If you plan to be successful trading then you have to plan your business of trading. Take the time to answer each and every question below and you will be very well prepared to move forward with your trading business.
Know Yourself, Know Your Purpose
Why do I want to be a trader?
What Sort of Trader am I?
What are my strengths and Weaknesses?
Are you in the Right Frame of Mind to Trade?
Trading Goals
What are your INCOME TARGETS?
What are your Income Goals
What are your trading goals?
– Monthly
– Weekly
– Daily
Markets, Instruments, Time Frames
Which MARKET will you trade?
Which INSTRUMENTS will you trade?
Which TIME FRAMES will you trade?
Tools of the Trade
Which Financial Vehicle will you use to Trade?
Which Broker and Trading Platform will you use to Trade?
Which Software and Data Feeds will you use to Trade?
Before You Face The Market
What is your Daily Pre-Market Routine?
Have you analaysed Yesterdays Trades?
Have you any Positions Open?
What are the General Market Conditions?
What will you do today – Hour by Hour?
Which Instruments are on your Watch List?
Risk & Money Management
General Risk Management
What is your attitude towards Risk?
What is the Overall Market Risk?
What is the Broker and Hardware Risk?
What is the Strategy Risk?
Specific Risk Management
What is the probability of a successful Trade?
What is the Risk Reward Ratio?
What is the Risk Per Trade?
Where Will you Place your Stop Loss Orders?
When Will you Stop Trading?
General Money Management
Large Drawdowns and Profits – What will you do?
Which money management approach will you use?
Specific Money Management
Will you Lock in Profits?
How will you determine Position Size?
Exit Strategy
Losing Trades – Will you Exit Before your Stop is Hit?
Losing Trades – Which Signals Will See You Exit Early?
Winning Trades – Which Signals Will See You Exit Completely?
Winning Trades – Which Signals Will See you Exit Partially?
Winning Trades – Which Signals Will See you Close the Remainder?
Strategies, Setups & Entries
Which Strategies Will You Trade?
What are Your Setups?
How will you find your Setups?
Which Signals Will Trigger Entry?
End of Trading Day
have you Recorded Today’s Trades?
Did you Execute Your Trades According to Your Plan?
Have You Completed Your Trading Journal?
Discipline
Back Test or Forward Test?
What are your Promises to Yourself?
What Questions do You Ask After a Winning Trade?
What Questions do You Ask After a Losing Trade?
What Steps do you Take to Lean More About Trading?
Golden Trading Rules
What are your Top Ten Golden Trading Rules?
#1. PROTECT & PRESERVE YOUR CAPITAL!
#2. ALWAYS SET A STOP LOSS. ALWAYS!
#3. CUT THE LOSSES SHORT – LET THE PROFITS RUN!
#4. TRADE WHAT YOU SEE – NOT WHAT YOU THINK!
#5. NEVER CHASE YOUR LOSSES. EVER!
#6. NEVER AVERAGE DOWN. EVER!
#7. KEEP EXCELLENT RECORDS!
#8. MAINTAIN DISCIPLINE!
#9. KEEP IT SIMPLE!
#10. PLAN THE TRADE – TRADE THE PLAN!
Trade Forex 