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Luke 5:31, 32 And Jesus answering said unto them, They that are whole need not a physician; but they that are sick. I came not to call the righteous, but sinners to repentance.

10 Oct 2019

STOCK MARKET--What is your schedule as a successful day trader?

Successful is more of a subjective term and relative. For some trader merely being positive at the end of the day,even if its INR 50 would be success while for some it could be consistently making gains each week. For me with respect to day trading (which I do rarely) , it means making a living out of it and able to afford things which salaried people think twice before buying.
So,now what's the typical schedule of such traders who achieve these milestones? Is it like the once we see in hollywood flicks : insane, parties till late night,hangover etc ? Nopes — Real life is different from reel life.
Based on my observations made after hanging out with 1000s of successful traders,I am pointing out a schedule which more or less each of them follow. So, if you wish to be one of those legends,you can take some insights from here.
1.       Waking up : Mostly these traders wake around 6.30-7.30. Yes markets would open around 9 am but they still wake up and finish the following tasks : Brushing teeth,answering nature's call,excercising/yoga,taking bath,reading financial news to get a grasp of all what happened in the night,watch financial news,tracking volume stocks etc. All this goes on till 9 am.
2.       9-9.30 — By this time the trader has done his homework and knows about important events,global cues and pre opening tick gives him some insights. Last evening he has done his research and sees if the handpicked stocks are showing similar action. Till 9.30 the trader is ready to take action.
3.       9.30-1.00 pm — This becomes the pivotal time when the day trader utilisises all his skills,systems to pick up stocks,trades and exits when required. Action is at peak till 12 o clock,and starts fading till 1 pm. Hence the trader makes best use of this time.
4.       1–2.30 pm — Mostly boring with negligible action except for news based scripts. This is the time where the trader simply tracks and preferably has his lunch while his eyes are hooked up to the screen. Since he is a day trader,he cant skip any pulse of the market. In case his positions are open,he would postpon the lunch after market hours. If there are no positions open then the trader can take some ocassional breaks here too.
5.       2.30-3.30 — Another action packed hour where the trader winds up existing positions before 3 pm, takes a few quick momentum trades before 3.15. This is sometimes very profitable for the trader and also helps the day trader to pick up stocks to keep in track for the next day.
6.       3.30-6.00 pm — Ocassional breaks,some lesuire activities and simultaneous research on active stocks for the next dat is counducted during this time. This is another crucial time where the trader decides which stocks to buy/sell next day,what action the trader missed,mistakes the trader did and the goals he achieved. A pro meticulously sees all his trades and derives to conclusions.
7.       Post 6.30– Its personal and me time with ocassional checks to global markets. With there cell phones they get imp live feeds and notifications and since they are day traders,they need not to worry about the ovenight positions. Hence, they dont check global markets as often as other traders do in the evening.
8.       10.30-11 — It is the time to hit the sack.
I hope now you know what is the typical schedule of a day trader.

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