If you don't have a routine... get one together.
Either you know what you're doing or you don't.
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Information on this site
comes in three flavors...critical - important - useful. Do not conclude that all you need to
do is read about trading and then start trading.
It can't be done without paying the
market it's blood money in the school of hard
knocks. The site is meant to be used by my
students
in conjunction with full
one-on-one training sessions. You can
study this site and others, you can buy books,
CDs, videos, and you still will need to learn
how it all comes together allowing you to trade
with the odds in your favor. You will need a
guide, a mentor, a coach. You will need
www.wallstwise.com.
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call 772-228-8022 -
email
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While you are learning and
being coached about trading, you should, simultaneously,
put together a routine for trading.
Have a plan, trade the plan.
See the daily
routines that you will do in one form or another as part of your
trading discipline.
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Weekly Routine
- Make note of the government economic
releases coming this week. Pay particular attention to the A - F
ratings that the indicator shows. Needless to say the A's and B's
are important enough to have significant impact on the markets - in
some cases for weeks to come.
- check upcoming Earnings for the
week. Perhaps a large
corporation is announcing earnings this week, could that impact on
your sector or your stock?
- Update your Watch Lists.
- Run new scans
- Review your three major indicator
charts of the SPX, INDU and COMPQ - how are they trending?
Change it to a one week chart - what does it look like now?
- Visit sites like www.cnnfn.com,
or www.cnbc.com or www.wsj.com
or www.barrons.com and last but
not least, www.marketwatch.com
for a general
reading/anticipation of what the "experts" expect.
- Check the VIX index - is it high or
low?
- In www.barchart.com,
under the Sectors section run the Flip Charts on the sectors.
What's trending up/down? Then see what stocks are in that
sector...any good looking charts? (tip: use the "flip
chart" button on right side of site page)
- What sectors/industries
are leading the trend?
Recommend this
site to a friend.
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Daily Routine
See how
some websites might be
used in a typical day ...click here.
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What
is the premarket activity like?
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Is
the market tending to follow through on the close from the previous
day?
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Any
blockbuster market or sector moving news to consider trading in?
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What
companies are reporting earnings
today? Could they affect your stock position?
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Check news on any trades you have
open positions in.
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Check charts in your
watch lists
stocks...any entry points in the setup?
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Should you make any change in your
stop-loss?
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How are the sectors of the stocks you
hold doing? Any changes?
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Consider running scans for gapping
stocks for potential trades.
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Set alerts
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Eliminate from Watch Lists those
stocks whose setup has failed. Add to the list new found
potential breakout or entry points on bullish pullback or selling into
a bear rally.
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For all it's pro's and con's if you
can get CNBC on television let it run in the background.
You're not trying to trade from the news as much as looking for a
stock to examine more closely. They are good at giving a 'feel'
to the market, but they are terrible at hyping the current situation
and thus getting your adrenalin running (that's a bad thing), in my opinion.
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At end of day
make sure to review the market
summary.
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