Good morning, traders…

There’s one golden rule that applies to nearly every job, hobby, discipline, and skill on the planet. 

“Greatness happens when preparation meets opportunity.”

When I was playing Division I basketball, my coach always said this during practice. Years later, my first trading mentors told me exactly the same thing.

After decades of practice, I understand why they hammered this “preparation” idea so hard.

Winning traders do the hard work that losing traders aren’t willing to do. 

You might think you’re preparing each week, but you’re doing it wrong. 

You’re probably skipping over a few easy steps that could set your entire week up for success.

I’ve used the same 6-step Monday Morning Checklist every week for nearly two decades. 

And I can’t tell you how many times something from this list saved me from a brutal loss (or led to an extraordinary win). 

If you wake up on Mondays without a precise routine, it’s time to pay attention…

Here’s My 6-Step Checklist For Monday Morning Success…

Step 1: Build (and Update) Your Watchlist 

You’re in a unique position as an options trader. Your trading opportunities can shift rapidly, ranging from week to week and even minute to minute. 

Having a clear list of great setups at the beginning of the week sets the foundation for your trading decisions.

Full stop.

The stock market is dynamic, with share prices shifting constantly. This means you should be updating your watchlist throughout the week, adding setups as they present themselves. 

If you regularly update your list, you won’t be caught off guard. You never know, a previously unnoticed stock can unexpectedly become the highlight of your week.

Step #2: Look at Economic Data

Economic data may not be the most exciting part of trading, but it’s crucial.

Don’t believe me? A major study showed that, “Since 1961, the 44 days a year where there has been major economic news account for over 71% of aggregate equity market returns.”

This is why you should be scanning major international news outlets on Mondays for significant events from the weekend that may influence the markets:

• Pay close attention to geopolitical events. This can’t be overstated, considering the recent developments in Iran. 
• Investigate any major economic data releases from the past few days that might sway market sentiment (CPI, PPI, jobs reports, etc.).
• See if there are any big corporate announcements, especially from blue-chip companies or market leaders. 
• Look at the calendar of events for the coming week. Fed meetings are usually market-moving catalysts. 
• Highlight any anticipated earnings reports from major companies, as these could drive sector-specific movements.

Step #3: Analyze Your Charts

As a short-term options trader, starting your week with technical analysis can put you ahead of the competition. Start by pulling up the daily charts for the major global indexes and sector leaders (like SPY, QQQ, NVDA, etc.) 

In the pre-market, monitor for significant gaps, surges, or downturns that might set the tone for the day.

Check the implied volatility (IV) levels across options you’re tracking (and the CBOE Volatility Index (VIX) to get a sense of overall market sentiment). 

If VIX is above $15.50, trade cautiously. 

If it’s below $15.50, consider a more aggressive approach. 

Step #4: Examine Your Open Positions

Look at each of your open positions. Ask yourself these four questions…

Why are the green trades working? 

If you have red trades, why did they fail? 

Should you hold them, or cut them? 

Are you following your rules?

• Identify any positions that are nearing expiration this week, as these trades require your utmost attention. 
• Look at the underlying stock charts on the options you’re holding. Are they trending as you anticipated? Any surprises? What’s your plan?
• Calculate the impact of time decay (theta) on your options positions. (Especially on short-dated contracts).

Step #5: Plan Your Trades

Think about great sports teams. Do they go into a playoff match without a game plan? No? 

You shouldn’t start trading without a game plan either. 

Avoid hasty decisions and knee-jerk reactions. Don’t decide what names to trade at the last minute on Monday morning.

Remember The 7 P’s of Trading…

Great traders plan their strategy before the week starts.

Step #6: Forget About Last Week

It’s a new week. Make sure that emotions from last week’s losses (or wins) don’t influence this week’s decisions. 

This doesn’t mean you should forget the valuable lessons learned from past trades. Keep those. 

It’s the emotions you want to lose. 

Start each week with a fresh perspective, free from the emotional burdens of previous trades. 

A lack of confidence from past losses might prevent you from nailing a promising setup, while overconfidence can lead to rash decisions (and avoidable losses).

Take these six steps every Monday morning. Nothing will catch you off guard.

Happy trading,

Ben Sturgill

P.S. Since launching my OMEN Scanner, I’ve achieved an 89% win-rate with a 72% average gain…

My top 120 trades have all generated 100% or higher. 27 soared above 200%, and 12 exploded beyond 300%…

But my biggest trade yet could be setting up RIGHT NOW.

Join Aaron Hunziker TODAY, JUNE 30 at 2:00 p.m. or 8:00 p.m. EST for a LIVE WORKSHOP where he’ll go over our biggest trade ideas in the options market.

This is your last chance — Click here to sign up before it’s too late. 

*Past performance does not indicate future results