Developing a routine in trading develops into
a discipline (the most important word in trading)
... plan your trade, trade your plan.

Work with a trading coach to guide you in developing
discipline otherwise you're shooting from the hip with
a shotgun approach and it won't work.

WallStWise.com

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"Trader Thoughts" for 05/26/2012

If you don't have a routine... get one together.

YOU WILL NEED A TRADING COACH TO SORT IT ALL OUT!

call 772-228-8022 or email or

You can't shoot from the hip or try to trade CNBC news.

While you are learning and being coached about trading, you should, simultaneously, put together a routine for trading.
Have a plan, trade the plan.

See the daily routines that you will do in one form or another as part of your trading discipline.

Weekly Routine

Make note of the government economic releases coming this week. Pay particular attention to the A - F ratings that the indicator shows. Needless to say the A's and B's are important enough to have significant impact on the markets - in some cases for weeks to come.
check upcoming Earnings for the week. Perhaps a large corporation is announcing earnings this week, could that impact on your sector or your stock?
Update your Watch Lists.
Run new scans
Review your three major indicator charts of the SPX, INDU and COMPQ - how are they trending? Change it to a one week chart - what does it look like now?
Visit sites like www.cnnfn.com, or www.cnbc.com or www.wsj.com or www.barrons.com and last but not least, www.marketwatch.com for a general reading/anticipation of what the "experts" expect.
Check the VIX index - is it high or low?
In www.barchart.com, under the Sectors section run the Flip Charts on the sectors. What's trending up/down? Then see what stocks are in that sector...any good looking charts? (tip: use the "flip chart" button on right side of site page)
What sectors/industries are leading the trend?

Daily Routine

What is the premarket activity like?
Is the market tending to follow through on the close from the previous day?
Any blockbuster market or sector moving news to consider trading in?
What companies are reporting earnings today? Could they affect your stock position?
Check news on any trades you have open positions in.
Check charts in your watch lists stocks...any entry points in the setup?
Should you make any change in your stop-loss?
How are the sectors of the stocks you hold doing? Any changes?
Consider running scans for gapping stocks for potential trades.
Set alerts
Eliminate from Watch Lists those stocks whose setup has failed. Add to the list new found potential breakout or entry points on bullish pullback or selling into a bear rally.
For all it's pro's and con's if you can get CNBC on television let it run in the background. You're not trying to trade from the news as much as looking for a stock to examine more closely. They are good at giving a 'feel' to the market, but they are terrible at hyping the current situation and thus getting your adrenalin running (that's a bad thing), in my opinion.
At end of day make sure to review the market summary.