BEFORE and AFTER Each Trading Day
A game-plan is a must, to see a potential goal, dream or vision.
Not “The Secret” BS where you have to envision it, and it will come true doing squat.
No, you got to have a proper POA (Plan Of Action) and execute.
Whether it’s selling property, building a business, playing a sport or growing your wealth.
You need a BEFORE plan and AFTER plan.
Same with trading. You need to have a trading plan BEFORE and AFTER each trading day.
BEFORE Each Trading Day:
1. Know the main market’s trend direction
The first thing I want to know is, what the main market’s trend direction is.
Plot the resistance (ceiling) and support (floor) levels, so you know whether they are in an up, down or sideways trend.
If up – look for longs (buys)
If down – look for shorts (sells)
If sideways – look for potential breakout levels.
2. Scan through your watchlist
Once you know the main market’s trend direction, have a quick scan through your watch list (markets you trade).
Orientate yourself with where the markets are heading and whether trades are lining up.
This way, you won’t go into the trading day blindly.
3. Write down high probability trade setups
You know the main market’s trend direction, and have an idea of where the markets are heading – now you can plot your trade ideas.
Go through the watch list again, and write down any potential trade setups (with your written entry, stop loss, take profit and reasons for entering the trade).
4. Choose your TRADES for the day
Just because you have written down trade setups, doesn’t mean you need to take every one of them.
Instead, look at which ones which will yield a better probability at working out and has a better chance at winning.
All done before the trading day has even begun…
AFTER Each Trading Day
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