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Topic: Is trading checklist is very important? - page 2. (Read 597 times)

sr. member
Activity: 854
Merit: 424
I stand with Ukraine!
September 19, 2024, 06:43:14 AM
#33
I know some traders that has made it their natural culture to always keep informed with significance economic news that could affect their trade, some traders have actually made money from becoming good at fundamental analysis.
News usually goes lively when you are sleeping or doing something off computers. If you rely on news, news updates for your trades, you soon will lose money because of news.

Always use order types like Stop-Loss order, Stop-Limit order, to help minimize your loss, exit the market automatically even when you are sleeping. No matter what news comes out, it's not matter, if price falls and hits your stop-loss or stop-order trigger price, your position will be closed and it will help you avoid black swan events and market bloodbath.
full member
Activity: 658
Merit: 172
September 14, 2024, 12:24:49 PM
#32
Quote
Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?
As a trader continues to trade, they may no longer need to keep a physical checklist of these questions to ask themselves, they will naturally seek out those answers each time before making a trading decision. It is mostly new traders who may need to keep a physical checklist so that they consciously remind them self before these questions start naturally occurring to them. I know some traders that has made it their natural culture to always keep informed with significance economic news that could affect their trade, some traders have actually made money from becoming good at fundamental analysis.
legendary
Activity: 966
Merit: 1042
#SWGT CERTIK Audited
September 14, 2024, 11:37:16 AM
#31
Hmm, Quite a precise checklist, but at least 2 of them are unnecessary to follow always, haha I won't comment on this one as important with first place and second place. A trader needs to be conscious about all of them, if your base is discipline all of them are a piece of cake for you while analyzing any kind of trade. TBH checklist is the need of a new trader as far as it's concerned with the experienced trader according to his routine he follows it sub-consciously.
full member
Activity: 126
Merit: 93
September 03, 2024, 04:17:06 AM
#30
If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
I agree with your words. there are no traders who are instantly successful. all go through a complicated learning process. Even after learning, traders also need experience to make them successful.
trade continues to develop, and the abilities of each trader must also be updated. especially to determine the right strategy that may be most appropriate for the trader. sometimes it takes several attempts to master it.
Right, success in trading can not be easy and not at overnight, every successful trader spend a lot of valuable time to learn crypto trading, also they lost a lot of money, then they are experienced gradually it's a long process to success in trading, i am started trading a few years ago but still i am learning because i don't know everything in trading.
Crypto trading in particular is relatively complicated with high profit potential coupled with high financial loss potential. Successful trading depends on choosing the right currency with experience and holding long-term holdings and should also keep a buying trend in every bearish period. If you are only experienced and do not have modest holdings, you may be exposed to losses. The tendency to get instant capital and profits accordingly is very risky so every investor should build potential currency stacks and take appropriate decisions during bullish times.
hero member
Activity: 2982
Merit: 610
September 02, 2024, 04:32:09 PM
#29
If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
I agree with your words. there are no traders who are instantly successful. all go through a complicated learning process. Even after learning, traders also need experience to make them successful.
trade continues to develop, and the abilities of each trader must also be updated. especially to determine the right strategy that may be most appropriate for the trader. sometimes it takes several attempts to master it.
Right, success in trading can not be easy and not at overnight, every successful trader spend a lot of valuable time to learn crypto trading, also they lost a lot of money, then they are experienced gradually it's a long process to success in trading, i am started trading a few years ago but still i am learning because i don't know everything in trading.
Learning is always a continuous process as you will keep on learning everytime you trade. Even pros in trading need to keep learning as well, because regardless if you are a professional trader or not, learning should always serve as the foundation in trading.

Now, having trading checklist is important as well. If you want to increase your rate of success and minimize trading failures, get ready to follow your trading checklist or your trading plan, otherwise your trading attempt will less likely to succeed.
full member
Activity: 856
Merit: 111
Buzz App - Spin wheel, farm rewards
September 02, 2024, 12:15:36 PM
#28
If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
I agree with your words. there are no traders who are instantly successful. all go through a complicated learning process. Even after learning, traders also need experience to make them successful.
trade continues to develop, and the abilities of each trader must also be updated. especially to determine the right strategy that may be most appropriate for the trader. sometimes it takes several attempts to master it.
Right, success in trading can not be easy and not at overnight, every successful trader spend a lot of valuable time to learn crypto trading, also they lost a lot of money, then they are experienced gradually it's a long process to success in trading, i am started trading a few years ago but still i am learning because i don't know everything in trading.
hero member
Activity: 1428
Merit: 592
September 01, 2024, 10:39:41 PM
#27
I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

Consistency is often something that is difficult to maintain and often people will give up because of circumstances.
In terms of trading, consistency will not be a trigger for someone to persist because if the trades they do often experience losses, it will make them stop.
This point of consistency will be much more difficult to apply because no one will want to persist when they always experience losses in trading.

