What do you do to prepare for your trading day? heres what I do, advice please

Quote from increasenow:

you better have you pivot numbers ready
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i use esignal and drop notes in all the charts i screen in the day.

I have daily weekly monthly resistance for the spys and 60/15 minute I do daily
 
Quote from Bolimomo:

You should hire NoDoji as your drill sergeant xdiesel123x. She will whip you to obedient. :p

Congratulations on your 3000+ posts ND!

xdiesel123x you should search through her past 3000+ posts for some gems in learning to trade.
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OMG! I had no idea! Have I ever mentioned that I enjoy writing?

:p
 
Quote from wrbtrader:

I'm curious what you're doing to try to maintain or enforce discipline while you're trading?

I asked because I see a lot of traders say they need to have more discipline or that they will work harder at maintaining discipline. Unfortunately, most do not explain how such will be accomplished.

I know having a check list (grades) sort'uv speak for each trade helps a little when reviewing the grades of the prior trading day just before starting to trade the current trading day...it helped a lot for myself and still does. Thus, I'm curious what others use to help maintain or enforce discipline in their trading besides "electric shock" treatment whenever they do something stupid in their trading. :D

* Trade Journals of any kind are helpful especially those that contains a traders thoughts or perceptions from one trade to the next trade.

Mark
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thats a great question. I work a shitty job on the weekends for extra cash. I think this is my reinforcement. I say to myself: do you really want to keep working this beat ass job?

other than that its really my constant drive to become a great trader that makes me think almost every 10-25 minutes how i need to be patient or I will have to quit trading because i will lose all my money.
 
Quote from Bolimomo:

You just started out. I want to make 2 suggestions for you.

1. Don't try to catch anything that moves. Some trading schools - Online Trading Academy included - teaches to scan, scan, scan the market for "movers" to trade. But there are dangers in these waters for beginners. Often times they get in long to a late bull situation and the reversals slap them on the face before they know what happens. Also those "mover lists" contain quite a bit of noise. Especially with low-price stocks. They can move 20% to 30% on a day with no (or unknown to the outsiders) apparent reason.

And you try to catch a stock's move by news? Good luck. When the so-called news get to you retail, they might even be third-handed. If you buy in to the news, you will be feeding on those pros who positioned in there before you do.

The best may be to pick a list of stocks you want to learn from. Those should be highly liquid. (Studying from a thinly traded stock will make you pull your hairs out.) And have a high correlation with the market's ups and downs. Study their movements everyday. Then try to trade those highly probable swings. Or simply study the broad markets (S&P) and learn to trade index futures.


2. I think as beginners, your preparation for the beginning of the day is not as important as your preparation, or review I should say, after the end of the day. Practice trading. Whether use a small size or doing simulation. Date, time, entry, exit, target, stop, and the reason you get in to a trade. Something attracted you. What was it? A pattern?

More than keeping a journal of what you traded, keep some files and categorize your trades. It's easy to do these days on a computer. Keep some powerpoint files. Capture (screenprint) the charts when you traded. Note the points where you entered/exited/stopped. Review how that trade worked out. You will learn more from the failed trades. If failed, what you think caused your trade to fail. Over time, in each play category you will have a series of failed trades that were done based on similar assumptions (that attracted you to the trade). And compare your cases. Hopefully you will find some similarities. That would be your pattern of behavior. It has nothing to do with the market or the stock. It has a lot to do with how you act based on what you see from the market. If that same behavior causes you to lose over and over again, then you know what to work on to correct it. Likewise, reinforce those trades that went well.
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I have the mot rediculous excel sheets that inlcude. date, time, ticker, thoughts before trade, thoughts after trade, share size, reason to enter the position. i write down and store all the info i can on each trade and i break it down like this:

day of week
week of money
month of year
quater of year

up day?
down day?

than i jot down all my notes from the day each half hour i type in my journal my thoughts on the market. I do a lot of work on this.
 
you could add the trades u didnt take and why and the results, this will reinforce the reason for being patient
 
Quote from LuckyStrike77:

how would you like the truth that is short and simple

Lets call it Truth in a can

Canned truth



You don't have an edge. You don't have an advantage over me.

Trading is not a pretty little mom and pop shop down the street. Where they tell you have a nice day and howdy.

TRADING IS RUTHLESS MACHINE THAT SEES YOU AS A VERMIN TO BE DESTROYED IN THE MOST EFFICIENT MANNER POSSIBLE.

terminator.jpg


YOU THINK I AM EXAGGERATING, YOU WILL SEE LATER
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Good traders know that in reality, once you have an edge and good discipline, trading successfully is probably one of the easiest things in the world

The only question is whether you spend x years figuring it out for yourself or are lucky enough to know a good trader who will teach you
 
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