What's your preparation?

mikeriley

mikeriley

As we all get started for another exciting day of trading I was
curious what pre-market preparation everyone uses.

Maybe chatrooms, news websites, review of watchlist, scanners, audio recordings, meditation, mantras, pre-market technical analysis, reading, wall posters, pictures, diagrams or any form of visual stimuli as motivation?

After a cursory look at the premarket I usually meditate on
a picture while reading a trading book.

Appreciate responses in advance..thanks.

STAY ON TARGET.jpg
 
I could go into specifics, but generally, I'd say the important thing is to actually be prepared and relaxed going into a day trading session. How that preparation comes to I imagine differs for everyone.

I've had days in the past where I was completely un-prepared and rushed into a session. Not only that, but maybe I didn't have the time to actually trade the full session. The results would usually not be good.

So, that's one of the things I'm adressing in 2022. If I can't commit for some reason. Stay out. And today is one such day.
 
Hi there zdreg,

Prior to trading I use to drive a truck 65 to 70 hours a week
putting my life on the line to deliver someones products.
All for 2 days off every 2 weeks for a chicken feed paycheck.
Just my opinion, that line of work is complete BS,
and watching my P/L is better than swerving from
another near miss on America's highways.

The thought of going back to trucking will keep me
motivated about trading.
 
mikeriley said:
As we all get started for another exciting day of trading I was
curious what pre-market preparation everyone uses.

Maybe chatrooms, news websites, review of watchlist, scanners, audio recordings, meditation, mantras, pre-market technical analysis, reading, wall posters, pictures, diagrams or any form of visual stimuli as motivation?

After a cursory look at the premarket I usually meditate on
a picture while reading a trading book.

Appreciate responses in advance..thanks.

View attachment 275385
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WRITE down[ or up/LOL] SPY futures NQ futures;
check out weekly, monthly candle charts.
One chapter or more ProVerbs. OLD WallStreet Journals, IBD newspaper..........................................................[Usually @ least 52+/ weeks old]
 
mikeriley said:
Hi there zdreg,

Prior to trading I use to drive a truck 65 to 70 hours a week
putting my life on the line to deliver someones products.
All for 2 days off every 2 weeks for a chicken feed paycheck.
Just my opinion, that line of work is complete BS,
and watching my P/L is better than swerving from
another near miss on America's highways.

The thought of going back to trucking will keep me
motivated about trading.
More...

I know exactly what you mean. I was a UPS driver back in 2012 and 2013 after a really bad year because of a lack of discipline/effort. I will never take trading for granted again.

To answer your question, I use my scanner to add/subtract stocks from my watchlist. Then to repeat what someone else said, I do my best to relax. To do that, I just tell myself to use my experience to wait for and recognize the A+ setups. I don't care how much something will be moving. If I don't see an entry point, so be it. This keeps me away from FOMO.

Good thread.
 
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