What do these rich Traders do - Peek into their day
Morning Routine:
Pre-Market Preparation:
The trader starts by reviewing the pre-market news and market developments, including earnings reports, economic indicators, and any relevant news that could impact the market or specific stocks they follow.
Technical Analysis:
The trader performs a technical analysis of the stocks on their watchlist, examining price charts, indicators, and identifying potential entry and exit points based on their trading strategy.
Reviewing Overnight Positions:
If the trader holds any overnight positions, they review them to assess their performance and determine whether to close or adjust them at the market open.
During Market Hours:
Market Open:
As the market opens, the trader closely monitors the overall market indices and the stocks they are actively trading.
They observe the price movements, volume, and order flow to identify trading opportunities.
Executing Trades:
When a trading opportunity arises, the trader executes their trades based on their predefined entry and exit criteria.
They enter their orders, set stop-loss and take-profit levels, and manage their positions accordingly.
Monitoring Positions:
Throughout the day, the trader actively monitors their open positions, keeping a close eye on price fluctuations, news developments, and any relevant market events.
They may adjust stop-loss levels or take partial profits if the trade is going in their favor.
Managing Risk:
Risk management is a crucial aspect of intraday trading.
The trader ensures that they are adhering to their risk management rules, such as setting appropriate position sizes, utilizing stop-loss orders, and closely monitoring their overall portfolio risk.
Adapting to Market Conditions:
Intraday traders need to be adaptable to changing market conditions.
They may adjust their trading strategy or make quick decisions based on real-time market data, news releases, or unexpected events that could impact their trades.
Continuous Analysis:
During market hours, the trader continues to analyze the market and refine their strategy.
They may identify new trade setups, update their watchlist, or identify potential exit points for existing positions.
Closing Routine:
Market Close:
As the market approaches its closing hours, the trader evaluates their open positions and determines whether to close them before the market closes or hold them overnight based on their trading strategy.
Reviewing Performance:
At the end of the trading day, the trader reviews their overall performance, assesses the profitability of their trades, and identifies areas for improvement.
They analyze their trading journal, reviewing their executed trades, and reflecting on their decision-making process.
Post-Market Analysis:
After the market closes, the trader continues their analysis, reviewing the day's market action, news releases, and any significant price movements that may impact future trading decisions.
Post-Trading Routine:
The trader updates their trading plan, adjusts their watchlist for the next trading day, and identifies potential trade setups for the following day based on their analysis.