The Day Trader Daily Routine
1: Check the news
As a Day Trader, you have to check the news each morning to be on top of things. What you missed while sleeping if there is an event that might change the market sentiment overnight. Also to check the economic news calendar, to get ready for possible economic number release that may affect your trades.
2: Scan the charts
Just scan through all the charts that you watch, to have a feeling about what happened while you were sleeping. That will help you to build an idea about the market sentiment and to see if there is any change from the day before. A lot can happen during your sleeping time.
3: Create a watchlist for the day
A watchlist for the day will help you get organized and be more focused on the markets that you gonna trade. Most of the time it is a list of markets that fits our rules, markets that are close to levels of high value, major support or resistance areas, etc.
4: Check open positions
If you have open trades from the day before, check those trades to have an idea of how things going. You probably do this as the first step now, but I would recommend you to do it after checking the news and scanning the charts. There is a risk that you start messing with good trades, for the simple reason that they may be in red a short while. But if you do check the news and scan charts first and maybe see that the market sentiment is still the same, then there is a big chance that those trades are still valid and good to go.
5: Follow your trading plan
Now it is time to start your trading day, waiting for setups to happen. Placing orders, managing trades and most important following your trading plan and rules.
6: Trades reviewing and journaling
This is the most important routine that every trader should strictly do. Keeping a journal and reviewing trades, will help you tremendously in discovering what is it you do good and what’s not. Without a journal, you have no chance at all to check what is going wrong to fix it, or what is going good to do more of it.
7: Do things you love
Your trading day is over now, so it is time for rest and fun. The market is open 24/7, that does not mean we should trade it 24/7. Go out, meet friends, be with the family o to the gym. Simply, rest and do things you love, to get back the next day fresh and with a clear mind and do it all over once again.
Happy Trading! Please read the risk disclaimer here.