Preparation for the day

Discussion in 'Trading' started by lojze, Mar 12, 2002.

  1. lojze

    lojze

    I print out the quotes page (last, net chng, net % chng, open, high, low, volume, range) from last day, open Briefing.com for latest news, Island.com for Top 20 in aftermarket volume from previous day and Top 20 in premarket volume the actual day, open my Qcharts SW and start ...

    How do you, the fellow traders, prepare for the day?
    Am I missing anything?


    Lojze
     
  2. Futures... futures... futures....
    Support and resistance on the futures...
    Average trading range of the futures...
    Pivot points for the futures...

    But I only do the e-minis...
    :p
     
  3. Usually pick myself out of the gutter, figure out where I am, limp my way home, then usually a shot of beam for the wakeup call.....
    Then it's all about Blind date and Jerry springer.
     
  4. GeeTO69

    GeeTO69

    praetorian = THE PARTY TRADER ..i likes to party hardy....hahahahaha!
     
  5. By the opening bell, I complete the following.....
    some of the work is done the night before....

    - Define all the key support and the resistance levels for all
    the stocks in my standard trading basket. Levels are based
    on last 10 days levels, Fib, 200/50 MA, trend lines, etc...
    - Do the same thing for the standard indexes and industry
    indexes related to the stocks (e.g. SOX).
    - Check for news on each stock and related stocks in the industry.
    - Define a plan for each stock for the day (e.g. Sell short at 34.92,
    buy at a sop and reverse at 44.15, etc.).
    - Check pre-market indicators.
    - Complete market scans looking for any candidates outside
    my standard basket of stocks traded (note very rarely
    is anything taken)..

    That's the story....

    - Greg
     
  6. regough

    regough

    I am curious- how many stocks might be in your "trading basket" and what sort of method do you use to select?

    bucket-trader
     
  7. I drink some coffee.
     
  8. I wonder what Praetorian drinks before the open? :eek:
     
  9. tntneo

    tntneo Moderator

    this is too fun to resist...
    I switch on CNBC, that usually gives me a big laugh, really big.
    Usually coffee comes next, but not if I am still laughing.
    That's pre market.. at the bell I switch it off.

    all the trading is prepared the day before. I only follow the plan during the day. However I go through all the plays and scenario one more time before the open.
    sometimes I virtually join praetorian watching Springer. LOL.

    tntneo
     
  10. I took the following steps in selecting the NASDAQ
    stocks I trade..... note that I started the process
    a couple years ago...

    1. Evaluate all NASDAQ stocks and filter on the following
    criteria (V> 500K per day. Float >80M, P > 22, SOES Tier
    (formerly important), MM volume, indexes the stock is
    included in. ATR > 2, looking for second tier not industry
    leaders.
    2. Selected a list of 42 stocks and followed them for 6 months.
    Looked at the charts of the stocks after the close, and looked
    for two tradable moves in each stock each day. Kept records
    each day regarding if the stock met this criteria. Looking for
    moves that would provide $.50 to $1.50 in profits over a
    timeframe of 30 minutes to 3 hours with $0.35 risk.
    3. Pruned this list to the top 10 stocks. Paper Traded these 10
    stocks for 5 months. Proved that the general S/R charting
    strategy would be successful on paper.
    4. Started trading the 10 stocks as my standard basket and
    expanded out from there. Keep track of the W/L records of
    the 10 stocks and plan to rotate out any of the stocks with
    bad track records (W/L). For example JNPR has sunk to a
    price level where it can not be traded profitably via the
    targeted strategies.

    Actual trading is meeting all the projections written in the
    business plan. I urge every trader to create both a strategy
    and a business plan.

    Note that I vigorously studied the market for over one year
    before I even considered entering it as a Trader. I had clearly
    defined strategies and a game plan. My only shock was the
    summer month of August when the reduced volume decreased
    the average daily range of many stocks to a level where looking
    for 1 point of profit did not work... this was taken as a lesson that
    will be remembered in the future about the light volume summer
    months.... the need to modify strategy based on market
    conditions.

    - Greg
     
    #10     Mar 12, 2002