How a Daily Trading Routine Can Help You Achieve Consistency, Confidence, and Control in Trading
If you want to improve your trading results (in a short timeframe), read this.
If you stick to a daily trading routine, you can steadily build wealth in just 90 days...
…without falling for common trading pitfalls.
In this newsletter, I will show you why having a daily trading routine is vital to your trading success.
You will also discover how to create and follow your daily trading routine that suits your goals, style, and personality.
Unfortunately, many traders fail to develop and stick to a daily trading routine.
They lose money, time, and energy in the stock market.
They also suffer from stress, frustration, and self-doubt.
90% of traders do not follow a trading routine because they don't have a clear trading system in the first place!
A trading system is a set of rules and guidelines that define your entry, exit, risk management, and position-sizing strategies.
A trading system tells you what to trade, when, how much to trade, and how to manage your trades.
Without a trading system, you are:
Trading blindly and randomly.
Relying on your emotions, intuition, or external factors to make trading decisions.
Exposing yourself to unnecessary risks and losses.
But don't worry, you don't have to be one of those traders who fail to have a daily trading routine.
In the next section, I will share some best practices for creating and following your 'high performance' daily trading routine.
How do you create and follow your own daily trading routine?
#1 Learn from successful traders and their routines.
One of the best ways to create your daily trading routine is to learn from the successful traders who have already done it.
Read their books, blogs, podcasts, interviews, or courses and learn how they structure their daily trading routine.
Join their online communities, forums, or newsletters and interact with them and their followers.
Model their daily trading routine and adapt it to your trading system, goals, and preferences.
Some successful traders who have shared their daily trading routines are Mark Minervini, Jesse Livermore, Ray Dalio, Linda Raschke, and Jack Schwager.
Learning from successful traders and their routines can help you get inspired, motivated, and educated on creating and following your daily trading routine!
#2 Experiment with different trading methods and time frames.
Another way to create your daily trading routine is to experiment with different trading methods and time frames.
Try different trading styles, such as trend following, swing trading, scalping, or options trading.
Try other time frames, such as daily, hourly, 15-minute, or 5-minute charts.
Test your trading methods and time frames on historical data, paper trading, or small live accounts.
You can measure your trading performance and compare the results of different trading methods and time frames.
Choose the trading method and time frame that matches your trading system, personality, and lifestyle.
This can help you find the best fit for your daily trading routine.
#3 Track and record your trading activities and results.
A crucial part of your daily trading routine is to track and record your trading activities and results.
In short, maintain a trading journal!
Document your trading plan, entries, exits, risk management, position sizing, and trade outcomes
Record your trading emotions, thoughts, and behaviors.
You should update your trading journal daily, preferably after each trade or at the end of the trading session.
A simple spreadsheet, a notebook, or an online app to create and maintain your trading journal should do the trick.
This simple but effective practice can help you monitor your trading progress and performance.
#4 Review and evaluate your trading strengths and weaknesses.
Another vital part of your daily trading routine is tracking your strengths and weaknesses.
Review your trading journal regularly and look for patterns, trends, and insights.
Analyze your winning and losing trades for feedback by reviewing these performance metrics:
risk-reward ratio
win-rate
drawdown
expectancy, and
emotional state.
Based on the review, bucket the below aspects into your strengths and weaknesses, such as your:
trading system
trading discipline
trading psychology, and
trading environment.
You should conduct your trading review and evaluation at least once a week, preferably on weekends or non-trading days.
Do this regularly and improve your trading skills and knowledge in no time.
#5 Implement and improve your trading routine.
Finally, use the findings and insights from your trading review and evaluation to make the necessary changes and adjustments to your trading system and routine.
Focus on improving just 1% every day; you will be at a different level in a year.
Regularly reviewing your changes and adjustments will enable you to see a measurable impact on your trading results and performance.
Keep repeating this process of implementing and improving your trading routine until you achieve your desired goals and outcomes.
Implementing and improving your trading routine can help you achieve consistency, confidence, and control in trading.
Just follow these best practices!
Remember this - A daily trading routine is a tool and a habit that will shape your trading journey!
TL; DR
A successful trading journey requires a daily routine.
Learn from successful traders,
experiment with different methods and time frames,
track your activities and results,
review strengths and weaknesses, and continuously improve your routine.
Consistency and control in trading come from implementing these best practices.
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