The method may be simple and if trading skills are not adequate, then involvement in trading should use smaller capital so that people can persist in consistency to develop the trading potential they run.
The list or points that you share can be a trigger to increase trading potential or skills, but it is difficult to be consistent if it is not accompanied by results which is satisfying based on good trading knowledge.
hero member
Activity: 2926
Merit: 657
No dream is too big and no dreamer is too small
September 01, 2024, 04:57:26 PM
#26
The checklist is very important for traders to know before they trade and it will definitely help them to navigate the market more easily and can increase their profit potential. But maybe we need to add psychology management here, because it is one of the important factors in trading, since a trader can make the wrong decision when they are emotional and do not manage their emotions properly - it is not about being able to control emotions, but managing them properly, for example avoiding trading when in a burdened position, etc.
Well, having a trading checklist is certainly an essential in trading as it would create higher chances for a successful trading outcome. Aside from controlling high emotions when trading, we should also build more consistency in following our trading plan because that will be the key in order to achieve our main goal in trading. Be it seeking profitable patterns in the market or staying with the market trends, as long as you're responsible enough to know well in trading, then success could be more highly possible.
hero member
Activity: 1428
Merit: 653
Leading Crypto Sports Betting & Casino Platform
September 01, 2024, 03:53:10 PM
#25
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Quote
Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
This are very good checklist or questions to be asked oneself before Venturing the market. You know usually most people do not care about anything what they believe is that got involved and start making profits but without knowing there are cure things to be focused and needs to be consistent with what they are doing and off cause any person who aren't auditing himself before jumping into the Market to trade would definitely face huge lose. For someone to be come successful in trading they need to be vast in knowledge and open to accept any change or adjust themselves for a productive results.
hero member
Activity: 2828
Merit: 611
September 01, 2024, 08:08:55 AM
#24
The checklist is very important for traders to know before they trade and it will definitely help them to navigate the market more easily and can increase their profit potential. But maybe we need to add psychology management here, because it is one of the important factors in trading, since a trader can make the wrong decision when they are emotional and do not manage their emotions properly - it is not about being able to control emotions, but managing them properly, for example avoiding trading when in a burdened position, etc.
Checklist is surely important because if you are entering into trade you are having no strategy it's more pain then you are having things already settle for your trading journey and having some good ways of staying with update things related to trading.

Even everyone having own ways of doing things but usually when we are having all things manage this give us better psychological advantage for doing work without any hassle, and we can also manage our trades well while are having risk factor then surely things like these help us for doing good decisions even still factor of loss is still on, but we can go ahead with positive mind-set which is the most important thing for staying into trading for long time.
hero member
Activity: 1050
Merit: 844
September 01, 2024, 07:52:41 AM
#23
In any case, I would likewise like if they would add the point in which the merchant finds out if he was acting in light of feeling or not so much for mental assessment prior to affirming the exchange. That is the justification for why the greater part of the dealers have a low success proportion they are likewise anxious to procure pretty quick, with no persistence which is the reason the vast majority of the merchants miss any of these from the agenda above yet regardless of whether they have pretty low win rate they actually create a colossal gain due their methodology.
If there is no persistence in doing anything, of course there will never be any victory in any form from any job, because persistence is part of everyone's basic interest in doing a job, especially if the job is trading which in general must have several important points that must be understood before doing it. Because in trading there is no term that can get rich quickly or can immediately profit at a certain moment except just because there is a little luck that can make it get profit on a certain day.
newbie
Activity: 28
Merit: 0
September 01, 2024, 03:48:28 AM
#22
In any case, I would likewise like if they would add the point in which the merchant finds out if he was acting in light of feeling or not so much for mental assessment prior to affirming the exchange. That is the justification for why the greater part of the dealers have a low success proportion they are likewise anxious to procure pretty quick, with no persistence which is the reason the vast majority of the merchants miss any of these from the agenda above yet regardless of whether they have pretty low win rate they actually create a colossal gain due their methodology.
sr. member
Activity: 1106
Merit: 391
August 27, 2024, 03:41:00 AM
#21
The checklist is very important for traders to know before they trade and it will definitely help them to navigate the market more easily and can increase their profit potential. But maybe we need to add psychology management here, because it is one of the important factors in trading, since a trader can make the wrong decision when they are emotional and do not manage their emotions properly - it is not about being able to control emotions, but managing them properly, for example avoiding trading when in a burdened position, etc.
jr. member
Activity: 60
Merit: 1
August 27, 2024, 03:11:09 AM
#20
Trading checklist may not be so crucial for someone who is professional in trading. However, for those beginners in trading, I believe this could help them a lot so they can assess the market well if there are potentials for a successful trading or the chances are very slim. With that, it could also help them limit their trading losses as well because once their checklist results seem not good enough to trade, then they will wait for the right timing to trade.

