What do you do to prepare for your trading day? heres what I do, advice please

Discussion in 'Professional Trading' started by xdiesel123x, Mar 12, 2010.

  1. I started trading a few weeks ago. What a different world than what I expect. But I expected the worst when I came into this and hoped for the best.

    Here is what I do...

    First I read my business plan every morning
    Review some notes on my good trades and bad trades I made

    I look at asia than europe than the dollar- I try to get a feel for the market.

    I look at all stocks with earnings
    I look at the new high list/low list
    I look at the alltime high list also
    stocks with news
    stocks with higher than average volume

    I make a list of stocks I want to trade

    I look for support and resistance on the spys

    I was following the dias until last couple of days but I stopped- I think that was a mistake.

    I always watch the spys and what they are doing throughout the day. infact one screen is dedicated to the 15 and 60 minute spy chart.

    I watch 6 sector spys xli,xlb,xlf,xle,xly,xlk to see what leading or lagging

    I constantly thumb through my list of stocks looking for a trade.

    I take notes on all my trades and log them after the close.
    _______________________

    biggest mistakes:
    1) lack of patience
    2) chasing
    3) on big losing days- I notice that I try to predict instead of trade and think I know where the market is going. Looking back I should have known why I was wrong during the times I was wrong.
    4) taking losses to quickly-product of chasing trades


    any advice thoughts. I do not feel like I should do less than I am doing. I feel I should do more. Tell me what you do or dont do...thanks
     
  2. how would you like the truth that is short and simple

    Lets call it Truth in a can

    Canned truth



    You don't have an edge. You don't have an advantage over me.

    Trading is not a pretty little mom and pop shop down the street. Where they tell you have a nice day and howdy.

    TRADING IS RUTHLESS MACHINE THAT SEES YOU AS A VERMIN TO BE DESTROYED IN THE MOST EFFICIENT MANNER POSSIBLE.

    [​IMG]

    YOU THINK I AM EXAGGERATING, YOU WILL SEE LATER
     
  3. ammo

    ammo

  4. Trading is as casual as you make it to be.
     
  5. Only a person given the keys to kingdom (having a mentor) would say something like that

    Had you given blood and tears and years for knowledge, you would see things my way
     
  6. I do not think I have any other edge on the market. The only thing I have is patience and my ability to be emotionless.

    Other than that all I can do is interperate the data that is infront of me and make the best decision. My failure to interperate data with my brain and not my emotion has gotten the best of me. However every day I trade every trade I make I work toward the end goal of being more patient and less emotional.

    One way or another I will make this happen. This is my passion. This is my dream. If I have to work a continue to work a second or even third job to make ends meet for 5 years I will.

    I am young, no family, no real obligations that I can not meet.

    Plenty of savings and been working in the market for 5 years and playing it for 7.

    I offer my premarket/postmarket work in the hopes that someone can add to what i am doing or say you are doing to much. Or any advice. I will take that advice for what it is.

    Thanks
     
  7. xdiesel123x,

    I've been seeing a lot of message post lately by newbie traders that's contradiction. Here's part of a quote from your first post in your thread that states you lack patience and implies you aren't discipline enough to follow your trading plan...

    Now you say the following as if you do have patience and the ability to be emotionless...

    Your problem is not your pre or post market work. The problem is your lack of discipline, lack of market experience and lack of trading experience. Simply, you can have the best preparation in the world and the best trading plan in the world. However, if you don't have discipline or trading experience to exploit that preparation or trading plan...

    Odds are high you'll just be another trader that made it to that +90% category of those that are losing traders.

    Just remember, there are different types of edges beyond just a trade signal. Once again, I've been seeing a lot of these types of threads lately by newbie traders where they say what problems they have and then when traders show up with criticism...the newbie trader suddenly back tracks via saying the opposite. :confused:

    Mark
     
  8. Mark

    thanks for your response and your diagnosis. I started this thread to get a diagnosis.

    I have traded and managed serious money (1mm or greater) for 3 years.

    Day trading is similar. Just in a very short time period.

    I stated that the only advantage I have is to be patient and emotionless because of this reason:


    My most sucessful trades were when i was mostly patient and mostly emotionless.

    This is a skill and discipline that I must repeat.

    My most unsucessful trades are when I rushed and was emotional.


    Common sense is to say, "why not be patient and emotionless always?"

    Answer is: If it were that easy everyone would do it.

    But as stated:

    I work every day at becoming more patient and more emotionless in my trading skill. Each trade I make I work toward this goal. Each week I close out I look at each trade, my p/l, my notes everything. I work at this discipline every day/week/month. It is a discipline that I know I must learn in order to make it.
     
  9. I'm curious what you're doing to try to maintain or enforce discipline while you're trading?

    I asked because I see a lot of traders say they need to have more discipline or that they will work harder at maintaining discipline. Unfortunately, most do not explain how such will be accomplished.

    I know having a check list (grades) sort'uv speak for each trade helps a little when reviewing the grades of the prior trading day just before starting to trade the current trading day...it helped a lot for myself and still does. Thus, I'm curious what others use to help maintain or enforce discipline in their trading besides "electric shock" treatment whenever they do something stupid in their trading. :D

    * Trade Journals of any kind are helpful especially those that contains a traders thoughts or perceptions from one trade to the next trade.

    Mark
     
  10. i consciously try not to know what "fundamental" stuff is going on each and every day i go to work. if while i'm trading something "fundamental" appears- i try and flatten up as quickly as i can. i'm not stupid enough to think i make money off of "fundamental" moves- i make money on days when nothing of note happens- and it is damn near impossible for me to lose money if nothing of note happens that day unless i shoot myself in the foot by not hedging as things run away from my first leg (i'm a relative value trader so not hedging is the death of me). my MO= fade and double down on losers twice before flattening up at the end of the day if it doesn't work. adding to losers is the most profitable strategy known to mankind... as long as you flatten up each day, which ensures you'll never be crazily run over. there is my bone for the weekend.

    happy st patty's day.
     
    #10     Mar 13, 2010