While on a run today I was thinking of ways to be more efficient with my time. Many ideas came into mind such as stop checking emails, loading up the charts right away and skipping breakfast to name a few. Unfortunately all of these options would go against the section in my trading plan that says I have to be both mentally and physically prepared before trading each day. Then around mile 2 of my run it hit me. The task that took up the bulk of my time in the morning (aside from recording a video for The Syndicate Members) was my market analysis. Since I am both a swing and day trader I have two separate sets of analysis that I must do each morning before trading. Although there is nothing that I can do to save time on my day trading pre market analysis , I have found a way to shorten my swing trading analysis and its actually something I do every once in a while anyway. All I have to do in order to become more time efficient is not delete my charts.
The potential setups that I look out for on the longer time frame charts (4 hr/Daily) are far and few. Therefore I've found that if I take the time to do some really in depth analysis on the weekend/Monday, then all I have to do is sit back and wait for the market to reach my zone. For you Pro Trader Course graduates, this means basically doing the I, P and D of our I.P.D.E. This way instead of loading up the chats each morning and drawing out what I'm looking for from scratch (which isn't a bad idea), I already have a reminder on my charts of what's happening and simply have to take the time to look at price actions progress or for any new formations.
With all that being said, I still believe that for those who have time, it is a great idea to do fresh, full analysis each day. This will allow you to train your eyes for certain patterns a lot quicker as well as maybe pick up something that you may have missed previously. However, there are a few of us that just don't have enough hours in the day to complete everything we need to get done so instead of missing out on a good night's sleep, which is crucial to trading, here is a way that may help you out.