasn't really changed much over the years, however positions grow much larger in size and in number.
If any/all of this was incoherent, sorry, just kind of typed away.
Any questions?!
