What does a trader do?
A stock trader is an individual entity that aims to earn some gains by trading the market securities and commodities, on a short-term basis. There are many types of traders including an individual working from the comfort of his own home, or a professionally trained trader working for an institution and earning bigger profits from more capital. There are different types of trading too, day trading, swing trading, scalping, momentum trading, and position trading. The personality and risk appetite of the trader decides which trade he wants to master; however, he has to be good in each of the trades also.
The need for a daily schedule
Having a routine in life is what makes a trader successful in the market. He has to be ahead of his own game and plan each day consistently. The stock market is highly volatile and needs the full attention of the trader almost all the time. Discipline is doing the research, analyzing the downfalls, and keeping tabs of his trading history is what improves the trader with each passing day. So even if the stock markets are a bunch of uncertainties and surprises, a day in the life of a trader remains monotonous and almost the same always, which might look as follows.
Waking up and preparing for the day
The trader has to prepare himself for the day ahead of him by doing the current market research and analyzing his past trades’ success or failure. This can be done right before the stock market hour begins and after the morning activities of early waking up, doing the exercise, and having breakfast are over. These routine activities play an important part in having a great workday ahead. Having a healthy breakfast after a few minutes of exercise can make a change in your day, which otherwise could have been lethargic and less productive.
And comes the trading!
Before actually doing any sort of actual work, i.e. buying or selling any stock or other instrument, it is better to take note of a few things. Catching up on a few things like any events that took place overnight, checking the latest financial websites, watching news related to the stock market, listening to the analysts and experts on the subject, etc. will help the trader to determine his decisions throughout the day. He will head towards the work station. Early hours of the day are more volatile as compared to the later hours, and the trader has to be proactive in buying and selling due to the fluctuations. Again, during the remaining day, there would be a decrease in the volatility of the market, except the last hour of the day, which is more volatile for the traders to quickly make some of the best trades. Traders who are holding some positions are just looking for a chance to close them and earn profits from them before the day ends.
Besides these activities, the trader should be conducting weekly and monthly reviews on his best trades and failures throughout the month and learn from them. Thus, this is how a trader’s normal day would look like if there are no uncertain events. His success depends on his discipline towards the work, his patience to face the unforeseen events, and daily practice to make smaller but consistent profits.