Please critique my trading routine - newbie


Junior member
Hi all,

As a newbie getting serious about trading, I etched out a trading routine that revolves around technical analysis trading over the medium-term. Can you please have a look at it below and tell me if there is anything else that should be included/should not be, as well as things that could be moved around. I am wanting to trade from 2 days to 1 month in length. Does this routine suffice? Should I be more descriptive?

Thanks all,



Daily Routine

• Scan the market for medium-term trading opportunities and add any shares that match my trading rules to my watchlist

• Review the charts of my current open trades and determine whether any action should be taken, such as moving stop losses or adding more shares to a profitable trade

• Update my spreadsheet with any changes to my portfolio and check my current available capital and portfolio heat to see if I can open any news positions

• If the aforementioned confirms I can open a new trade, I will review my watchlist folder and open a trade if a trigger presents itself

• Check the international markets to determine what to expect in the local market

• Review international and local finance news

Weekly Routine

• Scan the charts of major global and Australian indices to determine current market trends and health

• Review the charts of the major Australian sector indices using their trends to determine which sectors are healthy and which are unhealthy

Monthly Routine

• Back up my computer

Quarterly Routine

• Read one book on the markets.

Annual Routine

• Review my yearly trading performance and total return on investment compared to the All Ords financial year performance:

• Did I meet my trading goals for the year?
• Do I need to make any changes to my trading strategy?
• How are my emotions regarding trading?
• Can I follow a mechanized system or do I struggle?

• Complete and submit my annual tax return for trading

• Review and update my trading plan

only thing that jumped of the page at me Jaus 10

not an expert by any means but the influence of the one below should not be under estimated and any changes you decide to make should be intigrated with care

"Quarterly Routine

• Read one book on the markets."

knowledge is a good thing but beware its influence in the short term before you have had real time to digest it !


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couple more things :)

"• How are my emotions regarding trading ?"

more often than once a year perhaps, no point in being a hero for a year if you detect a problem earlier

couple more in the year end perhaps more often, up to you, you no yourself, you put them there ?
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Backed up by detail ?


It's a suitable start, but what it lacks is detail. You use the term "review" quite a lot, but what are you looking for ?

I think you now need to go down several levels adding more and more detail each time. Let's take the first point

Scan the market for medium-term trading opportunities and add any shares that match my trading rules to my watchlist

- what is a trading opportunity ? How do you define it ? Are you defining it using fundamentals or tecnical analysis ? I assume the latter at present - so what are the technical indicators, price action, S&R signals that will alert you to a trading opportunity ?
- how do you scan the market ? What tools will you use ? Which markets are you scanning ? How many stocks or other instruments will you scan and how many will you select to add to your watchlist
- what are your trading rules

You may have already thought this detail out, which is fine but this is the kind of deeper and deeper questioning that I would suggest for each one of your routine actions

I don't see anything on developing or testing methodologies, apart from thinking about strategies on an annual basis which seems too infrequent for me. Perhaps you have these in place already. Do you intend to use a simulated account for example ?

With regard to tools, have you practised using the various software tools and brokers' platforms, so you can execute trades slickly and understand all the order types etc ?

You may find it useful to search T2W for the trading plan template that you can use to add more flesh to the skeleton, so in summary make sure there is a very low level of detail backing up this routine. This is also necessary to keep you focussed otherwise you can drift from one month to the next not carrying out these tasks, but if they are broken down into lots of smaller steps it is easier to stay motivated and to tick them off

i should have mentioned that this routine is part of a overall trading plan which incorporates indicators, trading strategies, alot of what charlton mentioned, entry and exit points etc, and is more of a what-to-do on a regular basis routine, sorry. should i put that info in here also ? with your respective plans, esp for medium term traders, are there any other practices you follow?

thank you for the helpful info thusfar :)