Online Forex Trader - Best Online Forex Trading System Ever In The Forex Market!

If you are seeming to start some online industry and want to make particularlly fortune out of it then interweb allows you multi opportunities. One of the highest quality opportunity is currency trading. Currency trading is one of the fastest growing areas and it can be automated by software programs this as forex trading software. Now that causes to a question that 'what is the best online forex software?' let me show you now. First starting with what is currency? It is nothing but to trade the currencies of different currencies. Currency trading is always traded in pairs. Such as USD/EUR. As the value of money changes you can make huge profits in the market. There are $3 trillion worth of transactions for a day and this continues for 5 days a week. So it is best for you to invest in online trading system. Automating your trades doesn't mean you are slave to computer. Using a forex system for trading is good opportunity to make huge profits online.

After looking many forex trading systems the best one is "FAP Turbo"
It is such an automated software such that you can just set it and leave it. The rest of the things will be taken care of by it. It can operate according to your setup. In trade Fear and greed are two main aspects where people lost their money. That means emotions play a lot in currency trading. With forex system, you can keep away your emotions.
Always dream of being Rich? Never able to make a
Consistent Profit through trading?Online Forex Trader
The FAP Turbo robot will not get scares or greedy. Its job is to analyze the data and compare the parameters you've set and it makes the trade with in that range. So you can increase your potential profit there by decreasing your risk.

Being the best online trading system robot also involves risk.
Never put your money in trading which cannot afford to loose. You can reduce your risk by choosing a best online trading software.

The conclusion is this: Currency market is a full time income online. By choosing best tools such as "FAP Turbo" forex trading system software, you can earn huge profits. Even you will be able to double your money every single month. The best online forex trading system works for full day without any break. It has no fear that it will lose money. Stop what you are doing RIGHT NOW and get your Life Changing Online Forex Trader Program. It'll change your Life Forever!
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Forex Trading Alert - Forex Trading Alert in Form of Signals and Tools

Forex trading alert is a snippet of info which is passed on to the forex trader in a manner in which he can interpret it successfully and utilize it for trading in the forex market. Forex trading alert is of various types but most of them are based on the tools of fundamental analysis and technical analysis. Forex Trading Alert

While fundamental analysis makes use of tools such as charts, graphs and other pictorial depictions, the technical analysis makes use of various formulas and mathematical concepts in order to make predictions for the market. Some of the concepts which are calculated under the technical analysis are the correlation formula, the forex pivot points and the risk-reward ratio. Since the forex trading alert may be technical in nature, the forex trader should opt for those alerts which are easy to interpret and simple to understand. This is due to the fact that this alert is meant to provide crucial information on which the future trading action can be based. Forex Trading Alert

Therefore, it is imperative for the trader to be able to interpret the information correctly otherwise a lucrative opportunity may be lost for good only due to the lack of understanding on part of the trader. In order to understand the forex trading alert, an aspiring trader should be aware of the various technicalities involved and in order to achieve this objective he should undertake various courses related to forex trade. These forex trading courses not only educate one about the various tools of analysis but also train one to judge and interpret the market conditions so as to be able to take the correct decision. Forex Trading Alert

A forex trading alert can be indicative of a number of trends like the volatility, risk management, currency movements and the market trend in the near future. The currency movements are predicted by quoting the opening as well as the closing prices of a particular currency of the previous day so that its price on the current day could be accurately ascertained. Forex Trading Alert

Likewise the risk management is done by calculating the risk-reward ratio with the help of a risk probability calculator. This information is used by the trader to determine the extent of risk that he is willing to take while investing in a particular currency and also assists him to estimate his gains and losses so that he can identify the entry and exit points for a particular trade. One of the most important uses of a forex trading alert is to understand the volatility of the forex market so as to be able to judge the support and resistance levels. Forex Trading Alert

Lastly, the trading alert is a useful tool in a forex trader's arsenal which would lead him on a road to success by helping him to conclude lucrative deals and reap a rich reward in return. Stop what you are doing RIGHT NOW and get your Life Changing Forex Trading Alert Program. It'll change your Life Forever!
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6 Forex Trading Tips for Beginners

1. Focus on one or two Currency Pairs

First, focus on only one or two currency pairs. When you're new to forex trading, it's tempting to see opportunities in every pair, even ones you're unfamiliar with.

