Hello Bella,<\/p>\n
I read both those books and started a few more. The myelin concept got me thinking that I should be reading more every day so I don’t fall into the habit of being lazy with reading in general. Then on the flip side part of me thinks I should limit the reading and focus more on reviewing trading footage and charts. What time allocation do you recommend for a rookie trader like myself hours per day wise amongst:<\/p>\n
1)reading investing and accounting books<\/p>\n
2)reading trading books<\/p>\n
3)reviewing charts and trading footage<\/p>\n
4)reviewing trading journal and trading notes<\/p>\n
5)working on financial modeling and valuation skills<\/p>\n
6)reading general market news<\/p>\n
7)researching specific companies<\/p>\n
@MikeBellafiore<\/strong><\/p>\n Listening to $P, catching a ride to #Stocktobfest on $DAL, connected with $GOGO as I answer.<\/p>\n Reading investing and accounting books I would place at the bottom of your priority list.\u00a0 You are a trader not an investor and certainly not an accountant.\u00a0 I can think of ways they could add value I would just prioritize your time.<\/p>\n Shark is the biggest proponent of reading trading books as you are developing as a trader.\u00a0 He has read numerous trading books (perhaps even mine).\u00a0\u00a0 Many would want his trading career.\u00a0 This is a best practice to make into a habit.\u00a0 Let’s say 1 hour.<\/p>\n We created a Trader’s Day, a document with all the things a trader should do daily.\u00a0 Reviewing charts is something traders should do each day.\u00a0 We recommend developing a basket of stocks to review each night.\u00a0 We also run scans for stocks for which we want to review charts.\u00a0\u00a0Let’s say 30 minutes here because of advancements in chart review\u00a0efficiency.<\/p>\n Journaling is a best practice Dr. Steenbarger has written extensively about.\u00a0 Since he coaches some of the largest traders in the world, let’s add this to our daily work.\u00a0 SMB uses The SMBU Performance Center Powered by Tradervue.\u00a0\u00a0 We have also automated importing of data so this process should not take more\u00a0than 30 minutes,<\/p>\n Working on financial modeling is not my expertise.\u00a0 We do not do this.\u00a0 We are short-term traders so this is more for value investors.<\/p>\n I read Bloomberg.com before going to bed each night.\u00a0 I check the overseas markets and futures.\u00a0 This takes me 20 minutes.\u00a0 Also I mentor some Asian traders so helping them helps me prepare.<\/p>\n We do not research specific companies- we are not fundamental analysts.\u00a0\u00a0We do know the story of the stock before we trade it.\u00a0 And we do know the other stocks in the sector.\u00a0 For example, when Ebola hit we knew all of the Ebola stocks to trade.<\/p>\n There are news patterns we trade.\u00a0 We love trading stocks that beat\/miss for Full Year guidance as an example.\u00a0 There are reports where we have a news edge because we have traded a similar news release.\u00a0 In the end we are summarizing how\u00a0a majority of market participants will react to news reports as opposed to what we think ought to happen.<\/p>\n The first thing I do premarket is run the SMB Scanner.\u00a0 In an instant I know what stocks I want to learn more about before the\u00a0 open.\u00a0 I populate my charting area and read the news releases about companies gapping up\/down 3 percent.\u00a0 Then I do a deeper dive into whether I want to trade these stocks in the market session.<\/p>\n Also we hold the SMB AM Meeting where Steve Spencer gives his guidance on the best stocks to trade, levels, setups, and his reasoning why.\u00a0 My premarket preparation with such technology is as short as 30 minutes on most mornings.<\/p>\n One last thing…traders should allocate time each day to building trading filters and automated strategies, and yes especially if they are discretionary traders.<\/p>\n I hope that helps.\u00a0 Excellent question.<\/p>\n What did we miss?\u00a0 What else should we spend time on?<\/p>\n <\/p>\n *no relevant positions<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"