So you’ve got everything in place and you’ve finally made the big decision to transition to your first day of trading live. But before you dive in, you need to make sure that you’re completely prepared mentally and physically. So, let’s just do a quick check to make sure that you’ve really got everything in place before your first day. The following is a checklist of things you need for your first day of live trading.
A brokerage account with deposited funds
Ok well let’s get the obvious out of the way, because it still needs to be mentioned. In order to place any trade you need to have a brokerage account that will execute your orders. In order to place trades you need to open a brokerage account with deposited funds. Make sure your account is a margin account, so that you can borrow shares for shorts and trade with higher buying power. You must have all of these set in place so that you can worry about the market on your first day, not the logistics of trading.
A trading plan
A trading plan is one of the most crucial yet overlooked aspects to trading. Without a trading plan, you’re susceptible to randomness and trading based on your emotions. Develop a trading plan while you’re on the simulator to get a good feel of what setups you’re good at and what you’re not. Practice and fine tune your rules so that they accommodate your personality and your lifestyle. If you don’t currently have a concrete plan in place, then you’re not ready to trade live.
A watchlist
What are you planning to trade on your first day? Make sure that before you begin that you have a watchlist or at least a plan to scan for stocks before you trade your first day. Don’t leave anything to chance by jumping into a random or unplanned trade. Having a watchlist lets you focus on the best stocks to trade before the market actually opens.
A charting software
You need real time charting software, because without one you’re practically trading blind. Make sure that whatever software you decide to go with is one that makes you 100% comfortable. Tweak the design, layout and indicators to your liking. Remember, you will be staring at this screen for the next 1000 hours. Make sure appealing to your personal sense of design and functionality. And finally, make sure the data is being sent to you real time. If you are seeing a delay, the software is unreliable.
And there you have it, the most important things you need in place before you take that big first step. If you’re not sure of the steps and practices that we’re talking about you can learn them all here at our Bulls Bootcamp. It’s an intensive 60 day course to teach you exactly how I trade and why. To learn more or signup, email me at kunal@bullsonwallstreet.com today!