When I first started trading, I tried some of the more unusual currencies, like the NZD, AUD, and CAD. I didn't know anything about the currencies, so I found myself watching news events for a dozen countries, analyzing all manner of charts, and losing my shirt in new and exotic ways. I got into trades after they'd already passed and got hit by news events I never heard of. I managed my money very poorly. In short, my concentration, capital, and time were spread too thin.

Now I watch only a few pairs at a time, and they are usually overlapping pairs, such as the euro/yen and the euro/dollar. I see trades developing much sooner, and I'm better prepared to take advantage of them, as well as manage them once I'm in the trade.

As a beginner to forex trading, I believe that you should stick to one or two currency pairs. Which ones? I would advise you to go with the currencies that other beginning forex traders have traded most successfully.
2. Pick a Currency Pair that's a Winner

A couple years ago, I reviewed success rates for the 18 pairs with significant volume, and these were the most – and least -- successful for FXCM mini forex traders.

Let's look at the worst first. The Seven Deadly Pairs all have one thing in common: high volatility. That means opportunities for big profits – but also large losses. One of the seven deadlies, pound-yen is actually the fourth most popular currency among our mini traders. Its very volatility – and its popularity as a carry trade – makes it very tempting. But it can be brutal.

In the past three years, it has moved as much as 1,000 pips in a single day several times. Whoever bet right realized a very big profit. Whoever bet wrong probably got a margin call. Approach the Seven Deadly Pairs with extreme caution, and only after you've learned with other slower moving pairs.

Now for the Friendly Five currency pairs. Notice they're almost all Euro pairs. They also have one thing in common, with the exception of GBP/AUD, -- low volatility. But which ones do you start with? The GBP/AUD has shown good results, but I still don't recommend you begin with it. It is not highly traded, not very well known, and it has rather wide spreads. Actually, it seems to be the preserve of our best and most experienced clients – probably the reason it has shown good results.

The remaining 4 pairs are better known and, excepting the EUR/JPY, tend to be nicely range-bound.

Since these pairs have had strong support and resistance lines, they tend to create a lot of high-probability, low-risk trades. And, since they are very liquid, they have tight bid/ask spreads, making them inexpensive to trade, with spreads as low as 1 or 2 pips. As always in forex trading, you need to appropriately manage your risk as there is never a guarantee that profits will be made.

3. It's Your Choice What to Trade

Of course, you might have a good reason for trading a currency pair not in the Friendly Five. For instance, when I started trading forex, I went with USD/JPY.

Why? Simply because I had lived in Japan for two years. I followed a lot of Japanese news and became familiar with their major economic indicators and events. So I thought I had a good head start on understanding the yen pairs.

As I began trading the yen, I got to know some of its price patterns. First of all was the patterns formed by the carry trade, the major factor in most yen movements in the decade before the financial crisis hit. Speculators around the world had been carry trading for years, borrowing low interest rate yen to buy high interest rate Australian dollars or British pounds and earning the interest differential. This trading seems to move the yen pairs in an almost predictable pattern.

You can see the gradual build-up, as speculators buy and create long positions, earning large amounts of interest. Then *THUD* the speculators get spooked all at once and cash out, and the price falls off a cliff. I got to be familiar with this pattern, as well as the events that can trigger the price drop.

All that changed with the onset of the financial crisis in 2007. Since then, I've learned the new patterns of risk aversion in the yen. Since I watch the same currency all the time, I am familiar with its characteristics, even as they change over the years.
4. Forex Trading Research Is Vital

That much I learned by simply watching the price charts and actually trading. But trading experience takes you only so far. To improve my trading I had to know a lot more about yen behavior and the Japanese economy. The importance of sales reports for Japanese convenience stores, for instance. Or how during my evening hours, when it is daytime in Tokyo, an unusually large amount of volume comes from individual forex traders in Japan, and that they tend to be yen sellers.

To really learn forex I started to seriously research the pairs I wanted to trade. It was time well spent. And it was free. There are several forex information sites online, and while I might be prejudiced, I would recommend our own free FXCM research site --, not only because it is so comprehensive but because it provides clear guidelines for forex trading.

When you use DailyFX, you discover not only a trading chart of any currency, but when a particular economic event happens, how important it is and its expected outcome.
5. Don't Trade During the News

That brings me to one more vital point that might seem to contradict what I just said. You must monitor news events. And analyze news events. But you shouldn't trade during news events – especially the ones that rattle the market, like GDP and employment releases.

The fact is that during news events+ forex trading can be as capricious as rolling dice. In the run-up to the event or release, currency analysts will have published estimates of the outcome or the number. If the estimates prove to be wildly wrong, traders caught by surprise will often panic and take the market in an unpredictable direction – or no direction at all, "whipsawing" up and down, knocking out traders left and right with big losses.

