Something that is extremely important in any profession you decide to embark on, and that is your daily routine, as a day trader you can’t expect to just wing it and do random things everyday. I make hundreds of thousands of dollars as a day trader, and have a daily routine I follow and is a major key to my success. While some consider me only a part time trader because I trade stocks on my iPhone in class as a senior in high school, I have two routines, I will go in depth on my daily routine when I am not in school:
- My routine begins the night before every trading day when I begin to scan for stocks with EquityFeed and create my daily watch list. Afterwards, I write up a description and analysis on all the stocks on my watch list and email it out to my subscribers. I do everything the night before so I do not have to rush, rather give myself time to analyze everything with a clear mind, I generally do my scans and watch lists around 8:00pm.
- Once my watch list and scans are finished I answer some emails and do some non trading activities. I try and have a clear mind before every trading day so I’ll relax, watch TV, etc. I try and stay home before trading day and get a good nights rest, trading and being tired is not a good combination, I try and get to sleep around 11-11:30pm.
- My morning alarm is set for 8:00am and the first thing I do when I wake up is take a look at all the futures for the U.S. market, read headlines, etc from Yahoo Finance, I also check oil and gold prices because these prices can influences some of my watch list items.
- After scanning through headlines and futures for about ten minutes I’ll take a shower, change then head out and grab coffee. I am generally done with this around 8:45am and this gets me ready for the day, feeling totally refreshed and energized.
- I get to my desk around 8:45-8:50 and begin checking the pre market action on all of my watch list items and see if they’re following the patterns I expected to see, and if they’re still setting up as planned. I’ll also decide if I want to take a position in pre market trading. This is very important because if you’re expecting stock XYZ to have a nice move on the open, but is down 7% pre market, you need to make the necessary changes to your plan.
- Once my analysis is finished on all the stocks on my watch list I post it in my chat room so my subscribers can see what plays are developing, and most importantly if I still want to buy a specific stock at a given price level.
- The first hour of trading is the most import to me because it’s where you’ll make the bulk of your money for the day, volume is heavier, and you’ll get the most share price movement. During the first hour of trading I’m constantly posting what new plays I’m watching, if I am buying anything, etc. I am extremely focused during the 9:30 to 10:00-10:30 time frame and make a lot of money during this hour.
- Following the first hour of trading whether I made money or lost money, I’ll leave my desk and go for a drive, and get away from the computer for 15-20 minutes to just clear your mind. I feel that trading non stop will ultimately lead you to losses, therefore you need a break to clear your mind. I like to go for a drive the most so I totally leave everything for about 15-20 minutes then return with a clear mind ready to continue the trading day.
- During the midday action I am running scans and looking for patterns developing around the market that are not on my watch list. I see what stocks are moving, which are falling, etc. Midday is the best time to do this, and is basically half time for me. This will give me new trade ideas on positions to take for the end of day action which is the second busiest time of the trading day.
- Once the stocks I’m watching hit my support levels I outline, I’ll begin watching them closely and take my positions for the end of day action where more trading volume comes in, and greater share price movement occurs. The end of day action is the next most important time of trading behind the first hour, this is where my work on midday scans becomes realized gains.
- Generally within five minutes of the close I’ll decide if I am going to hold something overnight or not. It will all depends if the setup is a part of my strategy, which is found in my education corner!
- After the close I take a similar break that I do after the first hour, some time to get away from everything, so I generally go for a drive and get food! Once I get home, I’ll post video lessons of every stock I traded during the day, and videos on what every item on my watch list did and why so you can learn from what I was trading.
This is my daily trading routine that I follow, other trades may have extremely different routines but this works for me and has led me to a lot of profits! Stay tuned to see my trading routine when I am at school!