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Strategies & Market Trends : Trade What You See, Not What You Think
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To: aldrums who wrote (71)10/17/2000 6:01:24 PM
From: Threei  Read Replies (2) of 867
 
Aleax,

second kind of preparations is stock specific. This is very trading style dependent. I think TA traders, swingtraders must do it. They need to see what stocks set up or look promising. For daytraders it could be or could be not that necessary, depending on their method of finding their plays. I know there will be folks that might get angry with this, but there ARE approaches not demanding night preparations. If you trade by the tape, going where activity is and reading this activity, you might be quite OK starting to monitor market 1 hour before open. This is very individual. Some feel they go into battle unprepared if they haven't done their homework... and some feel they get opinionated if they have.
My personal experience varies. Sometimes attempts to find possible plays for tomorrow paid for themselves, sometimes they were useless... but as Brandon said, they certainly were not for nothing.

So, my suggestion would probably be for newer traders:
1. For sure do your educational part of preparations.
2. Do your stock specific preparations. When you establish setups that work for you, look for them night before. Monitor how they act and adjust the method of your search.
3. You might stop doing this only if your personal trading style has established in such a way that allows you to tune up in the morning.
4. Even then, at the eod write down stocks that were fairly active today, to look for continuing activity next day.

Now I am ready to watch my decapitation :)

Vadym
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