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Here are the basic components that your checklist should cover.
Most of these questions can be answered in a quick yes / no fashion so it should only take you a few seconds for each.
After you go through the 5-8 questions, you should be on your way to making a higher probability trades.
Here are some questions you can use to make up your checklist that correspond to the chart above:
#Is the market trending or ranging?
#Are the bulls or bears currently in control?
#Are the indicators that I use confirming my trade?
#Is there a significant level of support or resistance nearby?
#Are there any significant new releases coming up that could impact the trade?
#Where should the market not go if my edge is correct or where should i get out of the trade?
#Am I utilizing no more than 5x leverage on my account?
#Should I enter this trade based on the prior answers?
There is no need to worry about being a perfect trader who will never take a loss because it won’t happen.
However, you can focus on taking trades that align with the set ups that you feel deserve your time and capital.
A trading checklist like the one above is a tool you can use to make sure that you’re on the path to consistence trading.
Happy Trading!
-Written by Tyler Yell, Trading Instructor
#Is the market trending or ranging?
#Are the bulls or bears currently in control?
#Are the indicators that I use confirming my trade?
#Is there a significant level of support or resistance nearby?
#Are there any significant new releases coming up that could impact the trade?
#Where should the market not go if my edge is correct or where should i get out of the trade?
#Am I utilizing no more than 5x leverage on my account?
#Should I enter this trade based on the prior answers?
There is no need to worry about being a perfect trader who will never take a loss because it won’t happen.
However, you can focus on taking trades that align with the set ups that you feel deserve your time and capital.
A trading checklist like the one above is a tool you can use to make sure that you’re on the path to consistence trading.
Happy Trading!
-Written by Tyler Yell, Trading Instructor