That checklist is just a guide. But we know that trading is more than that having a checklist. And if that guide is going to help a newbie or an existing trader, that's nice.
The most important factor that a trader should have is the eagerness to continuously learn from the market and with his trades.
With the mistakes that he'll get from trading upon usage of that guide and checklists, a trader is going to get that success in no time but do not hurry and take one step at a time.
Topic: Is trading checklist is very important? - page 3. (Read 616 times)
We should have a different trading checklist following other checklists which are not fit into your trading strategy and skills you might end up losing all capital.
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?
7. Am I following the trading plan?
There are 7 points in the given trading checklist and I would like to move the 6th point upwards to a first position in the checklist.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?
7. Am I following the trading plan?
How much capital am I risking with trading?
This should be a most important point for a trader to ask himself because capital and risk management must be a first step to do, before entering this market and do other steps for trading.
I mean is it a "must" or is it good to have? I think it could be something that we could talk about as a good thing, we should consider this as a very well adjusted situation. If you do it, that would be good, but if you do not do it, then it would be quite entertaining for us in the end. That is the thing about all of this situation, we could make it work. There is really nothing that could make this a required thing, there isn't really anything that could make it work some other way, so its going to be nice situation but you could avoid it if you want to. I hope that we could make it work some other way, it would be not a huge deal but I believe that not many veterans are doing it neither.
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.
If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.
Having a checklist on the market before trading is a very good tool to enhance your trading skills. If you adhere to them consistently you’ll be able to know when to enter or leave a trade. The market always follows same process and if you’re able to understand how the market ranges from time to time, you’ll easily become very profitable in the market rather than just entering the market base on just trial and not necessarily sure if the market will go the way you’re predicting it to go. One thing about trading is that it’s not luck and when you’re consistently winning is when you’ll know that it’s not luck but actually a knowledge that you’ve learnt that’s given you results like that. Have a checklist, cross check it if all demands are met before executing a trade.
OP deserves merits. Most traders are not following this. That is why they are losing. But even as I am trading, there are some that I do not follow but which caused me loss sometimes. Example is when I start to trade new coin, I will use the same amount of money and leverage which I was using to trade old coins. But sometimes the new coin volatility can be 2 time or more than the old coins and which can make my trading plan changed and lead to some losses.
I don't have a checklist but I think it's really important to have a checklist because sometimes when trading I forget a few things from the checklist before I enter and make a position which leads to loss instead of checking and confirming everything first before you take a position.
Have a checklist sticks on the wall, near a computer screen looks better and gives you feel of being safer because you are preparing good steps to trading safely. However, it is only first feeling and preparation, if later you become undisciplined, you will lose your direction in trading easily.Another person, don't compose, print and stick a trading checklist like you but can still be disciplined in trading and succeed, because he has his checklist in brain and by being disciplined, success comes naturally. Of course, he need more than discipline to succeed in trading.
I don't have a checklist but I think it's really important to have a checklist because sometimes when trading I forget a few things from the checklist before I enter and make a position which leads to loss instead of checking and confirming everything first before you take a position.
That's the reason why most of the traders have a pretty low win ratio they are also eager to earn pretty fast, with no patience which is why most of the traders miss any of these from the checklist above but even if they do have pretty low win rate they still make a huge profit due their strategy like 1:5 ratio and I think this checklist have a similarity list that created by Rayner Teo a fake trader according to some traders?
We should have a different trading checklist following other checklists which are not fit into your trading strategy and skills you might end up losing all capital.
That's the reason why most of the traders have a pretty low win ratio they are also eager to earn pretty fast, with no patience which is why most of the traders miss any of these from the checklist above but even if they do have pretty low win rate they still make a huge profit due their strategy like 1:5 ratio and I think this checklist have a similarity list that created by Rayner Teo a fake trader according to some traders?
We should have a different trading checklist following other checklists which are not fit into your trading strategy and skills you might end up losing all capital.
With that trading checklist, we can analyze what we already done and learn so we can see what we need to do in the next trade. If you can find that you must fix one of that list, you can improve yourself and understand the lesson you learned. Develop our skills is a must in trading because that will helps us to profit in trading although learning about trading is not easy.
Number 5 seems important to understand because we must know how much capital we can use to trade. We can not risks too big money to trade especially if we still learning and a beginner in trading.
Number 5 seems important to understand because we must know how much capital we can use to trade. We can not risks too big money to trade especially if we still learning and a beginner in trading.
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.
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html
All the above checklists are important before pulling the market trigger and I must tell you that I do all these and even more. Dailyfx is an old FX site whose information can't be taken for granted, I respect it a lot, it should be more than 2 decades in existence now. However, I would also like if they could add the point in which the trader asks himself whether he was acting based on emotion or not for psychological evaluation before confirming the trade. This is because no matter the checklists and plans you have, if emotion creeps in, your efforts will be futile. 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?
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?
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?
7. Am I following the trading plan?
There are 7 points in the given trading checklist and I would like to move the 6th point upwards to a first position in the checklist.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?
7. Am I following the trading plan?
How much capital am I risking with trading?
This should be a most important point for a trader to ask himself because capital and risk management must be a first step to do, before entering this market and do other steps for trading.
I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html
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.
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.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?
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.
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