Preparation

You can’t overestimate the importance of preparation. You must be prepared before entering any aggressive environment. Just as NASA prepares its astronauts to construct and connect space modules in a pool before working in outer space, you must prepare for the day before the opening bell to execute properly in real time. You can’t show up five minutes before the opening bell and trade. Remember, this is not an average job where you simply trade your time and skills for money from your boss. Here, you can invest your time and skills and still end the day with a negative amount of money. So, prepare well. Here are some tips to improve your preparation process:

• Form a roadmap for your preparation process. For instance, it might look like this: First, review the S&P 500 futures to see what they did yesterday and identify potential ways they might trade today. Second, check the biggest pre-market movers to find the best trading vehicles for the day. Third, create a trading plan for the top 2-3 stocks. Fourth, do a breathing exercise.
• Look for easy opportunities. Your best wins will often be the simplest ones.
  • Identify key levels and write them down.
    • And create a trading plan that you can execute in real time.
• Make a preparation sheet where you can record everything you research each morning.
• Eat well and eat right. Make sure you don’t feel hungry when you trade, but also avoid having a full stomach at the opening bell.

Hard work

One of the biggest things a trader should be able to follow is hard work. One of the better traders said that the recipe for success is: have a good market, good training, and hard work. You can’t watch memes at 10am and expect to be successful. Here are some tips on hard work:

• You must put hard work into your preparation process, trade reviews, journaling, and other aspects of that framework.
• Hard work in trading is not about watching 100 different stocks but rather finding your best stock and watching it closely.
  • Sitting and watching can make your week or even your month, because sometimes your idea works right away, and other times it takes hours to develop a level.
    • If you can’t sit in front of your monitor for eight hours a day, trading is not the job for you.
• Do not multitask. Multitasking is counterproductive.
• Sleep eight hours a day, and don’t trade if you have a hangover. Trading is a sport; you can’t survive if you party all the time.
• Stay hydrated. This will help you in many ways.

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