I just thought I would share with you the routine that I plan to follow for going live. Some of it is what I have been doing on the demo and other stuff is added for going live.
Morning Routine:
5:00-5:30 am – search briefing.com for stocks in play and read synopsis of market events and what may move the market. Pick a few stocks that I think will be in play and turn to the charts to find some levels, check where they are at pre-market and if any levels with significant volume. (Once live I assume I will be sharing these in the play sheet, not sure though). I usually write in my trading journal at this time as well.
5:30-6:00 am – Tune in to the SMB morning call. To continue to gather good trade ideas, and or confirmation on some of the ideas that I already have.
6:00-6:15 am – Visualization exercises
6:15 -6:30 am – Set alerts for other ideas from morning meeting. Continue to watch primary and secondary stock trade pre-market. Continue to look for other trading candidates. Share trading ideas in the chat room.
6:30-8:00 a.m – Complete focus on trading the open.
Routine for Close:
11:45 am -Noon – Sit down at computer at friends place. Skim briefing. Look at stock I traded during the open and see if they are near important levels that I had identified in the morning. Look to the charts of stocks I traded in the morning to see if anything interesting had developed since I left. Also check intraday alerts. Choose two stocks to trade on the close, they may or may not be the same from the morning. Just depends which ones look like they are presenting the most opportunity, and/or how I traded them in the morning. Ideally I would like to trade the stocks from the morning as I have already put in the hard work, and it seems like a lot of the time my ideas take time to play out in the afternoon when I am no longer trading.
Noon- Market Close – Complete focus on trading the close.
Night Routine:
7:30-8:30 pm – Review my trading tape. And comment on my trades in the mentor sheet.
8:30-9:00 pm – Do visualization Exercises
9:00-9:15 – scan briefing.com and CNBC.com for any breaking news or news that may put a stock in play tomorrow. (Actually just starting this one on Monday).
9:15-10:00 pm – Pour through charts for possible plays tomorrow (This is one I am starting next week as well)
Weekend schedule:
More screen time. Review at least one of the archived OGT or Video review sessions on Saturday and again on Sunday.
Mark - I was also wondering if you might be interested in giving us some lessons in technical analysis. As it seems that you are the most well versed in this area. I know some of the basics, but I could use more help in this area. Let us know.
Dom
You will notice that at noon, I plan to set up a computer at a friends house so that I can trade the close on my lunch.
ReplyDeleteUmmm... sure let me see what I can pull together. Most of the analysis I use is leading indicators like SMA, EMA, Bollinger Bands, resistance, support... OBV, Stochastics as a secondary indicators. But sure I'll probably post more info articles.
ReplyDeleteBTW- I don't see work in your plan? Are you taking time off? Or is it really that not demanding?
Well no, just fill in the blanks with work. I actually made a typo, mixed Eastern time with Pacific standard. My 6:30-11 should be 6:30-8:00 am. So if you fill in the blanks. I get to work around 9:00 and work until 5:00-6:00 and get home around 7:00. So I fit in 7-8 hours of work in there. And if I have to I can get ahead on the weekends or catch up. But I do try to automate a lot of what I do at work. Besides ad hoc analysis and projects. Things I do on a regular basis I use Macro's in excel to automate so all I have to do is hit a button and I can focus on something else. But don't let me fool you. I am pretty tired at the end of the week.
ReplyDeleteI only have at the most 13 months and 9 days until I am trading full time. The count down is on.
October 1st, 2010 cant get here any sooner.
I may be looking to go live around that time too... should have enough information and leads to transition away or know with more certainty when that time will be.
ReplyDelete