I do both. I write my master list daily just like Brian Tracey recommends using his 3 P's method: 1. Present tense 2. Positive language 3. Personal statements. i.e. I run a successful workouts site that generates this much income per month or I weigh this much at this much bodyfat.
I've been writing Brian Tracey style lists for years and have accomplished 90% of what's on those lists so I have to start new master lists all the time. His list system is pretty amazing.
I also write shorter lists of what needs to get done daily but those are more like reminders.