6 Tips to Having a Productive Financial Morning Routine
Every trader has a morning routine when it comes to preparing for the market day. Some traders are more intense than others because they have more at stake. Regardless of the size of your portfolio, here are some tips that can help get your morning started right.
- Wake up before the market opens : by waking up before market opens, you have time to prepare for any potential market surprises or simply set a strategy up for the day. Some traders wake up one or two hours before the opening bell, some three minutes; it is all based on the routine you develop and how much time you will need to prepare.
- Read the Newspaper : Reading newspapers is one of the best way to get updated on what the market is up to. If you don’t to read online, than simply flip on the Business Channel and watch for a few minutes.
- Give the online financial news a quick check : This could be as easy as heading over to Yahoo Finance and browse the headlines there. More often than not it gives you a quick glimpse of what the market itself is up to and if there are any big news regarding a particular stock.
- Check the pre-markets : This is a must if you are a day trader because plays can come about pretty quickly. For the simple trader, the whole purpose of this is to get an idea of which stocks - if there are any -are on the move early.
- Give your portfolio a quick overview : Sign in to your online stock broker account and just give your portfolio a look. This is a good opportunity to check if your positions moved the previous night and at the same time update any stop orders you may have.
- Active Traders, set up your trading station before the market opens : Try to have your computer running early so you are ready to trade anytime
source : stoktrader.com