7:00AM :: I arrive into the office with my breakfast and a cup of coffee/juice. I turn on my computer and platform, observe the general market for a few minutes, and layback in my comfortable chair. I breathe in and out, in and out.... slowly, purposely. My mind is clear from all distractions, worries, concerns. And then I think....
It's 7:15AM. In about an hour or so, the market will open. Is it likely to tick up or head lower? Where are the opening opportunities going to be? Imagine the very next hour of preparation:
- We're browsing through Briefing. We're looking for Stocks that may be In Play today. Perhaps, there is a sector that will move due to some catalyst that happened recently. Go through a list of stocks and see if anything looks interesting.
- Chart the list that we come up with. Which one will most likely work with the market? We're looking for the names that will offer us a terrific risk:reward setup; something that offers 5 units of profit or every 1 unit that we risk.
- Share this information with the traders around us. Tell them about your favorite 2-3 ideas and ask what they're thinking about the Open. Maybe we'll even get an idea just from opening up.
- Come ready to prepare because the work you put in the pre-market and after hours will directly impact your trading.
- Open your eyes. Maintain your breathing. Get to work.
8:15AM :: There's about 10-15 minutes before the Open. I have my ideas ready and feel completely comfortable. I realize that I may feel excited or nervous, but I cannot let that impact me. I maintain my breathing level.... in and out, slowly, and purposely. I close my eyes....
There's about 15 minutes to the Open. For the next 90 minutes, I will be searching for opportunities that completely fit my criteria. I will have a detailed plan before every trade. I will only get involved with low risk opportunities that offer a 5 unit on the upside for every 1 unit of risk. I will be patient so that I can get in at the prices that make most sense to me. Once I'm in a winning trade, I will continue to gauge the strength of my position and add where it makes sense. I will always think, talk, and act like a professional trader. Open your eyes. Maintain your breathing. Crush the Open.
10:15AM :: The Open is over. But this doesn't mean that we can get up and leave the office. Spend this time wisely and it will make the difference between a mediocre trader and a superstar. Review your trades. Pick out a couple of trades where you followed the fundamentals of One Good Trade. Share it with your peers with a video review. Include some mistakes that you've made as well. To improve as an overall trader, you have to work on your strengths and weaknesses as well. Work hard. There are no short cuts.
3:00 PM :: The Market has closed. Lean bak in the chair and replay the overall trading day in your head. What did the market do today? If you could do one thing that would've improved the results on your trading, what would it have been? What's one mistake you won't let happen again? Replay your best trade of the day.
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