BASIC checklist everybody!?

Beginner Questions
1

Hey forex buddies! :slight_smile: What is the basic checklist that you run through when you start your trading sessions\day? If you were to give a quick numbered and point based checklist that you run through every day or every time you open up your charting package what would it be? For example mine would be something like 1. Check support \ resistance levels 2. Find out what major news releases are coming out in order not to be caught out by them 3. Determining whether a market is ranging or trending? What is yours? And how consistently do you apply it? Have you found that not following the checklist has gotten you in trouble? Many thanks in advance for all your opinions!

-RAMROD (the most virgin newbie you will ever come across)

2

1: Pulse - check
2: Coffee - check

Ready to trade.:slight_smile:

Your list sounds a lot better than mine. Keep up the good work.

3

Indeed sounds good. You need that JAVA in you :smiley: But I’m sure there are some basics that you look for each and every time you trade right?

4

I check the fundamental news (which I hold tongue in cheek) , and then check babypips tools section for media releases, then I look at the charts…I usually let the charts tell me the story, not an analyst…

5

Hi all,

I have my own checklist for my trading system and I follow it closely. Below is a guide.

  1. Forex Factory ďż˝ Do not trade 2 to 3 hours before medium and high impact news are released. Go to Forex Factory to check for news releases.

  2. Yahoo Finance ďż˝ Major World Indices - Yahoo! Finance
    If you are trading Yen pairs like USD/JPY, EUR/JPY and GBP/JPY, check the indexes to have an idea on how bearish or bullish the stock market is. The 3 pairs above have co-relation to the stock market.

  3. Sessions To Trade ďż˝ Asian Session (2300 GMT to 0300 GMT) ďż˝ trade only AUD/USD, USD/JPY. European Session (0700 GMT to 1000 GMT) ďż˝ all pairs. U.S Session (1200 GMT to 1600 GMT) ďż˝ all pairs. These are the sessions where there are good volatility and ranges.

  4. Trendiness ďż˝ The chart must look trendy before you start to look at the trading signals.

  5. 50 Pips Rule ďż˝ Do not trade when there is a barrier in front which is less than 50 pips between the current price and all kinds of levels, be it Weekly Pivot level or 200 EMA. This is to prevent from hitting the potential support and resistance levels.

  6. 4-Hourly (4H) Chart ďż˝ Switch to 4H chart to see if the Stochastic is pointing at the same direction as the hourly chart (which you are trading). This is to filter out whipsaws.

  7. Look For Indicators ďż˝ If those indicators are looking flat, try not to trade because it means that the price is not going any direction.

Regards,
Daniel Su

6

These are my rules :slight_smile:
BEFORE entering a Trade:

 CONFIRM direction of the TREND! NEVER TRADE AGAINST THE TREND!

 CONFIRM price is near support/resistance zones

 CONFIRM candlesticks are providing CLEAR SIGNALS!

 When all of the above criteria are met, CONFIRM by checking indicator signals. (Stochastic, ADX)

NOW you may enter this trade with CONFIDENCE!

Take a good bite, but not more than you can swallow!

But the most important rules are AFTER you have entered.

AFTER ENTRY:

Rule 1. DO SOMETHING ELSE.

Seriously though, just walk away and do something… The market will go where it goes and a loss should not burden your mind.

Just my 2 pips worth :slight_smile:

7

[QUOTE=“ShredFX;692857”]These are my rules :slight_smile: BEFORE entering a Trade:  CONFIRM direction of the TREND! NEVER TRADE AGAINST THE TREND!  CONFIRM price is near support/resistance zones  CONFIRM candlesticks are providing CLEAR SIGNALS!  When all of the above criteria are met, CONFIRM by checking indicator signals. (Stochastic, ADX) NOW you may enter this trade with CONFIDENCE! Take a good bite, but not more than you can swallow! But the most important rules are AFTER you have entered. AFTER ENTRY: Rule 1. DO SOMETHING ELSE. Seriously though, just walk away and do something… The market will go where it goes and a loss should not burden your mind. Just my 2 pips worth :)[/QUOTE]

A very good post Shred but jeepers, you pulled this bad boy from 2009. What on Earth were you reading that took you back 6yrs in to the dark, murky depths of the BabyPips servers?

8

Wow, really dug up a thread from the past here :). As far as a checklist is concerned every trader will have their own.

9

Haven’t you guys ever been to Queensland? It’s still 1974 here! :stuck_out_tongue:
Haha I didn’t even take notice of the date of the post and don’t even know how I ended up there! I like reading and end up floating away from orbit more often than not lol :slight_smile: