My Daily Routine as a Pro Trader

Good Morning Traders!

In today’s email we’re going to discuss the following…

  • Today’s Market Breakdown

  • My Daily Trading Routine

MARKET BREAKDOWN

EUR/USD
In my opinion its very over extended so I’d be careful entering short. Although I would only be looking to go short at this point.

USD/JPY
UJ is very over extended to the downside also but seems to be correcting a bit. The question now is where is it going to find resistance. I have a feeling the current level won’t hold.

GBP/USD
Personally I think this is a prime opportunity to go long or look for going long.

USD/CAD
The short side seems appealing here at this price. It seems to have respected that level quite strongly.

NASDAQ
I’m currently waiting on Oanda to approve my new account in order to start scalping the NAS again. It seems to not be able to break out of those swing highs. Personally I think that gap is going to have to be filled now so I suspect movement back to the upside atleast temporarily.

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PRO INSIGHTS
My Life Unscripted: Confessions of a Day Trader

Waking Up in a Trader's World

Here’s a little insight into what the day-to-day routine looks like for a real pro trader. My alarm rings at 8 AM, but who needs an alarm when your internal clock is synced with the market? My morning isn't your typical stretch-and-yawn routine. It's more of a race to my trading battle station, fueled by the excitement of what the NASDAQ might offer today. Welcome to a day in my life as a day trader – where each morning is an opportunity, and every trade, a new lesson.

Reflecting on Yesterday, Preparing for Today

Before the market stirs, I'm already analyzing my previous day's trades. This isn't just a routine; it's a crucial step in my growth as a trader. Reviewing my missteps and successes helps me sharpen my strategies. Then, I delve into the NASDAQ's current state, trying to predict its mood swings. It's a blend of analysis, intuition, and a little bit of trader's sixth sense.

My Trading Plan – The Blueprint of My Day

My trading plan is my compass in the volatile seas of the market. It's a carefully crafted document that guides my every move in the trading arena. Reviewing it each morning is like a ritual, a daily affirmation of my trading philosophy and goals. And guess what? I'm sharing this treasure with you. Click here to download a copy for free and see what steers my trading ship!

The Intense Hour – Short-Term Trading on the NASDAQ

Now comes the most thrilling part of my morning – trading. For one intense hour, I'm glued to my screens, scalping the NASDAQ. This short-term trading is a high-speed chase for profits. The upside? Quick gains and a clear head for the rest of the day. The downside? It's a high-pressure, focus-demanding endeavour. Each minute counts, and so does each trade. Sometimes I end the day early but that depends on how generous the market is. I don’t trade for longer than 1 hour per day for good reason. I scalp the 1-min chart, so it's intense as hell. But I think theirs great power in being hyperfocused and then not trading for the rest of the day. It lets you keep a strong psychology and mindset. This is a marathon not a sprint…

Why I Stop Trading at 11 AM

You might be curious – why put a full stop at 11 AM? Here's the thing: discipline is key in trading. Post 11 AM, the market often becomes more erratic, influenced by a variety of factors beyond my control. I've learned that knowing when to step back is as important as knowing when to dive in. Plus, there's a whole company waiting for my attention!

A Trader and More

As I power down my trading station, another part of my day begins – running my company. This switch from charts to corporate decisions is a constant reminder of the diverse roles I juggle. Trading might be a significant part of my life, but it's just one of the many hats I wear.

Hope this gives you a little insight into what my day looks like as a trader :)

STOIC QUOTE OF THE DAY

"The best revenge is to be unlike him who performed the injustice."

- Marcus Aurelius

This quote embodies the Stoic principle of focusing on personal virtue and integrity, rather than mirroring negative actions or behaviors of others. It encourages maintaining one's moral standards and character in the face of wrongdoing, rather than seeking retribution in kind.

Regards,

Alex Butterfield
Founder & CEO, TraderEdge

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