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How to mentally prepare for day trading

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It is all about the mental capital

How to mentally prepare for day trading you ask? Simple, you run 10 miles in the morning and drink your protein shake, lol. Just Kidding! But like someone who is into fitness, their daily routine is essential to their long-term success. The same is true for a day successful day trader. A successful day trader goes through the same routine every day to prep for the market. Their routine normally starts on Sunday when the futures market opens for the week.

My routine

This is how I prepare my day trading day. My preparation begins the day before for example if it is Sunday night I start by taking a look at the futures market. This normally tells me a little about the market before it opens the next day. I might even take a futures trade but we will leave that for another article.

I like to see what direction the futures market is taking before the week starting on Monday. Next, I like to make a list of stocks I might have traded during the prior week or stocks that made impressive moves. I will generally pinpoint one I will have front and center on Monday in case nothing else is popping off. I will identify levels on the daily chart and based on that I will formulate a plan for this stock.

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Don't underestimate a good night sleep

Next, I relax into the night and go to sleep early to allow 7-8 hours of solid sleep. This will allow me to feel rested and increase my concentration in the morning. I have traded with lack of sleep and feeling foggy, and all it served was for me to make mistakes. Mistakes that could have been avoided, mistakes as simple as buying the wrong expiration contract.

These are all things that you should learn during your trading education period. The day of trading has arrived, for this example, we will use Monday morning. I wake up and go through the regular morning routine of brushing teeth, etc. Once I am at my office I fire up the computers and begin to scan the markets using my scanners. I find a few tickers on my gap scanner, I will study the volume, float, daily levels, 200 day, and 50-day moving averages on a daily.

Patience is key

Once I have formulated my plan of levels to watch, I move on to the next stock. I usually do this until I have a list of 3-5 stocks with maybe 1-2 more on the back-burner list. The bell rings and I sit back and watch these stocks trade. I usually wait for one of my favorite setups to start to happen generally around 9:40 am and beyond.

I wait for these setups and if they do not show up I will not trade. Once I am done with my trades, I make notes of what happened on the day and I study the charts a little. Then I continue with my day managing my other businesses and keeping an eye on the market in case any A plus setups show up in the afternoon.

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To sum up

So to answer the question, how to mentally prepare for day trading, the answer is, by creating a routine that works for you. To some, my routine might sound tedious, it might sound boring, but it works for me. Now, to become a consistently profitable trader, you don’t need to follow this schedule. What you need is to figure that routine yourself. You will find the routine that makes sense to you. But the important part is that you get into a routine that will set you up for success.


Now, do you want to see this routine work live? Click here to watch us day trade live.

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