What's your preparation?

Discussion in 'Stocks' started by mikeriley, Jan 14, 2022.

  1. 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.

    murray t turtle likes this.
  2. zdreg


    You have a good attitude. as compared to some posters who claim to be bored by market actions.
    mikeriley likes this.
  3. 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.
    Real Money, comagnum, zdreg and 2 others like this.
  4. mikeriley


    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.
  5. seeking alpha, zero hedge, elite trader, bloomberg, cnbc, and reddit.
    zghorner and mikeriley like this.
  6. %%
    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 likes this.
  7. My prep work is on my twitter
    mikeriley likes this.
  8. deaddog


    Have a plan
    Execute the plan
    mikeriley likes this.
  9. I go for a run in the morning before starting my trading. Gets rid of any nervous energy I might have and sets me up for the day.
    zdreg and mikeriley like this.
  10. jnbadger


    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.
    #10     Jan 14, 2022
    mikeriley likes this.