Hello fellow TEBers! (Heck, I think I just found the new term for the trading education blogs community!) So are any of you having trouble with your daily trading game plan? Are you unsure if it’s even complete?
Let’s dig into this a bit to provide you with complete confidence that your game plan has you ready to trade each day!
I’m sure you have seen Pete Renzulli’s daily game plan posts, if not go check them out! We can use those posts as an example of what we should know before the opening bell each morning. Here’s this morning’s game plan: http://tradingeducationblogs.com/fomc-minutes-trading-game-plan-july-8/
Items such as: key support and resistance levels of the S&P 500, important market news and stocks to watch that are breaking out or down out of current ranges.
In addition to that you should know the news on individual stocks, things like earnings announcements and analyst upgrades and downgrades.
This is the day to day information you need to know before the opening bell. However, your daily game plan is just an everyday extension of your overall trading plan. Your trading game plan is the combination of your trading plan and your daily game plan….that was a mouthful, got it? Good!
If you do not have your trading plan built and are struggling as a trader, well you just found one of the main reasons.
I don’t want to say it’s pointless to create a daily game plan when you do not already have a complete trading plan, but how can your daily game plan be effective if you don’t have the rules and criteria from your trading plan to dictate how you use that information.
This is essentially made up of 5 key points – Strategy, Criteria, Rules, Risk and Goals.
Within each of these points there are several items to be addressed and questions to be answered. Once you have covered all that you will be on the ready for whatever the market throws at you.
For help solving your trading plan problems take part in the Active Trading Blueprint by clicking this link ATB. The course takes you step by step through building your trading plan along with covering chart setups and trade scenarios while using real life examples.
Remember – “Victory Loves Preparation”