After todays horrible trading day, I decided to really attempt to determine the problems and come up with a solution for them. I noticed that what today lacked was preparation, a plan of attack, and following of rules. I felt like I was just placing trades off emotion, not trading off of experience.
I decided to make a daily analysis sheet. I will begin using this tomorrow, so there may be alterations made to it as I see what is good and bad from this original file.
Morning Routine:
6:00am- Wake up, make coffee, turn on computer, take a shower / get ready for the day
6:30am- Get cup of coffee and turn on CNBC to see what's going on in the markets
6:45am- Draw trend lines, price patterns, and trade zones on charts
7:00am- Fill out analysis sheet / look for trade opportunities
Between 9:15am and 9:45, no trades due to high risk environment
9:45-12:00- Look for trade opportunities
12:00- End of work day
Here is an image of the analysis sheet and below is the process that I follow during my morning routine:
1) Fill out the current markets issues in the global economy over the past few days, determine the bias
2) Determine the day's fundamental bias
3) Identify economic events for the day
4) Fill out the day type (above or below levels from the previous day), institutional numbers that price may be affected by during the day, and the pressure on current day's high or low for the instrument
5) Identify the technical patterns on the longer term, medium, and fast charts for each instrument, Also, identify the price structure for the day for each instrument
6) Determine the course of action after filling out all of the information
7) Document notes and condition changes as the trading day plays out.
8) Journalize trades
If you have any questions, please let me know.
for a so called trader to only wakeup at 6 am is ridiculous and even more ridiculous is to look at markets only when its opens --- get outta here. lol
ReplyDeleteWe can always make more money, but wasted time can never be returned. If you become profitable one day, you'll know what I'm talking about. Good luck!
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