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Building A Profitable Trading Routine For Long-term Success – Preparation is an important aspect that determines whether you will become a successful trader or not. Studies show that traders – and all other professionals – who are successful tend to follow a specific routine or plan.
In this report we will look at how establishing a good trading routine will help you become a better trader.
Building A Profitable Trading Routine For Long-term Success
There are two aspects to this routine. First, there is the time management routine. Second, there is the routine on the trading side of things.
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Traders are different, so the first thing you need to do is determine what type of trader you are:
We always spend a few minutes looking at the news, with the aim of getting information about what happened at night.
To achieve this, we have a number of websites that we always visit in the morning. These include CNBC, the Wall Street Journal, Investing and the Financial Times.
After doing that, we go to the financial and earnings calendar and see the main events that will happen during the day.
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Finally, if we trade stocks, we use screeners to identify the stocks that move strongly in pre-market trading.
A little advice: if you are a part-time trader, you should make sure that you trade at a time when you are free. You should resist the temptation to shop during your office hours. By doing this, you will present risks both at work and in your trade.
First, if you are a new trader, we recommend that you spend time reading and understanding the financial market. There are many resources that will help you achieve that: books, videos, podcast and financial websites.
The time of day you decide to trade should be consistent. For example, if you decide to trade in the European session, you will be able to learn and understand the behavior of the session.
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Second, you should come up with a trading strategy. Some of the strategies you can use are:
For example, if you are a scalper, you don’t need to know more about the news. In this case, your routine might be to check the stocks or currency pairs that make big moves.
You should have a checklist of what to do before starting a trade. This checklist should include all the things that need to happen before you start a trade. For example, the checklist may suggest:
Finally, you should test your routine by checking out how it works for you. For example, if you are a full-time trader focusing on the US session, you should spend a few months to see how this routine works.
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If the routine does not work, you may decide to test the European session and see how it will work. By doing so, you will be in a good place to find the best period you want to trade.
You should also test different assets. For example, you may decide to test the stocks you want to focus on.
Some day traders have made a fortune trading penny stocks, while others make money trading large stocks. Others specialize in technology companies, while others focus on pharmaceutical companies. Therefore, you should spend time testing the most optimal assets for trading.
You should also test the performance of your trading journal. This is a document where you write down your trading actions.
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It can be a simple document showing the trades you initiated and their profit or loss. The journal can also be a complex document that has several parts, such as the trades you are waiting for, technical indicators used and the result of the trade.
As mentioned above, your routine doesn’t have to look like someone else’s. Here is an example of a trading routine that you can have.
Please note: Volume is the most important factor in the premarket. Ideally, you should jump into stocks that move quickly, but those that are supported by volume.
For example, in the chart above, we see that the WiMi Hologram has increased by 108% with volume of 13 million.
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If we open the link, we see that the share’s 3-month volume is 2.3 million. This means that there may be some important news.
After that, you should check out the news. Always make sure you investigate the reason why the stock is moving higher or lower.
Having a good morning routine is an important thing if you want to become a successful day trader.
We recommend that you spend a lot of time coming up with yours. It doesn’t have to be like what we’ve covered above.
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The Day Trade World team does not consist of one person, but a group of experts (some with over 10 years of experience) who write or monitor the quality of the articles. Do you have a different opinion than ours? We would be happy to discuss it with you! One of the biggest differences between professional and amateur traders is the general approach to their daily trading. While the pros follow a well-laid routine that allows them to find the best trades every week, the amateurs just stumble from one bad trade to the next and it’s pure luck. An effective trading routine will help any trader to improve his results while significantly reducing his trading time. For example, I rarely spend more than 1 hour per everyday on my trading and I will show you how you too can become more effective and efficient in your daily trading. The secret of your future is hidden in your daily routine. – Mike Murdock Step 1: Your Chart Setup Being an effective trader means automating as many tasks as possible and eliminating redundant processes and unnecessary tasks. I’ll show you how to set up your workstation and computer so you’re best prepared for your daily trading. 1.1 Mapping vs. trade execution We’ve said it often, and we’ll say it many more times: we strongly recommend separating trading and charting. For charting we use tradingview.com and only when we want to execute a trade we go to our broker’s trading platform and close it again right after. The reason is simple: traders charting and trading from the same platform are always just a mouse click away from entering a new trade, and they also always see their orders in front of them once in a trade, which can easily cause impulsive decisions. It creates a sense of urgency and makes it much, much more likely that trades will mess up. By separating trading from charting, you add a layer of friction and it’s not as easy to follow your impulsive trading ideas. 1.2 Setup of Tradingview I – templates In Tradingview I use different templates and profiles with predefined chart setups for different types of analysis. You can follow our Tradingview profile here: on Tradingview. To save a template and/or create a new one, click on the template name in the upper right corner as shown in the screenshot below. By clicking “Load”, a list of all your templates will appear and you can create and save your setup. Here’s how I organize my charts within the profiles and templates I use: Indices: here I use a 4-part screen with the main indices I pay attention to (S&P 500, DAX, Hang Seng and Nikkei 225) . Commodities: Again, I use a 4-part setup and track Gold, Crude Oil, Silver and the DJ Commodity Index. Although I do not trade commodities, it is important for me to see how certain commodities behave. Commodity profile These two profiles are only used for the broader market analysis. I then also have a common template with all my other Forex pairs and different timeframes. I recommend that you test around a bit and see what works for you. 1.3 Using templates for more efficiency To make mapping more efficient, you can create individual templates for your drawing tools. For example, if you use different color coding techniques for your support and resistance levels or other tools, just create a new template and the next time you draw on your charts, just select it from the drop-down menu. After you draw your first trend line, you can see the dialog box on your screen. Under “Template” you can create new templates or apply a specific template to a drawing tool. It really helps to make your life much easier and mapping more efficient. This also works with all other charting tools – not just trendlines. Create templates for your drawing tools Here I will also quickly mention the shortcut function in Tradingview. I usually use the same charting tools over and over and I have created a shortcut bar that allows me to access certain functions with just one click from my charts: 1.4 Create Alerts Not all traders use multiple screens and do
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