Pre trade routine

Discussion in 'Psychology' started by kserra, Sep 1, 2003.

  1. kserra


    Does anyone here have a pre trade routine that they follow every time they take a trade ? For example saying certain things to yourself or doing things in a certain order ? If you do something like this, what is it that you do exactly ?

    I ask this because books like psycho cybernetics encourage activities like this, so that the process of doing something becomes sort of a mental muscle memory and become easier for us to repeat, thus resulting in consistency.
  2. Everyday after the trading session ends, I print out a single sheet of paper with my rules and a table where I log each trade--this is for next day's trading. In this table, each row represents one trade. I have several columns for each of my rules. I use this as a checklist before entering each trade. I also enter P/L per trade / initial stop--this is for keeping track of reward/risk. I save these sheets and then go back and see how my reward/risk correlates to various parameters for my trade selection criteria.
    It also shows a very clear picture of what happens if I override my own rules!

  3. bobcathy1

    bobcathy1 Guest

    My routine is to set up an order in advance, wait for the candle to print and then press the execute button. If the price does not do what I expect I wait until it sets up again. Patience is the key to my strategy...some patterns can take an hour or so to unfold.
  4. I wear a Baltimore Colts football helmet and hit myself in the head with a Mark McGwire "Big Stick" baseball bat (helmet on) eight times before I take a trade.

    But, that's just me.

  5. I drink a ton of coffee and then I take a number 2. I feel really great after this. Now, I'm ready to trade.

    Also, do not listen to anbody but yourself. So during the premarket as you are getting ready for the day, do not talk to anybody. Do your own research and be prepared.
  6. Before each trade? :D
  7. Tech, that would be awesome if I could do that before each trade. My cats go like 4 times a day, why can't I do that?
  8. Just having some fun. Seriously, though, I'm with you on the coffee. I trade on Pacific time 7 months of the year and the premarket opens at 5am; I couldn't imaging sitting down without at least 2 strong cups in my system.
  9. Tech, I live in NY now and I'm about to move to the west coast. I actually like the hours better on the west coast. I'm a morning person.
  10. Same here. I couldn't imagine waiting until 930am to start working. 1 pm the closing bell rings and you have the whole afternoon to yourself.

    Go to bed at 9, wake up at 3, hit the treadmill for 45 mins, then a shit, shower and (sometimes) shave and it's off we go.

    Love the routine.

    The non-commute is great too. I used to live on the Island and watching people sit in traffic for 2 hours on the LI Expwy while all we do is boot up the chart software and brokerage . . . it's the life. :)

    #10     Sep 2, 2003