7 Step Trading Checklist Before Making Any Trades
WHY SHOULD YOU USE A TRADING CHECKLIST?
Using a trading checklist is essential in the trading process since it encourages discipline, helps traders follow their trading strategy, and boosts confidence. Keeping a checklist gives traders a list of inquiries they must respond to before making transactions.
CHECKLIST FOR YOUR TRADING
Before starting a deal, consider the following:
- Is the market trending or ranging?
- Is there a considerable amount of support or resistance nearby?
- Is there an indicator supporting the trade?
- What is the ratio of risk to reward?
- How much money am I putting at risk?
- Are there any major economic releases that might influence the trade?
- Am I sticking to the my plan?
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