According to one of the top senior financial analysts at Wilkins Finance, if you want to day trade and make a success of it, you need to have a solid schedule you can follow each day. This will prevent you from feeling trapped within your trading ventures and perhaps also free up some extra time for you to relax and take some time off from trading. Let’s have a look at what your trading day should look like with the following guide.
Automating as many trading actions as possible
When trading during the day, you have a set number of hours in which to execute active trading positions. When you have to manually handle every action, you’d never get through the day. The solution to this is to automate as many trading actions as you can. Depending on what your needs are, you might prefer to execute some actions yourself and others you might prefer to automate. With many trading platforms, you can even set u alerts to help you remember when a certain action is due to take place.
Trading and charting
If you trade on a brokerage account that provides you with charting options alongside your trading section, it will be a good idea to separate the two. Doing this will eliminate impulsive decisions when charting the course of the market instead of making the trade you want to make at a certain point in time. When charting, you should create templates and customize them according to your needs, thus making the entire process much easier.
When it comes to the weekend
If you want to be a professional day trader, you need to plan your entire trading week ahead, including weekends. Doing this should take about 3-4 hours and this will let you know how much free time you will have. You need to remember that, although weekends mean relaxing to most people, a trader can’t close his or her doors at 5 pm on a Friday and open again on a Monday. Day trading includes working on the weekends and when planning correctly, you can free up some time to take a breather or two.
As many individuals prefer to read a newspaper at breakfast, a trader needs his or her daily dose of news. Many trading platforms have customizable sections where you can stay up-to-date with what is going on in the trading world. You can also see what overnight trading activities took place that might influence how your trading decisions for the day will flow. Update your trading plan according to what your news dose informs you of before starting to execute trades for the day.
During your trading days
It is a good idea to review every 10 trades to ensure you still are on the right track. You also need to keep a journal or what your trades are and how they turn out. The more information you have about a trade, the better your trading strategy will become. Many traders are under the impression that the more time you spend in front of your pc, the better you will become as a professional trader. This, in fact, is incorrect as your pc doesn’t make the money; only you as an individual is capable of this.
If you want to be professional, you need to act like one
When running your own business, whether full-time or part-time, you need to understand that you are the only one who has a say as to what goes on behind the walls of your business. If you don’t put in the time and effort, you can’t expect to make successful trades. In order to make a success of your professional business, you need to incorporate a solid sense of discipline in every aspect of your trading plan.
In a nutshell, the above-mentioned guide is what your trading schedule should look like. Every trader has his or her own way of doing things and might prefer to do a few things in different ways but the above pointers are mandatory to include in your trading routine. Remember that practice makes perfect and once settled, you’ll find a routine that works for you.