Pre trade checklist or scoring
Does anyone here have a checklist or scoring system for their trades they do before they put it on? I am currently thinking about developing one over the weekend to help my discipline. I hope it will help for that reason and make me more profitable. I haven't seen much examples here at all. So if people do use them please share. Also any ideas on how to get started with that?
I am not good at checklist but maybe can give my own thought. i believe checklist are like a set of qns:
1) Is the upcoming trade entry aligns with all the rules of your trading method
2) Is the trade with or against the trend
3) How long do you intend to stay in the trade
4) What are the sl and TP level
5) are there any majors news coming up?
Hope it helps.
I would say all profitable traders have one, it should be part of your
1. find inside bar
2 check stochs up/down
3 resistance/support level
4 any major news due
5 time of day
6 trend direction for the day
7 with trend/ against trend
8 S/L, risk amount, T/P
The answer to a few of these will be known at the start of the trading day.
Last edited by daydreamer65; 10-06-2011 at 11:06 AM.
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