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Don’t Forget Your Homework

Petra HessPetra Hess ·

If you wake up just before the market opens and expect to make money that day… well, good luck to you…

It may work sometimes and not others… but if you want to join the elite club of consistently profitable traders… then you need to get serious…

…and you need a trading plan.

Today I am going to show you what I do to prepare for the trading day…

…it’s the same routine that has helped me score more than $2.4M in trading profits…

Make sure to take some notes because there are plenty of takeaways from this lesson.

 

Preparation is the Foundation of Success

Trades don’t happen on their own and good trades don’t happen without Preparation.

While many traders like to trade in the moment and fly by the seat of their pants… This way of trading is prone to mistakes due to the emotion and energy around the chaos of watching a stock tick by tick… many times getting whipsawed by the short term movement.

For that reason…I like to be prepared so I know when a trade sets up, what the entry trigger is… and I know my stops and targets when I enter…

This helps take the emotion out of trading… and therefore many of the mistakes unprepared traders make.

The Night Before

I like to plan my trades out ahead of time so that I am ready for the day ahead. This takes the edge off and lets me feel confident and comfortable that when I enter a trade, I know what I am getting into and why…

How do I plan ahead?

Well, it all starts the night before…

I take the time after the market closes to run my scans, which help me find the specific setups I use to give me an edge in my trading.

Setups such as my Pinball, Rounded Bottom Breakout, as well as my 3 and 8 setup. All very easy to find and follow…

When I do this the night before… I am prepared for the following day because I know exactly what I am watching, as well as when to get in with confidence.

With that I won’t have to come into the morning rushing to find stocks to trade nor will I be rushing to plan those trades… that’s when mistakes happen.

I do this every night, and then I send my watchlist of setups and trades with exact entry, stops and targets to all of my members…

“Petra, Great weekend video. I enjoy watching the daily and weekly videos. In my over 5 years of trading, I don’t think I have ever been so calm. It’s nice to have a level of peace when trading. Thank you for all the time you put into the videos.” Jim K.

I even add a video to the watchlist where I walk you through each one…

To get my watchlists, join here.

My Morning

I like to start the morning off with a look at the futures markets to see what they are doing…

You can pull the futures up easily with Finviz, CNBC, or a quick google search for the many other places.

All it takes is a quick scan…

This gives me a good idea of what the sentiment of the overall market is going into the day. It helps with my trades by letting me align them with the direction of the market or take a step back if needed.

For example… if the futures market is tanking for whatever reason… I may reassess my potential long setups and make sure they are still valid in those conditions.

Most of the time the market won’t affect my trades… but part of preparation is being ready for everything and a giant move in the futures market can be a game-changer.

I will also look for any overnight and morning news that could affect my trades… or potentially provide new opportunities…

Once I have an idea of where the futures markets are, I will take time to review my trade setups. I find it important to review them in the morning to have them fresh on my mind…

This way I am ready to go when the opening bell sounds…

And when one of my setups triggers a trade entry… I won’t hesitate because I will know exactly what I am doing.

I consider myself the most prepared trader on the street… and I pass this preparation on to my members… as well as teach them how to prepare on their own…

If you want access to my system, watchlists, setups, mentorship and more… I welcome you aboard… and will be here every day and every step of the way…

JOIN NOW

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