Homework and Daily Prep

[TheNegotiator 13]

Hello!

 

Right. I want to start a new thread for all to discuss homework and prep. What you do(broadly or specifically - up to you!), how much time you spend on it overall etc..

 

To me this is pretty essential for ANY trader to be successful imho. But hey, disagree if you like, that's the purpose of this thread.

 

So as a framework for the topic(and I know some things are also covered elsewhere):-

 

Preparation for session - levels, other technicals, events and anything else.

 

Theory for what may happen and plan of how to trade the possibilities - for day, week, month or whatever your timeframe may be.

 

Journalling - of day and trades taken/missed etc.

 

Research and metrics - statistics and analysis to get a better feel of specific markets.

 

Time spent - realistic amount of productive time you spend/you can spend on these areas.

 

 

Post your thoughts and questions on as many or as few of these subjects as you like. If there's anything I've missed which you would like to add, by all means do. Please stick to the topic though!!

[TheNegotiator 13]

To start us off:-

 

1- I begin by looking at the prior day. I do look at the week and month and longer, but not every single day. I note how the market reacted to each of my nearby technical levels and whether my opinion is that the levels have strengthened or shifted due to the activity. I note my own state of mind and physical condition. I then look for any trendline proximity and try to identify what 'mode' the market is in. I will then look at economic releases and speakers etc. for the coming session.

 

2- I then will attempt to figure out important levels or areas which I believe the market may attempt to explore and perhaps how it may do so.

 

3- I note lots of things during the day. Firstly, I note all trades and intended trades(not maybe trades!). I rate them as objectively as I can based on mainly my inner self such as patience, control and logic. I note anything I believe to be important. Specific technicals which seem to be in play and how the market feels on the DOM. I am thinking of electronic but still do most of this by hand. Committing the information to paper or electronically commits it to my mind anyway.

 

4- I take down market generated information which I can then manipulate to do research later on anything such as average daily range, average NFP day range and anything else I want to. Making sure I have a good data set to manipulate imo is very important.

 

5- I would say I spend in the region of 3-5 hours per day on this bearing in mind that sometimes I know I should do more and sometimes I do a lot more on quiet days or days when I have reached my targets.

 

Broadly, that's me. If you'd like to add your own ideas or just ask questions, great! It doesn't have to be in this format though and you can add as much or as little as you feel is reasonable!

 

Thanks,

 

TheNegotiator.

[GlassOnion 12]

I get up 2 hours before market open. Scan world news, then specifically market news.

Let myself settle into my seat so to speak.

Then I do a quick scan of my charts, see if anything jumps out at me. Then review my notes from the previous day and view in more detail any charts that I had made notes about. See if any entry signals are about to happen. After opening a trade, or deciding to wait for another candle to close, I will catch up on my email, read some blogs I like and so on.

[TheNegotiator 13]

Hi GlassOnion,

 

Thanks for your input! Would you say you are comfortable with what you do and the amount you do or is it more of that's as much time as you can give?

 

TheNegotiator.

[MadMarketScientist 11]

For me, I am limited on time but what I always do without fail everyday is record my trades -- whether I was around to take them or busy. I also will go back and if I quit early, I'll record the "missed" trades to ensure I'm keeping track over a longer length of time how my system is holding up. I want to be able to spot any trends or difficulties and this keeps me confident taking the "next" trade signals the very next day knowing what has come before.

 

Also, I ALWAYS check the economic calendar. Can't tell you how many times I've gotten lazy with this and then forgotten and paid the price. I try to always know which of the reports could be market moving and trade/adjust accordingly.

 

Those two things for me are my minimum for preparation each day.

 

MMS