Today we continue with Part 2 of my answer to an email sent in by a student (see the last entry in this blog for Part 1 and to read the letter and the questions).
I used to do a lot of preparation for each trading day. Now, after many years of trading, I’ve simplified things tremendously and don’t do much preparation at all. However, there are a couple things I ALWAYS do before the market opens, and this video will show you exactly what they are, including the 2 web sites I consult before the opening bell.
Please leave your comments by clicking on the green “Comments” link at the very bottom of this entry and if you found this video helpful, post it to one of the Social Bookmarks below that you belong to.
Great stuff, again !
Thanks.
Hi Barry,
This was not one of your better videos. Actually it was boaring. Sorry to be negative, but you wanted honesty, so there you go.
Thanks
Hi Dr Barry!!!!
Thanks very much, for yet another interesting and informative video.Always much appreciated.
Thanks and happy trading.
Kevin
Barry,
Thanks for the videos. Anything that you offer is well worth watching. Thanks for your training and advise for those of us who are always continuing the learning process.
Dr. Burns:
I do not day trade or trade futures, however, for the benefit of those who trade stocks, I do check the oversees markets and the S&P futures before the market opens.
These days with all the volatility I find that preparing for the market open leaves something to be desired. It makes a lot more sense to take a birds eye view (50 MA) and use oscillators/momentum as you indicated in your course.
It never seems to be a good idea to predict but anticipate and then react when the market confirms your plan.
Thanks Barry
That was a great help,it is always good to visit ur site every now and then because u never fails to help out.
Thank you Barry and may the good lord keep you for us
Hi Dr. Burns,
I hope you had a great Thanksgiving weekend with your family. I always enjoy and look forward to all your information. No one else seems to have that calm, smooth, direct to the point delivery as you do and the content is always very worthwhile. You create the right atmosphere for learning. I am happy to be on your mailing list and I would sign up with you if I could ever get the successful temperament as you possess for trading success. Thank you very much.
Sincerely.
Joe Da Silva
Its funny that as I progressed as a day trader my morning preparation decreased but my market open alertness increased tremendously. Before decimalization I would also capitalize on slightly crossed markets for the first 45 seconds. My morning routine would usually take a highlighter and go through Investor’s Business Daily and see what stocks were in play that I could follow. Uusally no more than 15. Ahhh, the good old days of the soes bandits!
Thanks all for the comments. And Bijan, no problem. I appreciate your honesty. Real feedback is the only way I’ll know if I’m delivering content that you want or if I’m off target.
video only played approx. 1/2
Thanks again Dr Burns for taking the time to give us another informative and helpful video. Your voice alone is great therapy after a stressful day in the markets or the office, or wherever! 🙂
A question: I know that you trade Forex sometimes. Do you have any special preparation for those kind of markets? As they are 24 hour, I presume that the normal “Open, Close” numbers are not quite as meaningful as in the more traditional markets (although I suppose the Highs and Lows are).
With thanks,
Regards,
Mike E.
News is really important in Forex. Checking any known news releases is the only special preparation I do … other than drawing support/resistance levels, but most of that is automated on my charts.
Enjoyed your video as I have the lessons you have provided. I will be using these sites as well. Thank you, Dr. Burns, much appreciated.
Although I am not presently trading the Mini-Dow, good to see the importance that you give to the daily Pivots. In my past experience, without them on my YM charts I will never take a trade. I find them like a “Price Compass”, either in trending or in choppy days. Similar for Market Profile!!!!
Thanks for all your information, Dr. Burns!!
cant see the link
Thanks very much, for yet another interesting and informative video.Always much appreciated, you’re doing a great job.
Thanks and happy trading.
Luis
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ups thank you once again.