Morning routine

I'm curious if anyone has some sort of rules that they have created for a morning routine. I've developed as follows:

- check the headlines
- check futures
- get the 'feel' of the markets direction via COMPQ/DJIA/SPX
- check pre-market activity

I'm just fleshing this out since I'm new to trading. I'm wondering if mine is off base or if anyone can see any improvements or suggestions or list their own.

Thanks.

You are forgetting the COFFEE!

Anyways, it is a good idea to check and see what happened during the Asian and European sessions as overnight sentiment can and often does play a roll in the markets development in the morning, at least until the European session ends. So see how the major overseas indices and bonds fared as well as any major overseas economic releases.

jacknapier said:

I'm curious if anyone has some sort of rules that they have created for a morning routine. I've developed as follows:

- check the headlines
- check futures
- get the 'feel' of the markets direction via COMPQ/DJIA/SPX
- check pre-market activity

I'm just fleshing this out since I'm new to trading. I'm wondering if mine is off base or if anyone can see any improvements or suggestions or list their own.

Thanks.

Click to expand...

preperation is everything.......

prep the market dynamics and your gameplan to trade it

prep yourself mentally and physically
(score yourself....1 to 10....... how ready are you to trade today ?)

then do it .....or dont do it....
N

NVP said:

preperation is everything.......

prep the market dynamics and your gameplan to trade it

prep yourself mentally and physically
(score yourself....1 to 10....... how ready are you to trade today ?)

then do it .....or dont do it....
N

Click to expand...

Yes, prepare yourself mentally and physically. How many traders are doing that?

you hardly need any prep time for day trading when you use point and figure charting
you only need 3 charts per instrument open
once you have what you think is the right box size and the right reversal,then you just trade from that
only need one chart either side...higher and a lower time horizon
all you are concerned about is the trend,defined by the trendlines
supp/res shows up when trend breaks down
nowt else needed
rather easy

come to think of it, I do not have like certain routine to follow, but I end up doing almost the same thing every day

wake up and check my ongoing trades and the charts (my computer is always open anyway!)
then check for any news about the market that day
go down and make some coffee and smoke while watching the market on iphone ( i guess if Im not on the PC its either the iphone or ipad that Im staring at)

i try to avoid being stuck with my hotforex charts but its not easy. I cook my meals staring at the market. man a traders life aint easy, but the weekend its like IM ALL OUT AND MAKING UP FOR ALL THAT TIME LOL!!

dentist007 said:

you hardly need any prep time for day trading when you use point and figure charting

Click to expand...

Those charts look interesting to me. I just haven't read a whole deal about them. I wouldn't even know where to find charting software that has them. I know stockcharts.com has them but they only allow day charts for free and I'm a cheep *******.

i do have the same habbits. but before anything I do Coffie !

then checking futures and all major indexes. bloomberg CNBC, asian markets and Economic Calendar.. when all look good I do trade..when all look bad.. I go prepare myself for doing short

btw I'm building portfolio and checking new instruments to trade... benchmark them, etc. its not easy job. when you begginer :/