1) Wake up watch the latest news, see what events happened over night.
2) Check how the Asian markets fared in the current day before looking at how the DOW/S&P fared.
3) Look at the sectors to see which is performing the best over the current week/month
4) Analysis the FTSE sector I plan to look for the stocks, e.g FTSE350/AIM
5) Focus on the stocks in those sectors looking for technical signals, MACD, RSI, etc.
Any other things that I should be doing to become a great trader?
Hope this helps -
Add to your first task - "and see what events are current today".
I have twice tried to download free software for Fx News Alert for you on this subject and failed because it is too large. It is software provided to me by a pro trader that he uses to check on announcements.
PM me if you want it sent via email. You can also get the information via forexfactory.com/calendar and this too is free and important.
Add to your 5th task - technical signals should always include stochastics.
Final suggestion is to study 'weekend and overnight gaps' as stocks often suffer from Market Makers manipulations.
Was in Penzance last week - fabulous!
The subject is far more detailed and beyond the knowledge of most posters , the superior knowledge is obtained by listening to many webinars and reading articles /books by top trading psychologists and other non trading psychologists .These psychologists are Rande Howell , Dr Br Steenbarger , Dr Van tharp , Mark Douglas , Dr Andrew Menaker and a few others .The knowledge of the subject of psychology of these psychologists is way superior to the discussions by non psychologists on forums.These PSYCHOLOGISTS give a far superior understanding of the differences between professionals and amateurs .
The main differences are
1) Trading mindsets 80 % is pychology and 20 % the method .Professionals understand trading psychology
2)Professional's Methods incorporate psychology
3)Professional's Methods have an edge
Professionals trade because they have a trade , amateurs trade because they have to trade , when there is no trade.Professionals are very patient.
Agreeing with foroom lluzers. Traders who lose their accounts are beaten by themselves, not the market. And as some of the writings mentioned demonstrate, some losing traders unconsciously sabotaged their own efforts.
I've been trading for over 20 years and the one piece of advice I can give to a new trader is - don't be afraid of the markets. That does not mean go crazy and fill your boots before I am attacked by everyone on here, but after all these years of trading, I realized that all my systems in the past would have worked tremendously if only I had the balls to stick with them and put my money where my mouth is. So no, that is exactly what I do, I am not afraid of the markets - I trade equities all day long, generally FTSE100 ones. The stock market has been around for over a hundred years and isn't gonna disappear down the plug hole the minute I place my trade and once I learned to take my own advice I started earning some great money. I always keep one great saying in my mind (so much so that I registered the domain name!) - HE WHO DARES...WINS