When an aspiring pilot is learning how to fly there is a raft of things they need to learn and apply until they become second nature and are embedded in their subconscious.  To achieve this, pilot’s use Check Lists.

When you are learning how to trade Forex or any other market you need to remember a lot of different things and learn how and when to apply them too.  So why not use a Trading Check List ,which you can build as you learn more things?

Clearing out a folder the other day I came across one of my early check lists.  It covered the following things:

• Fundamentals – expected news flow for the day
• Multi-time frame analysis
• Key Support & Resistance across timeframes
• Significant Fib Levels
• Applicable strategy or significant patterns and relevance using filters
• Once a potential trade identified then:

• Reason
• Entry
• Stop
• Target(s) & Break Even levels
• Risk:Reward
• Position size(s)
• Double check!

• Check higher & lower timeframes for any potential pooh traps!
• Trade management rules.

Top Trading Tip: Construct and use a Trading Check List when learning how to trade Forex or when mastering a new strategy, it will help keep you disciplined and may prevent you from taking unplanned impulsive trades, which will kill your account.