Yeah, I agree with you that trading checklist is not of essence to professional traders and it is of essence to the beginners traders because it will help them a lot in making the right decision before engaging themselves in trading, a business is always a business so I think that  it is also useful to professional traders for them to become a successful trader, it will also serve as a guideline to them and how they will manage their business, after making the trading checklist and the person study it very well, he or she will be able to make the right decision weather he can trade or not.
legendary
Activity: 3094
Merit: 1127
August 01, 2024, 04:37:47 PM
#19
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Quote
Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

1. If you would really be tending to make some scalping then YES, if you are trying to find some entry or exit then its NO!
2. S&R are always relevant, if you do know these lines then you do have the idea about exits and entries
3. Of course you would really be considering this all the time
4. Totally depends on a certain person. Capital/Risks management/Guts
5. Same on #4
6. Fundamentals cant really affect 100% but as we can see recently it do really make that effects
7. You must but there would really be instances that plans do change or being retroactive basing up on the market condition.

This is why being a trader is never been that so easy yet dealing with an unpredictable and random market in terms of price movement
but of course if you are really that serious towards trading then you woul really be needing to learn stuffs.
hero member
Activity: 3094
Merit: 606
BTC to the MOON in 2019
August 01, 2024, 04:31:23 PM
#18
Trading checklist may not be so crucial for someone who is professional in trading. However, for those beginners in trading, I believe this could help them a lot so they can assess the market well if there are potentials for a successful trading or the chances are very slim. With that, it could also help them limit their trading losses as well because once their checklist results seem not good enough to trade, then they will wait for the right timing to trade.
legendary
Activity: 2534
Merit: 1338
August 01, 2024, 01:40:30 PM
#17
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Quote
Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
As long as a person keeps trading and they follow whatever parameters they think it is important when they do it, then sooner or later this will become an action they do in automatic without even thinking about it, this makes consistency even more important, because early on doing all of that may seem to take forever and you may even forget to do so from time to time, but once you do this long enough, it is likely you will be able to do all of that in a matter of seconds, guaranteeing that each one of your trades is done only when the conditions are on your favor.
hero member
Activity: 2688
Merit: 588
August 01, 2024, 11:26:03 AM
#16
For me, all these points may all boil down to a single thought, that is if you are actually trading following the trading plan. With that, having risk management is already included knowing you can't do a successful trading if you don't have an effective risk management. Trade according to your set risks, and never do trading if it's beyond your trading risk management, that is if you don't want to end your trade at a loss.
Yeah, no matter what number they are, all of them are still important and should be considered if we are serious on this venture, so even if there are no numbers, it is completely fine. As we can see, risk management is not mentioned there but the guy above is right that the number 5 in the list sounds like it, though even if it isn't there, this is already understood no matter what we are doing (be it trading, investing, staking, mining, lending, gambling, doing a business, and so on..). Actually, without a risk management, doing a successful trade is still possible.

What I mean is we can push the transaction through but the thing is that the amounts that we are dealing with might be a bit high, or the assets that we are using are only a shitcoin, meme coin, or something. Like it or not, there will always be traders who are like this. They are hard-headed or too naive. Meanwhile even if we are following the proper protocol in trading, we can expect that losses are still there. It's normal and part of the game. The thing is, we can only worry less and can proceed to our next agenda, so trading like this is still better than trading the other way around.
legendary
Activity: 3654
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
August 01, 2024, 10:23:51 AM
#15
Realizing that you need to do this check is the start of your trading, memorizing and doing it is your veteran life. Most people do not make a checklist to trade, we know these already and we already consider these when we are trading, so it is not like we are going to make some changes to it at all, it is going to be basically what we think of it.

I understand that we are going to end up with something a little bit more tougher if we do not look at them, so you should definitely learn them if you are new, but not for veterans. Some of them aren't even that important, if you see a proper trade then you do it , and you just consider what the chart/indicators are telling you and if you know what you are doing then most of the time you will be fine.

Not a lot of people do that of course, most people ignore the checklist and the warning comes with the fact that if you are not a veteran trader who already takes care of business, then you can't ignore these. Newbies should focus on anything that will make it better for them and most of the time it is not really that clear that's good for them, so it should not be really considering the reality that it would make things so much more special.
copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
August 01, 2024, 08:29:53 AM
#14
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Quote
Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?



Very important! The checklist that you provide is a very good one. A good trader always have a rulebook to follow on every trade to ensure that you are trading based on the strategy that you developed for a more consistent result.

Emotion usually affects your trade especially when there’s a trend of price action to do a mistake that cause losses. The current problem of crypto traders nowadays are they are chasing shitcoins like a hellhound without considering any plans or thorough research about fundamentals.

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