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Day Trading Stock Tip - Online Day Trading Checklist

Online Day Trading Checklist

Many successful traders print out a checklist and tape it onto their monitors to remind themselves of their rules and what they need to do to be successful. The more sophisticated checklists break down the day into pre-market, post-market, and weekly (or over the weekend).

Here is a sample checklist which you are welcome to use, modify, or simply give you ideas to create your own checklist. Consider printing out a checklist and having it accessible at your trading desk so that you can always refer to it.

Pre-Market:

  • Run filters for possible trading candidates 
  • Review confirms from clearing firm 
  • Check for any errors
  • Know economic reports for the day and what times they will be announced
  • Know the major market news for the day
  • Know the S&P Fair Value and possible Buy/Sell Program levels 
  • Review business plan to remind yourself of your rules


Post-Market:
  • Print out your Order Information and Trade Informatio
  • Export your trade/order information into a spreadsheet or other file
  • Fill out your equity curve spreadsheet or overall account information
  • Print out charts for every trade
  • Make notes on every chart about entry/exit/position management
  • Discern any emotional challenges you may have had during a trade or during the day
  • Make sure that your setups were as “clean” and “textbook” as possible, based on your entry and exit rules
  • Write about positive aspects of the day in your journal
  • Study at least one item on your trading education list
  • Do at least one thing to improve your trading skills

Weekly:
  • Print out weekly Account Summary and weekly profitability by symbol
  • Review your trades for the week
  • Manage your personal finances and how your trading account fits into the big picture
  • Keep up with industry and exchange news
  • Compare your performance with the goals you set for the week
  • Set goals for next week
  • Prepare for future growth of the business
  • Update your money management (position sizing) depending on your profitability
  • Make any changes to your trading style based on testing and market conditions
  • Talk with your broker if you have to discuss any issues or concerns

 

 

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