What’s it like to be a client of mine?
It means you are one of the most prepared traders around.
You see, while some traders like to “go with the flow” and “trade what they see”
I like to be ready… and have:
- A list of symbols I’m considering trading
- A reason to get into the potential trade
- My Levels: buy, stop, and target (no dart throwing here)
- Notes on what I should be monitoring
In fact, before the trading day starts, my clients have my watchlist and trading plan a day in advance (use this link to trade the opening bell with me tomorrow).
Preparation is Key to Trading Success
Beginner traders are typically ill-prepared for the trading day. They think they can just get to their desk in the morning… look at what some stocks are doing… and just buy randomly, thinking they’ll end up making money.
However, that’s not how trading works. The successful traders are prepared and know exactly what they’ll be trading ahead of time.
I like to plan out all my trades and be well prepared for the trading day.
That means I’m conducting research after hours and before the market opens (you can watch how I prepare for the market open tomorrow morning, just click here and bookmark the page so you don’t miss out).
For example, when the market closes… I conduct my chart scans. I’m looking for specific setups, like my simple-to-follow Pinball and Rounded Bottom Breakout (RBB)… as well as the 3 and 8.
You see, when I conduct my chart scans and find potential trades… I know what I’ll be trading and watching the next day.
Not only do I know what exactly I’ll be trading… there are clear levels I’m watching and spots I’m looking to buy the stock, stop out and take profits, which helps with execution and prevents overtrading.
That said, when you find potential stocks to trade… you actually save yourself the stress because you won’t be scrambling around trying to find out what you should trade come 9:30 AM.
Every night that I see interesting trades, I actually make a video watchlist for my clients to see.
They know the pattern and thought process behind the trade and prices to keep an eye on. Moreover, I send them easy-to-follow trading plans as well.
Thereafter, they’re ready to go in the morning to trade… no surprises, no scrambling and trying to figure how where to make money. Even though they’re ready to go in the morning… I still get on live and conduct pre-market scans and assess the overall situation of the market.
[Related: Tomorrow morning, I’ll be going live and go over a bit of pre-market trading and how to assess the market conditions. Save the link here and get access tomorrow.]
Looking at the Futures Market Helps
In the mornings, and at nights when I’m doing my scans, I like to see what the futures are doing because this gives me an idea of what the overall market is doing.
For example, I’ll look to investing.com and look at their futures.
This gives us an idea of what we’re going to be trading. For example, if the market is selling off and I’m looking for longs… I may take a step back and reassess my trade ideas and see whether my thesis still sticks.
Not only that, when you look at the futures… sometimes you can spot trade ideas.
A few weeks ago, I actually spotted gold moving in the overnight futures… and I sent out a video watchlist letting clients know gold was probably going to be in play in the morning.
Well, we all share our trade ideas here at Petra Picks… and Heather Cable was actually able to pull out some nice returns in the SPDR Gold Trust (GLD) options.
Now, I’ll look at the SPDR S&P 500 ETF (SPY), PowerShares QQQ Trust (QQQ), SPDR Gold Trust (GLD), and VanEck Vectors Gold Miners ETF (GDX).
By analyzing the charts during the pre-market, I’m able to potentially find new opportunities and see whether the moves in the market will affect the stocks I’m watching.
Additionally, I’ll look to see whether there was news overnight or any catalysts that could potentially move the overall market, as well as stocks on the watchlist.
Now, if you want to see how I get ready for the market open, then save this link and head on over tomorrow as I go live to analyze the market at 8:30 AM. This is a one-time only event, and I have no plans of recording it.