What should a successful Trader's day/week look like?

[zghorner]

I know each person's definition of success will be different but for this particular thread let's define it as the following: paying the bills with trading profits and/or consistent annual returns beating the market average.

Also I don't want this to be limited to only a certain time frame, comments about any duration trading from intraday to position traders etc...are all welcome.

I think it would be beneficial to see what the schedule demands are for successful traders. How much time per day/week/month should one spend doing various trade related tasks such as: back testing, TA, fundamental analysis, market research, networking, strategy building, etc...

As an unsuccessful trader I think time and devotion are lacking for me, I understand that achievement in trading requires much more devotion than most realize. I also think a mentor is hugely beneficial for any endeavor, with one of the most beneficial things you get from a mentor being a clear example of what you aspire to be does on a daily basis. While forums are no substitute, I still think this could be helpful.

thanks everyone.

 

[themickey]

Wake up around 4-5 am and study the overnight action in US to determine mkt mood.
In Western Australia, when the ASX opens 7am (summer time here) mostly my trading computers are not running, when I do I run three simultaneously plus have a tablet going.
Too busy and not necessary to watch mkt open so usually having quick muesli breakfast, then go outside and attend to outdoor ponds with fish, plants, tadpoles & frogs.
Turn on computers which run algos after mkt opens about 7.30am and generally just browse the action.
8am drive down road and grab a coffee.
After 2hrs of mkt open I'm settled in on couch where I can look out windows at garden, with all my programs open, watching my algos (not charts) for opportunities. Basically I just observe data, some live, some delayed.
Yesterday placed 5 trades, today 2 trades.
Holding in excess of 50 positions atm.
First two trading days of this year + $17,000.
When mkt done at 1pm, I may keep looking at stuff for another hour, then done.
Weekends, nothing to do but go outdoors, beach.
Other than muesli breakfast, only have 1 (hot) meal for day which wife prepares.
Currently its 10pm here listening to music and looking at ET.

 

[newwurldmn]

I’m a discretionary vol trader.

Explicit Hours I spend is not relevant part. It’s the implicit hours I spend contemplating my risk and opportunity set.

for example:
what does the sell off yesterday mean?
How does my risk behave with respect to it? Why? Am I okay with this?
A certain limited loss position is causing me pain, what is the new risk reward of it. Another position performed well, will it continue to do so if we sell off more? Why do I think so? If I cut it how does that change my risk balance across my Greeks?
Am I running an implicit concentration that I am not accounting for (specifically Tesla stock)?

sometimes the questions only take a few minutes. Sometimes they take all day (and then like an Enigma machine code key, reset at the end of the day).

 

[danielc1]

I live in Europe and do two time slots trading, every trading day. The Europe open session and the Us open session.

This is how my day looks:
I wake up around 7 am.
I take a shower, get dressed and eat my breakfast.
I fire up the computer and leave it.
I take my kid to school and in the car on the way back home, I listen to an audio that inspires me to get my mindset right for the rest of the day.
At 8u50 am I sit in front of my computer.
I watch the levels of support and resistance of the instruments I trade daily (index, oil, gold, bond) on a MP chart and draw them into my trading charts by hand.
At 9 am, I look for trades. I use alerts around those levels. At 11am I quit taking new trades.
At 12 am I eat.
Around 1pm, I start looking at my emails and chat with other people that I mentor. I write something on my blog or do other administrative tasks.
At 2 pm, I go out for a walk or for a ride on a bike.
At 3 pm, I look what the instruments have done so far. I also look at other longer term positions or opportunities.
At 3.15 pm I make myself ready to trade the US open.
At 5 pm I stop taking new trades.
At 6 I review the trades I have taken and look if I made a mistake against my rules. I write in my journal how the day went. I take snapshots of my trades to put in my trading journal. If necessary, I do mind exercises to clear my day.
At 6.30 pm I eat with my family.
At 7.30 I talk to other people that I mentor.
At 9 pm, I usually relax.
At 10.30 pm, I read for 15 to 20 minutes, just before going to bed.

That is my routine daily at this moment

Weekly I review or research some ideas or trades that I did, that stood out. In the weekend, it is no market at all, no trading, but also no research.

The most important aspect I know of to become successful in trading are the right habits and balance in your life. If you have no balance, then your mind will play tricks with you, so you sabotage yourself.

