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.
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.
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.
%% 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]
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.
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.