TRADING CHECKLIST - A MUST!
As a seasoned trader, I've witnessed countless instances where seemingly avoidable errors have led to trading losses and account blow-ups. To help you avoid these pitfalls, I've created a pre-trading checklist that I recommend you review before every session.
Review Economic Calendar: Analyze the economic calendar for any major news events that could impact market volatility. Mark these events on your charts to stay informed.
Larger Time Frame Analysis: Assess the overall market trend and potential price direction by analyzing higher timeframes (e.g., daily, weekly charts).
Wave Count Analysis: Determine the current wave count within the larger market trend to anticipate potential price targets and reversals.
Execution Platform Check: Verify that you are connected to your live trading account, not your practice account.
Contract Size Adjustment: Double-check your contract size to ensure it aligns with your risk management plan and avoid unintended exposure.
Contract Rollover: Confirm you are trading the correct contract month and have rolled over contracts as needed to maintain accurate chart data.
Real-Time Data Verification: Ensure your trading platform is receiving real-time market data without any delays.
TradingView Chart Reload: Refresh your TradingView charts to ensure all indicators and data are displaying correctly.
Contract Type Confirmation: Verify whether you are trading Micro or Mini contracts to accurately calculate profits and losses.
Review Written Trading Strategy: Refer to your concise trading strategy to ensure all trades align with your pre-defined rules and avoid impulsive decisions.
Conclusion:
By consistently reviewing this checklist before each trading session, you can minimize avoidable errors, improve your focus, and increase your chances of trading success.
