Trading for Beginners: Typical Daily Trading Routine
October 10, 2014
Last Update: August 2021
Traders,
Today I want to share with you my typical daily trading routine, my GAME PLAN. Follow me.
1. Check the Economic Calendar (under the Trade Center Menu)
- Annotate on the calendar any upcoming events that can move the market: (FOMC meetings, PPI, CCI, Unemployment %, GDP, etc.)
- Dark Red stars are the big movers on Econoday & Red flags are market movers on Forex Factory
- Expiration of options calendar – Know the date
2. Check the News of the Day (under the News tab of Trade Center)
- Look at the headlines that are posted every half an hour.
- Open them up to read more by clicking on the headlines.
- Also to the right of that, take note of markets, Bonds, the internals (Advance vs. Decliners) and Industry watch (Strong vs. Weak Industries) and finally, the most important part, the box labeled “What’s moving the Market”.
3. Check Alerts
- Check email for fills
- Check alerts
- Check brokerage messages
4. Check the Markets
- Chart the trends of major markets
- Annotate: Bull, Bear, or Neutral
5. Check Internals (Inside Trade Center tab)
- Check TRIN
- Check VIX
- Check UUP to see if over extended outside their bands for a market reversal.
- Check ARCA HI-LO for underlying trend.
6. Check Sectors
In favor/out of favor trend? Only annotate the trending bulls and bears.
7. Check Portfolio
- Close
- Adjust
- Verify the trade plan
- Check for profits
- Adjust stops
- Hedge positions or do nothing
8. Check Open orders
- Close
- Adjust
- Verify
9. Scan for new Prospects or just follow our Scouting Report picks
- Favorites watch list
- Fundamental Scans
- Technical Scans
10. Run Prospects through a stock checklist to evaluate/filter
- Check Earnings date
- Check fundamentals
- Check Implied Volatility
- Check Industry/Sector trend
- Check news
11. Apply options strategies to Prospects (Plan the trade and Trade the plan)
- Debit strategies
- Credit strategies
- Time trades
- Directional trades
12. Adjust the amount of risk
- 10% allocation (Example only)
- 2% risk per trade (Example only)
- Check Trigger points.
- Risk of entry to stop
- Reward of entry to target
13. Enter Orders
- Limit orders
- Market orders
- Contingent orders, etc.
14. Journal the Trades
- Add to portfolio daily log/journal
- Symbols
- Srategy
- Strike price
- Exit
- Earnings
- Plan B adjustments
Video: How to create your daily trading routine in 4 steps
In this video, you are going to learn how to create your Daily Trading Routine in only 4 STEPS. Plus: How Tackle Trading is the best platform to perform your trading routine.
Check the original blog post Trading for Beginners Part 4: How to create your daily trading routine in 4 steps.
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