 

[sef88]

Wake up around 4-5 am and study the overnight action in US to determine mkt mood.
In Western Australia, when the ASX opens 7am (summer time here) mostly my trading computers are not running, when I do I run three simultaneously plus have a tablet going.
Too busy and not necessary to watch mkt open so usually having quick muesli breakfast, then go outside and attend to outdoor ponds with fish, plants, tadpoles & frogs.
Turn on computers which run algos after mkt opens about 7.30am and generally just browse the action.
8am drive down road and grab a coffee.
After 2hrs of mkt open I'm settled in on couch where I can look out windows at garden, with all my programs open, watching my algos (not charts) for opportunities. Basically I just observe data, some live, some delayed.
Yesterday placed 5 trades, today 2 trades.
Holding in excess of 50 positions atm.
First two trading days of this year + $17,000.
When mkt done at 1pm, I may keep looking at stuff for another hour, then done.
Weekends, nothing to do but go outdoors, beach.
Other than muesli breakfast, only have 1 (hot) meal for day which wife prepares.
Currently its 10pm here listening to music and looking at ET.

Epic lifestyle
Wake up and I look at my log file of algo system.
Do household chores.
Code and further backtesting. And add further performance monitoring feature.
Go for a jog.
Wait for US mkt to start and check opening actions. I live in Asia timezone.
Let the algo run and sleep.

Up +$5k for first 2 days. Good start for me.

 

[MrMuppet]

Since I added crypto to my portfolio I basically trade 24/7 when ever the market is hot. I always carry inventory and I have two sided quotes in 50+ markets across 10+ exchanges.
Most of the time is spent watching risk parameters or skewing target inventory to my market view.

Screens in every room in the house, also bathroom, bed in the office, cat napping in 2hr cycles and audio T&S that wakes me up once volatility picks up. Trading on Holidays, XMas, New Year all day every day.

During summer or slow periods I don't do anything for weeks. I usually take 2-4 month vacations per year to recharge. P/L doesn't matter...but market has been good to me

 

[MrMuppet]

I know each person's definition of success will be different but for this particular thread let's define it as the following: paying the bills with trading profits and/or consistent annual returns beating the market average.

Also I don't want this to be limited to only a certain time frame, comments about any duration trading from intraday to position traders etc...are all welcome.

I think it would be beneficial to see what the schedule demands are for successful traders. How much time per day/week/month should one spend doing various trade related tasks such as: back testing, TA, fundamental analysis, market research, networking, strategy building, etc...

As an unsuccessful trader I think time and devotion are lacking for me, I understand that achievement in trading requires much more devotion than most realize. I also think a mentor is hugely beneficial for any endeavor, with one of the most beneficial things you get from a mentor being a clear example of what you aspire to be does on a daily basis. While forums are no substitute, I still think this could be helpful.

thanks everyone.

While this thread is a nice idea of what everybodies life looks like, I don't think it will be beneficial for YOU.

Life as a market maker is much different than life of a global macro trader. While the macro trader might read and research the entire day, the former might be coding, adjusting parameters or building tech.

To be successful you have to stop comparing yourself to other people and stop copying another persons style. I have seen so many niches in the market that can be squeezed for money but in order to exploit them you have to be made for this particular niche.

Sit down and ask yourself what is your specialty and what you can do particularly well. Then start and do your own research and find something that resonates with you.

 

[snowman80]

Since I added crypto to my portfolio I basically trade 24/7 when ever the market is hot. I always carry inventory and I have two sided quotes in 50+ markets across 10+ exchanges.
Most of the time is spent watching risk parameters or skewing target inventory to my market view.

Screens in every room in the house, also bathroom, bed in the office, cat napping in 2hr cycles and audio T&S that wakes me up once volatility picks up. Trading on Holidays, XMas, New Year all day every day.

During summer or slow periods I don't do anything for weeks. I usually take 2-4 month vacations per year to recharge. P/L doesn't matter...but market has been good to me

screens in the bathroom

i love it

 

[zghorner]

While this thread is a nice idea of what everybodies life looks like, I don't think it will be beneficial for YOU.

Life as a market maker is much different than life of a global macro trader. While the macro trader might read and research the entire day, the former might be coding, adjusting parameters or building tech.

To be successful you have to stop comparing yourself to other people and stop copying another persons style. I have seen so many niches in the market that can be squeezed for money but in order to exploit them you have to be made for this particular niche.

Sit down and ask yourself what is your specialty and what you can do particularly well. Then start and do your own research and find something that resonates with you.

I understand the differences in schedules but the main purpose of this thread is to get some examples of the amount of time spent devoted towards trading activities. I’m not looking to copy anyone’s style necessary...more so just looking for a general picture of what it takes to be successful at this game.

 

[Nobert]

@zghorner , i think daily routine might not be as important as the time spend doing this.
Just two questions :
how many years/months (hours) you're into this so far ?
How many times you re-invented/started from scratch your approach ?

Because :

I’m not looking to copy anyone’s style necessary...

That ,,click" moment in ones mind (where you tell yourself, - i think i got it now, without direct help), it is a follow up of :

time vested
(Increases chances of discovery)

x

intelligence.
(Higher success ratio for problem solving)

screens in the bathroom

i love it

Love Hotels
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p.s dunno why 2 qoutes, can't fix it, message goes back into like this after changes