Tom Dante

Tom Dante

04-11-2022

12:35

The Daily Plan (A Thread) When I started out in prop, we had to fill this sheet in every single day we traded. It still remains one of the most useful things we did to improve as traders.

The reason for this, is the structure it provided to each trading day. The first section gets you paying attention to the economic calendar so you can assess what the market is waiting for and the times you can anticipate volatility.

The second and third section gets you in the habit of formulating an expectation for the day (your bias or lack thereof) and has you anticipating key levels to do business at ahead of time. These are then written down and kept in front of you as you trade.

The fourth section got you to review the market at the end of the trading day and look at what actually happened and then compare it to your expectations and plan. This is where many traders would see that huge disparity between what they planned and what they executed.

The fifth section was there for you to formulate conclusions and take a lesson away from the day. And there is always a lesson to take away.

Note the final section where they wanted us to focus on where the market closes and the location (the context of that close) and the corresponding volume. These metrics were seen as key for the next session bias. Then, to conclude, you would tally your P&L and RT's.

Getting in the habit of filling this in every single day allowed us to progress very quickly. I've been giving this sheet out to traders for years and many have now built excel versions. However, ...

...I always found that the act of writing made the information sink in better. To each their own.



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