Develop a Daily Trading Routine for Trading Success

Futures Trading Strategies

Daily Trading Routine
Those of you who are members know that I publish a trade analysis each day shortly after the New York close. What many of you probably do not know is that making these commentaries each day is part of my daily trading routine. I actually started writing down my thoughts about the markets each day well before I started this website, and it’s something I have done continuously every trading day for about the last decade. It’s literally a habitual part of my daily life. If I miss a day of commentary for some odd reason, like travel or a holiday, I literally feel ‘strange’, and like something is ‘missing’.

My daily trading routine is the core foundation that all of my trades are built on, and it’s my opinion that all aspiring traders need such a foundation to build their trading career on if they want to have a serious chance at making consistent money in the markets. In today’s lesson, I am going to show you how I personally analyze the charts each day and give you a ‘peak’ into my daily trading routine. Hopefully, after reading today’s lesson you will have a better understanding of WHY you need a daily trading routine and HOW to develop one.

The POWER of Routine, Discipline, and Habit

The most successful people in their respective industries have very strict routines. Jesse Livermore is one of the most successful traders in history. Most people talk about his uncanny eagle eye, and the way he spotted movement in price. His most trading quality was his routine. He did everything the same way over and over again, which prepared him for the trading day. Most people would agree that the habits he built into a routine brought him his success.

What does your daily routine consist of? Everyone has a daily routine whether it is planned or not. If you are not building good trading routines, then you are probably building bad ones. Success comes with effort, so if you are not putting in effort then success will be more difficult to achieve. If you do not have discipline to stick to your trading strategy and manage you risk properly, you will never attain the trading mindset and trading routine that you need to make consistent money in the markets.

At this point in my trading career, I am very set in my daily routine. Routine may have a negative connotation in society, but it is great for being productive. Also,trading is supposed to be boring and repetitive. Trading is merely a way to make income, so that you can enjoy life, your family, and do fun things. Trading is not a thing you do to impress others. That is what you do with the Lamborghini you buy with your trading profits. I often see people looking for the “holy grail” of trading, but in reality the “holy grail” is yourself.

The Foundation of my Daily Trading Routine

My daily trading routine is probably a lot less complicated than you might think. The most important thing to remember is that it has become a habit for me, just like how it should be for you.

Levels

The main thing I do at the start of each new trading week is to map out key areas where I see the market moving. If you have seen the weekly key level videos then you know what I mean. From here after I have a good idea of what can happen, I then begin to shorten my time frame into better bites. I now begin drawing support and resistance lines like I did on the longer-term chart.

After I have drawn the key levels on the chart it is time to identify potential setups. I go over this specifically in the Emini Trading Course, so I won’t go into detail here. Note, however, that in the video I focused on the clear levels in the support & resistance video above. As you look through the various markets you will want to focus on this. Trading is not an exact science, so there is discretion needed. You will improve with screen time.

Determine Market Direction

The next thing I do is to determine the condition of the market. I want to know where it is moving to, or determine a high probability of direction. This is where we determine the trend.

daily trading routine analysis

In this example price is moving higher with higher highs and lows. A downtrend would be opposite, and a range market would be erratic highs and lows. After determining this we can begin to narrow down our strategy a bit more.

I strongly recommend you start doing your own daily market analysis and keep your notes in a diary. This trading diary would look very similar to my daily commentary I create for members every day. Keeping a diary or journal has benefited me greatly over the years, because it allows me to get my thoughts out of my head as well as track where I have been and are going.

Entreprenuer, Trader and Philanthropist

Matt Dye, Founder of ABusinessWithTrading, is a professional trader who specializes in trading price action. His mission is to empower traders through education, and every month attracts readers across 50+ countries. To discover more about Matt’s Price Action Strategies, visit his Trading Courses page.