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Sorry to sound like a "noob", with these newbish questions, but I am wondering what do you more experienced traders do on a Sunday night to prepare for the week ahead?
What websites you visit?
check upcoming news?
look at the daily chart? and draw trendlines trying to predict where price will go?
Go over your trading system?
Watch the futures on a sunday night?
Please be specific.
Can you help answer these questions from other members on NexusFi?
Primary is to check the charts from the previous week.
The Ninja workspace I use contains:
Daily (back 5+ years 24 hr chart)
60 Min chart, 1 year
30 min chart less than 1 yr.
5 min chart last 90 days
4 range (Custom pointO chart) back 30 days
1 range (Custom pointO chart) back 5 days
This helps me to see the big picture all the way to the current trend.
The important thing is to know what news events are coming next week that may affect your instruments. I trade ES most of the time so anything affecting the S&P are important to me.
Don't get too bogged down in opinions or predictions from traders.
Most of them are snake oil.
Other traders predictions or charts are only opinions, none of them have Crystal Balls.
Economic reports and news events are the most important things.
The rest of the stuff below is just for entertainment but don't affect my trading prep.
I check my trading twitter feeds.
(mostly traders to see what they are posting for the weekend)
StockTwits is a primary connection.
I wait till sunday night as saturday night I go out and have fun or do whatever to get away from trading. The reason I do this is because nothing can really be done sunday morning regarding the markets unless you plan to trade forex at night but the forex market is pretty dry on sunday night...
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
I tend to treat the weekend nights as the same routine as a weekday night in preparation for the new day.
1. At the end of the day - I feel tired after watching screens so leave it for record keeping on the trades or other account issues.
2. Beginning of trading day - Before market starts, ensure the trading systems are up and running fine. i.e check data feed connections, rollover dates etc.
3. Once Market Starts - I spend most of my time on research as productivity quickly goes down over the day and try to stay out of the systems way.
Sometime on the weekend or Monday morning (i trade European products) i do a top down review. Yearly monthly weekly daily, looking for overall context and areas where we could start to bracket or break from bracket and move to a new bracket, just thinking in probabilities really....Then start to zoom in by looking at my TPO/Profile chart, multi time frame VWAPS.
Also, a try and market replay any days i missed the week before.
I use to check the news frequently when I was a newb trader these days I just follow my system, everything you need to know is in the charts. But if your looking for a good financial news website Business & Financial News, Breaking US & International News | Reuters.com is pretty good. The Bloomberg android/Apple app is pretty good as well. Sunday night prep for me is mainly looking for major support resistance areas in the chart.
Sunday night is not enough. Most traders I know including myself work throughout the weekend and only take small break Saturday night and Sunday noon. I believe that if you do not have own algos and procedures it is a waste of time to read blog aggregators and random websites.
