Cory Mitchell, CMT Profile picture
Jun 14 4 tweets 2 min read Twitter logo Read on Twitter
Our Daily Routine lays out what we need to do throughout the day to give us the best chance of following our Trading Plan.

Our Pre-Trade Routine puts us in the proper mindset to actually follow our plan and maximize performance.

Here's how to create these documents👇
Here's a daily trading routine example.

Update it as your trading and life change.

The idea is that the routine serves you, helping you trade your best.

If the routine starts getting in the way of that, revise it to suit your life/current mental state. Image
Here's an example of a pre-trade routine to get us in a positive mental space for #trading.

Being in a good confident headspace is what matters. Create a routine that does that, and note things that work for putting you in "the zone". Recreate those things in your routine. Image
Do what works for you. I like routines & structure. But I'm also human and need to update these routines regularly to adapt to life.

Don't be too rigid, or you won't follow through.

Spend time developing these documents. Your trading will benefit.

Follow @corymitc for more

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Cory Mitchell, CMT

Cory Mitchell, CMT Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @corymitc

Jun 15
The Math & Concepts Behind Making Big #DayTrading Returns

It's certainly feasible. It relies on 4 things:
- Number of trades (a couple a day)
- Position size (well-controlled)
- Reward:Risk (doesn't need to be huge)
- Win Rate (doesn't need to be high)

Here's how to do it 👇🧵
Trading on a 5-minute chart or lower time frame, a decent price action strategy should be able to find on average 2+ trades per day (40 per month) in under 2 hours of trading.

That doesn't mean exactly 2 every day. Some days there are no good trades, other days there are many.
Risk up to 1% of your capital per trade. 1% is the goal.

If starting out, risk 0.1% per trade and increase 0.1% per month of profitability.

If your account is $100, risk $1 per trade (1%). If your account is $35K, risk $350 per trade.

More details: tradethatswing.com/the-1-risk-rul…
Read 15 tweets
Jun 6
This is one of my favorite #forex and day trading patterns (I also use in stocks).

It occurs nearly every day on the 1-minute chart and it often occurs multiple times within a 1.5 to 2-hour time period (or however long you opt to #daytrade).

Get in and Get Out.
Learn it 👇
I call these RTs or RBs, which stands for Rounded Top and Rounded Bottom. The pattern requires specific criteria, but if you practice them, you'll see them almost every day.

I daytrade them on the 1-minute chart, but I also trade them on other time frames and various markets...
First, let's look at the patterns, and then I'll provide some context as to when to trade them, when not to, position-sizing, leverage, and other details...
Read 25 tweets
May 13
Create these 4 documents to keep your trading on a profitable track.

1. Trading Plan
2. Daily Routine
3. Pre-Trade Routine
4. Trade Checklist

2, 3, & 4 all work to reinforce our Trading Plan.

Here's how to create them, so you can improve your performance NOW.
👇👇👇
1. The Trading Plan details how we trade. Here's an example outline.

More details if needed: tradethatswing.com/a-complete-tra… Image
2. The Daily Routine structures the day so we're likely to follow our Plan. It creates time to improve our trading (review/meditation/mental work).

The daily routine may need to be updated every few months to accommodate life changes.

More examples: tradethatswing.com/make-a-daily-t… Image
Read 8 tweets
May 9
I've made my living off the markets since 2005.

Here are 12 Lessons for #SwingTrading Stocks, including:

-capital needed
-strategies
-position sizing
-when to avoid trading
-scanning for stocks
-And Much More...

A thread 👇📷 👇
1. How Much Capital to Swing Trade #Stocks

If you pay commissions, start with $5,000+. Need bigger profits to compensate for commissions (often a flat fee).

If you don't pay commissions, can start with $1000 or less.

To earn a decent side income, you'll need more.
2. Leverage:

Open a "margin" stock trading account to access leverage.

For swing trading, you can often access 2x leverage AKA 50% margin.

This means you can buy positions worth twice your capital. $10K deposit, trade up to $20K.

Bigger potential profits...and losses.
Read 17 tweets
Apr 5
I’ve been day trading for almost 20 years…here are a few things you should know about day trading stocks.
(I can only comment on what works for me. Take what you like, leave what doesn't resonate with you.)
🧵👇👇
1. Don’t trade during New York lunch hour. There is occasionally some good action between 11:30 am EST and 1:15 pm EST, but not enough to warrant trading through it every day...
While I traded at the prop firm—based on data from hundreds of traders, thousands of trades, over years—not a single person made consistent money during lunch. Most traders lost a good chunk of their morning profit.
Read 14 tweets
Feb 16
When ranges form and price starts chopping around, that's when most people lose money.

Here's how to avoid getting chopped up, profit if the range is big enough, and still participate in the breakout.

A quick visual thread on "range rules."
👇👇
My #daytrading "range rules" generate great returns (combined with my entry signals) and save me from unnecessary losses almost every day.

There are two concepts:
1. Room
2. Inside or Outside Swing

Both are important for navigating ranges or choppy trading...
1. ROOM means: if price is in a range & I get a trade signal, my target must be within the range (or barely outside) & STILL provide a good reward:risk of at least 2:1 or greater.

Notice how my targets are within the range. There's "room" within the range to hit my target. Image
Read 12 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(