{"id":20073,"date":"2022-09-02T07:30:20","date_gmt":"2022-09-02T11:30:20","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=20073"},"modified":"2022-09-02T07:30:20","modified_gmt":"2022-09-02T11:30:20","slug":"a-day-in-the-life-of-a-successful-trader","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/a-day-in-the-life-of-a-successful-trader\/","title":{"rendered":"A Day in the Life of a Successful Trader"},"content":{"rendered":"

Andrew’s Note:<\/strong> My colleague Larry Benedict is a legendary trader and editor of The Opportunistic Trader<\/em>.<\/p>\n

In February 2020, the market had fallen 3.5%. Nobody knew what would happen next… but Larry told CNBC, “There’s much more [losses] to come.” And that’s exactly what happened. Within a month, the market was down 34%.<\/p>\n

Now, Larry is predicting another event that’s guaranteed to shock<\/a> the markets. According to Larry, the steps you take beforehand could determine whether you end up “in the black” this year… or fall deeper in the red.<\/p>\n

He’s sharing all the details in an exclusive broadcast on Wednesday, September 7 at 8 p.m. ET. Click here to join this opportunity<\/a>.<\/p>\n

And below, read on about the daily trading routine that makes Larry a “market wizard”…<\/p>\n

\n

It’s taken 35 years, but I’ve finally cracked the secret to becoming a world-class, highly profitable trader.<\/p>\n

Ready? The secret is… hard work and consistency. Who could’ve seen that coming?<\/p>\n

That might sound boring to you. You might think that the world’s best traders owe it all to one big home-run trade or a fancy algorithm they invented. But the reality is success requires dedication.<\/p>\n

Everyone has a different approach, but today, I’ll show you exactly what I’ve done for 35 years that’s made me a success… and unveil a critical market event in the coming days that I want all my readers to be ready for…<\/p>\n

But first, it all starts with a breakdown of a typical trading day…<\/p>\n

A Day in the Life<\/h2>\n

For most folks, the trading day starts when the market’s opening bell rings at 9:30 a.m. ET.<\/p>\n

For me, a typical trading day actually starts the day before<\/em>… right when the market closes.<\/p>\n

Here’s what I mean…<\/p>\n

The only way to get a leg up on the countless other market participants is to be as prepared as possible.<\/p>\n

So as soon as I hear the closing bell, I’ll look at how the stocks on my watchlist closed, go through charts of trades I’m in or looking to get into, and how the market finished overall.<\/p>\n

This takes anywhere from one to a few hours depending on how many trades I’m in.<\/p>\n

Regardless, I spend at least 30 minutes going over what I did right, what I did wrong, and what I might need to improve on for the next trading day.<\/p>\n

Then, I’ll leave my office around 5:30 p.m., get home, and wait for the Japanese market to open at 7 p.m. ET. Intermarket relationships are huge because markets can impact each other drastically.<\/p>\n

\"Chart\"<\/div>\n

My trade station<\/em><\/p>\n

I also always keep an eye on the futures market, which is open from 6 p.m. on Sunday to around 5 p.m. on Friday.<\/p>\n

But my prep the night before the next trading day is more about paying attention to the news and market action than anything else. I’ll usually watch the market action, on and off, until I fall asleep.<\/p>\n

Sometimes, I’ll even trade through the night. But when I don’t, I’ll still put in call levels just in case something big happens. (A call level means a firm will call me and wake me up if the market makes any big moves so I don’t miss it.)<\/p>\n

Depending on how things look, I might get up at 2 or 3 a.m. to trade the European markets. But I don’t do that often unless it’s really active and busy.<\/p>\n

The next day, I get up around 6 a.m. and prepare for the U.S. market open. That’s mainly reading through research and news headlines.<\/p>\n

Today’s market is a very reactive one. It can move off of the slightest bit of positive or negative news. And it doesn’t matter if that news is factual or not.<\/p>\n

The trading day itself is just executing on the plans I put together from the previous day – and occasionally overnight. I’m in and out of at least 50 positions a day.<\/p>\n

That might sound like a lot, but I trade differently from a lot of people.<\/p>\n

I take small gains on a large number of positions throughout the day. This slowly grows my pile of capital, so when I see a home run lining up… I can make a big, profitable bet.<\/p>\n

Those don’t come around often.<\/p>\n

Most days, I’m just taking those small gains over and over. But when they do come around, I pare down the number of positions I trade each day and focus on the big one.<\/p>\n

Then, the preparation continues again after the close of the U.S. trading day.<\/p>\n

All that’s left is analyzing my current positions, making sure our P&L (profit and loss) from the day before is right, and adjusting where we need to.<\/p>\n

Then, the cycle repeats…<\/p>\n

This habit of constantly consuming information about the markets is part of why I’m successful today.<\/p>\n

But a big part of that success also relies on my insistence on taking small profits as soon as I see them.<\/p>\n

It’s all about having the proper mindset…<\/p>\n

The Right Frame of Mind<\/h2>\n

I’m not focused on getting the home run.<\/p>\n

I just want to capture gains when I have them. Home runs aren’t necessary if you’re slowly, consistently letting gains trickle in.<\/p>\n

That might not sound as exciting as hitting doubles and triples on every trade you make, but it’s realistic<\/em>.<\/p>\n

Here’s what works for me: Have a number you’re not going to go past on the upside or the downside and execute – no matter what. Don’t let your emotions interfere with that plan.<\/p>\n

With this strategy, you’re slowly pulling in profit after profit. That’s how you size up your pile of capital, eventually take on larger and riskier position sizes, and see exponential growth in your trading account.<\/p>\n

And when you start trading, the gains might not look huge on a percentage basis… But when you have a big enough cash pile, those small percentages can amount to millions of dollars.<\/p>\n

It’s all about using the money you have to make more<\/em>.<\/p>\n

An Urgent Briefing<\/h2>\n

The good news for traders is that now I do all of this hard work on my readers’ behalf.<\/p>\n

My research and discipline have helped me spot incredible opportunities – and predict sharp falls – in the markets.<\/p>\n

It’s how I helped my clients profit even during the 2008 financial crisis… and how my readers avoided a bloodbath in the 2020 crash.<\/p>\n

It’s also why I was one of the few to anticipate that 2022 would be a tough year for the markets.<\/p>\n

And now I’m preparing my next prediction for my readers… an urgent warning<\/a> that I’ll share at my upcoming briefing on Wednesday, September 7 at 8 p.m. ET.<\/p>\n

There, I’ll explain what I see coming around the corner – a market event that’s going to create a “shock” on Wall Street.<\/p>\n

It’s headed directly for the market’s largest exchanges… and it’s going to catch almost everybody by surprise.<\/p>\n

And the steps you take ahead of this shock could determine whether you end up “in the black” this year… or fall deeper in the red.<\/p>\n

I’m determined to help my readers be in the former category. So please, go right here to RSVP to my September 7 briefing<\/a>.<\/p>\n

Regards,<\/p>\n

Larry Benedict
Editor, The Opportunistic Trader<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

This is exactly what I\u2019ve done for 35 years that\u2019s made me a success\u2026<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[58],"newsletter-type":[],"ticker":[],"class_list":["post-20073","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-larry-benedict"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/20073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=20073"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/20073\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=20073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=20073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=20073"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=20073"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=20073"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=20073"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=20073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}