I will be sharing with you today my daily pre-trading routine along with the some important checklist to help you become more productive, more organized, and better yet, to help you get the maximum ROI from every transaction you initiated. Just follow these checklists on daily basis before you start to trade, I guarantee you will become more prepare in your trading, and you can have better results too.
Before getting into anything else, it is better to check on any open trades you may have along with their current performance. This should be the very first thing you do from starting up your computer. Tracking performance is necessary so that we can determine whether or not we want to continue with that particular trade or not. If it is not possible to continue, just close the trade and move on to another.
Checking on stop loss is another important task you need to do before going deeper. Make sure that you move the stop loss to break even point so that your chances of loss can be minimized, or erased. If the price movement has already move beyond your entry point, it is a good idea to move the stop loss even further so that you might have a safe trade with lock-in profit already.
If you done with the checking both tasks, now its time to go to the market, and analyze them by implementing the trading strategies that you know best. People are always using two analysis methods. One is called fundamental analysis, and the other is called technical analysis. Each one of them is having their own ups and down. But if you combine them all together, you might have even more powerful market prediction.
Use trading tools that work best for you. Just like anyone else, you need to use the tools to be able to analyze the market perfectly. You can find these tools within your broker’s platform, or you can get the subscription-based tools that of course, offer more features that are customizable and more sophisticate. Subscription-based software is not meant for newcomers because it usually very expensive.