Trading decisions are best made during non-market hours. You want to be executing your ideas, not finding them.
The stock market open is the most volatile time of the day. For many, trading the first 90 minutes is a guess. It doesn’t need to be that way.
Great day traders have conviction because they are prepared. They have a market bias and levels to trade around.
We all have limited resources and experience. The stock market offers plenty of opportunity, but we need focus for the small window of volatility.
Your Game Plan for Day Trading Stocks Needs Structure
The game plan is used to execute your trading plan. The game plan includes the day-to-day decisions and identifies which stocks meet the trading plan criteria each morning. It also includes how you would time your entry.
Perhaps the number one reason to have game plan for day trading stocks is to eliminate impulsive trades. I can’t tell you how much money I lost taking spur-of-the-moment trades. The beginning of my trading career was disorganized. When I learned the value of a game plan, the shift in performance was swift. I was a different day trader.
Day trading isn’t easy. It is virtually impossible when you are lazy. I schedule my game plan time on the 7’s. Either 7am or 7pm. It’s a good habit to get it on the agenda like you would any other appointment.
Sticking to a specific time of day shows you have the discipline it takes to succeed. You will notice this is a game plan video teaching scenarios using technical analysis. Many day traders find ideas for their game plan from the news. There is nothing wrong with that, it’s simply a different method.
Trading stocks in the news takes a lot of time to learn. I recommend using the charts first for game plan scenarios. You will have more confidence. Trust me on this one, it will save you a ton of money.
Game Plan Video
I hope this video spurs ideas or confirms what you are already doing. **I encourage you to leave questions and contribute comments to others so we can help each other improve.