1. Is the market trending or ranging?
Trading experts all understand that trending markets are easier.
the most traded and yielding the best profits. The stronger the trend,
Strong and sustainable trends bring more profit.
In a trending market, don't try to enter the opposite direction or you might end up burning your account.
2. Are there any important support and resistance levels near the entry point?
Are you placing orders?
Support/resistance levels are numbers that prices respect.
and there is a high chance that good trading signals will appear there.
After breaking a support/resistance level, the price will form a trend.
direction. It could be the start of a new trend, or a continuation of the trend.
or reversal. These are all good trading opportunities.
3. What is the Risk/Reward ratio?
Don't participate in every trade just because you see a signal. Remember to check the risk/reward ratio before entering an order.
4. How much risk are you willing to take for this order?
Every trade carries the risk of losing money. Therefore, don't forget to calculate the amount you could lose (if wrong) before entering an order.
Many traders 'burn' their accounts when using leverage.
high for 'certain' signals. Remember, there are no signals that are 'certain'.
nothing is certain. Therefore, reducing leverage is also a way to reduce risk for you.
5. Are you following your trading plan?
All of the above aims to control trading psychology.
translation. Avoid confusing yourself after entering an order when the price moves.
in the opposite direction. So it would mean nothing if the checklist is satisfied but does not match the trading plan.
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