One thing I do that helps me to open good trades and avoid bad trades, is a Forex Checklist. This check list has a list of rules that must be in place before I enter a trade. I have found that by having a simple checklist in place it assists me in having the discipline to stick to my plan. The best part about having this list is that it is not complicated or difficult to remember. Actually the list is very easy and after using it a few times, a good habit begins to form. By using the forex check list I have developed my trading profits has gone up because this technique has increased my trading winning percentage.
I thought for the sake of this article I will share my actual checklist here with you as a guide that you can use for your own trading.
- First I identify the trend and look for trades that fall within the direction of the trend.
- Next I find the signal that I will enter the trade
- Then I identify support and resistance points
- Lastly, I determine the amount that I am going to risk on the trade
After these steps are in place I then place the trade and log them in my forex trading journal. I think you will find that something as easy as a simple checklist can dramatically improve your trading. Trading doesn’t have to be complicated to be successful. I keep it as simple as possible so that I don’t outsmart myself.
Please share in the comments below any type of checklists that you have developed that have helped you in your trading. That will help all of us become better traders as we share tips with each other.
I want to remind everyone about our live market analysis tomorrow morning at 7:30 am. Click on the webinar tab.
Also, I will be updating the Forex trading journal tomorrow in the first thing in the morning.
Thanks and I am looking forward to your comments.
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