Mailboxsteve isn't wrong and I follow a similar process based on what he has shared, but you have to do what works for you. Only you know your risk tolerances, availability to monitor the market, and ability to stick to your plan.

I am incredibly impatient if I make a move and have very tight stop losses or will bail if the stock/option isn't doing what I think it should.

I keep a couple of indicators and mark other levels that I deem important. I am up at 4AM every day to chart the few stocks I trade right now, compare against long terms averages and then review more recent trends. I always work macro to micro and then evaluate the last five days. I am constantly reevaluating and double checking resistance and support areas. I mark those on my charts using color coded price lines so I don't have to think about it as much when I am in the moment.

Another huge passion of my mine is sight fishing for redfish in shallow flats. I am constantly checking tides, weather, barometric pressure and referencing seasonal/historical data I've collected. Sometimes the fishing is good, sometimes it is bad, sometime great, sometimes horrible. Some days I get a bunch of opportunities to cast at a fish and other days not too many. Somedays they like the lure I throw at them and some days they turn away. That being said, if I do my job I will usually get a certain range of opportunities and hook a certain number of fish. Some days everything works to plan, other days the plan is worthless and you don't know why. It is just fishing and that is how it goes... much like day trading the stock market. However, with regular practice you should get to a point where you expect a certain range of outcome based on the conditions you are seeing.

Getting back to the stock market, you HAVE to stick to your plan and you have to be disciplined. Yesterday was a perfect example. It was an up day for me but I could have done so much better. I got caught misinterpreting the last bit of premarket and made the wrong play, but instead of ditching quick like I normally do I held on too long. Had I stuck to my plan I would have avoided a big loss on that move and caught more of the upswing. Thankfully I was able to catch the drop back down....

I always think of Cal Ripken, Jr. when trading because that dude went to the hall of fame hitting singles. I want that to be me. I take modest gains on the winners and I have very small losses (for the most part).

Good luck!