To engage in the financial markets, traders buy and sell stocks, futures, forex, and other securities and close out positions. The goal is to make tiny, recurring profits. In the same way that there are several types of investors, there are various types of traders, from the little, independent trader working from home to the institutional player who moves shares and contracts worth tens or hundreds of millions of dollars each trading session.
I could incorporate stock trading into my everyday schedule, even as a student. A daily schedule aids in keeping me focused on my tasks rather than allowing distractions to take over. Thanks to a daily routine and a pre-trade checklist, I stay on track with my trading plan, a written plan for entering, exiting, and managing transactions.
These are the steps that I could incorporate into my daily routine:
– 6:00 Rise, bathroom, shower, water.
Deep breathing, a clear mind, meditation.
– 6:45 Deep breathing, clear mind. Reinforce that it is my trading time right now. Other tasks can wait until the designated times in the routine or until free time. I could negotiate small parts during this time to ensure I have no claims in conflict with the broker. I could also reinforce the plan that I have no expectations for today except to follow my dream and take what the market offers.
Review daily routine.
– 7:00 Examine the daily trade schedule (have it typed out or cleanly written by my desk). Take careful note of each task. Say each one, and I’ll explain the procedure and the allotted time. I will still follow my habit even though I am aware of it.
Review the trading plan and re-enforce the goals for the day.
– 7:30 Examine the highlights of my trading plan (have it typed out or cleanly written by my desk). Consciously note each entry requirement and the appearance of the patterns (or criteria) I trade. Review each type of approach I seek and the reasons I trade ONLY those patterns. Although I know my trading strategy, I will follow this daily. Imagine making a transaction using each of the strategies in my plan and seeing it through to the end (win and loss).
Check for important news or earnings events.
– 8:00 Observe trades at significant levels or potential trading areas as you browse the charts of all the currency pairs I follow on the longest time frame I track. After marking potential trades or noting them down, go through the list of currency pairings again. This will guarantee that I see all the pairs and prevent me from becoming fixated on one and missing many other opportunities.
– 8:30 On shorter time horizons, I look for trade setups. Before making a transaction, review ALL trades that have been reported. This guarantees I will know all the pairs and their respective levels for today. I may compare each trade to the other possible trades to determine the best transactions. I’ll also see if any news stories are being released in pairs with potential transactions. I’ll also check the association if I’m contemplating more than one pair. Multiple pairs with a high correlation will be avoided. I’ll either select one of them or distribute a single position size among the highly correlated trades.
– 9:00 Place my stock market orders through the broker. No need to think much here. The work and analysis should already be done.
Schedule a break, if needed.
– 9:30 Check the market, email, grab a water or coffee, bathroom break, grab breakfast, move on with the day, attend class if I have a class for the day, etc.
– 14:45 A specific time of day to check on the trades that were just about to go live. Also, specify if I will NOT examine trades later or before a specific time.
– 15:00 Stop trading. Check charts the following day. The evening is for relaxing with friends and family.
Schedule a time to review trades for the week
– Sunday 15:00 Study the trades from the previous week. Be aware of my errors and my successes. Make certain trades have been screenshotted, saved, or printed and that trade records are current.
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