Trading Day Preparation

The goal of every trader is to become consistent and profitable.  To that end it is important to develop a daily routine prior to starting the “trading day”.

If you subscribe to the Probability Based Trading methodology you will come to understand that trading is not so much about “being right” but much more about trade size, trade strategy and having conviction in your beliefs.

In order to develop those convictions and the confidence that comes with being a “Probability Based” trader you need to be consistent in how you prepare to trade.  On the “Trading Checklist” link you will find a checklist of the processes you really need to check and verify before the first trade of the day.

Most of the items on the checklist may seem very simple and even mundane.  But “things happen” in trading and if you are not prepared you will find yourself reacting emotionally to these distractions which in turn will impact your trading results.

Make certain that you give yourself the very best opportunity to be successful.  Have your workspace uncluttered and “ready to go”.  Confirm that all technology is operating.  Always have the important contact information close at hand.  If you are fully prepared then you will be at your best when something unexpected arises.

Good Luck to You and Great Trading!!

Trading Day - Quick Links

It is important to be aware of potential market making news and other binary events.  It is a good idea to take a quick check on at least one economic calendar and one earnings calendar.

Here are some links to popular sites.  Click on the link and it will open in a new page:


Checklist Opens in New Tab




Good Luck to You and Great Trading!!

Step 1: Equipment Check
  • Start (or reboot) your trading computer(s)
  • Check your internet connection
    • optional: run
  • Check keyboard and mouse functionality
    • for wireless keyboard and/pr wireless mouse have replacement batteries on hand
Step 2: Workspace
  • Clear workspace of all clutter
  • Have a notepad and writing instrument close at hand
  • Have a list of important phone numbers
    • brokers, all tech support phone numbers
Step 3: Trading Platform
  • Verify your trading platform is operating properly and linked to your account(s)
  • Confirm that you are in the correct account (live cash or sim account)
  • Review your current account positions
    • especially short stock and/or short calls with dividend risk
    • check for any assignments of stocks or ETF’s
  • Check your buying power
  • Check for margin calls
  • Review working orders (if any) prior to market open
Step 4: Ready to Trade
  • Open live data spreadsheets
  • Check the economic calendar(s)
  • Check the earnings calendar(s) for earnings announcements
  • Find trades that meet your trading criteria
  • Execute trade
  • Review filled trades – place working exit orders