Getting Through a Typical Trading Day
Strategies to Incorporate into Your Daily Routine
This chapter walks you through the typical daily routine of the day trader. All of this knowledge is really only valuable if you are organized properly. Many traders tend to get overwhelmed by information or experience overload and become so scattered that they cannot make effective decisions. It is good to keep in mind that while you want to initially look at a broad spectrum of ideas to assist you in being a good day trader, you will eventually want to be very focused when it comes to placing actual trades.
BEGINNING YOUR DAY
The first thing you will do is come to the market armed with watch lists that will help you find the types of plays you like to trade. One of the more important watch lists you can bring with you is a watch list created by reviewing the daily charts. As a swing trader, it is imperative to look at the daily charts. However, the daily charts have even greater value for the intraday trader. If you want to find strong trending stocks on an intraday basis, there is no better ground to search than stocks that are already trending nicely on the daily chart. When looking at daily charts, you should be looking for the technical setups that really stand out. Finding nice, clean, quality uptrends and downtrends are at the top of the list. Finding those wide range bars that are igniting new moves are also great ideas to bring to the table every morning. As you get more ...