a. Check your brokerage-account or charts to see if any orders got filled.
b. Set new stops and/or entry prices (if applicable)…
c. Cancel order if the price has moved out of set up area or if the stock has since reacted in a way that is contrary to our reasoning for wanting in.
2. JOURNAL NEW ENTRIES
a. Anything that has changed should be logged into the Trading Journal.
b. Add specifics in the comment section for later use.
3. ASSESS OVERALL MARKETS
a. SPY, QQQQ, DIA (these are the best stocks out there that mirror the actual activity in the three big general markets).
b. What is our sentiment or interpretation of the overall market and how does this effect our trading decisions?
4. TRADE SEEKER SCANS
a. Find some scans that you like and put them into the “Trade Seeker” page that should be linked to your Trade Center.
b. Sort out (delete) any stock that has less than 500k in daily traded volume.
c. Sort out (delete) any stock that is currently trading less than $15 for your SHORT scans that came up.
5. CHART IT!!
a. Quickly and instinctively go through the charts and WRITE DOWN the ticker symbols of the charts that you like.
b. Move the stocks that you like into your SHORT/LONG watch list or focus group.
c. Watch list is for stocks that are setting up nicely, but still aren’t ready for any action for at least another couple of days.
d. Focus group is for stocks that are set up nicely within the guidelines of our trading plan (wholesale/retail) and are ready for action now or tomorrow.
6. T.R.E.N.D. THE STOCKS THAT ARE READY
a. T (trend; up/down?) R (readiness; wholesale/retail?) E (equity; risk vs. reward, 2:1 min.) N (notables; earnings, confirmation) D (decision; yea or nay?)
b. Enter trades that are ready and that we like into our brokerage-account.
7. JOURNAL NEW ENTRIES
a. Risk/Reward ratios can be easily found in the Trade Journal and the trades that we like should be left in there until we find out if they have been filled.
b. Add specifics to the comments section for later use.