Instead, wait until the market has settled a bit before picking a trade. That way, you'll be with the large and responsible traders. They'll wait for the mayhem to subside before risking their money, and so should you.

Another reason to avoid forex trading during news events is that liquidity often dries up and spreads widen, which means that getting in and out of trades can be very difficult. It's much better to wait, since liquidity returns and spreads tighten again pretty quickly after the event.
6. Trade in Small Lot Sizes

My final tip for today. Realize that you will make bad trades, and plan accordingly. Trading is a constant learning experience, and you want to make sure your early education as inexpensive as possible. So trade small and keep your leverage small until you've got the hang of it. Then make your bigger trades. A Forex account that offers 1,000 unit "micro" lots is a good way to start.
7. Ready for a Forex Trading Account, Where Do You Start?

The best way to start trading is to open a micro account. It lets you begin with as little as $25.00 – and when you open any account with FXCM, you get a free interactive course that will take you through the basics of forex trading step-by-step.
8. Summary:

Start with only 1 or 2 pairs, until you get good at them
Choose good, low volatility, low spread pairs to start
Make sure you choose a pair you're comfortable with
Do plenty of research to learn your pair
Do not trade during news events
Start small

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. DailyFX will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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Benefits of a Forex Community

When you’re getting into Forex, one thing which you may overlook is the value of having a community. There are many different Forex communities online, and while you may think of investing as a competitive activity by nature, you will be surprised to discover just how cooperative and friendly the Forex online community can be. What are some of the benefits of joining a community and getting to know some of your fellow traders?

Having a community gives you access to a whole plethora of resources which you would not otherwise have. You may be tempted to go it alone, but you will be able to learn far more trading strategies and methods from others than you would on your own, and you’ll also have a chance to hear first-hand how they worked out for others. If you need help on a particular method or system, you’ll be able to speak to other traders at various levels of experiences who are working on using that system or have used it successfully for a long time. This can help you to solve problems with your Forex trading much faster than just reading ebooks! Best of all, most Forex communities are free, so the knowledge which you receive will be free as well. You can get a lot more out of a free community with an open exchange of information than you can paying for a system. If you do decide to pay for a system, you will be able to turn to the community to find out which systems or training programs are worth the money. A Forex community also provides a platform for reviewing brokers.

A community also gives you accountability. Many traders routinely report their progress (or lack thereof) to their fellow traders online. It can be a challenge to maintain discipline and keep working on something when you are likely to make many mistakes and experience many setbacks along the way. Forex traders often place their trades together and alert each other to trading opportunities. Being able to trade alongside someone else can help you to stay focused and not miss Forex opportunities. It will also make you less likely to revert to negative behaviors like gambling and unnecessary risk-taking since your loss could become someone else’s loss as well.

community of Forex traders can provide you with encouragement along the way and can assist you in developing greater self awareness. One thing which you will notice about Forex traders online is that many of them are generous with their knowledge — while you are certainly involved with Forex in order to further your own gains, you will learn just as much from the examples of generosity you discover in others around you. The gain of one can become the gain of many — and just as other Forex traders help you out while you’re getting started, you will one day be able to lend a hand to someone else who is entering the world of trading.

CAD/JPY Technical Analysis Video! Is it heading south?

The weekly chart on the CAD/JPY forex pair is showing a nice weekly bearish engulfing candlestick formation. On the four hour charts you can clearly see a breakout pullback pattern that is setting up bearish price action. In the video I have outlined some possible entry and exit points at prior support and resistance zones.

Is Gold about to go Bullish? Gold Technical Analysis!

Here is another technical analysis video on Gold (GC, XAU/USD). The weekly is showing a nice rejection candle off the 1630 price pivot zone. On the 4 hour charts you can clearly see a double low formed and market seems to be turning around. I have outline some good spots for potential long entries in the video.

E-mini S&P Futures Technical Analysis, Bullish Hammer Candlestick!

Here is a nice technical analysis video on the E-mini S&P futures contract. It looks like this past Friday a very nice daily pin-bar(hammer) closed. It looks like the relentless trend over the past week may continue. There is a swing high @ 1408.00 that looks like a good target for the bulls to take out. Enjoy the video.

CHF/JPY Technical Analysis, Weekly PinBar With Divergence, Trend Reversal Imminent?

Here is an interesting setup on the CHF/JPY Forex pair. It looks like there is a nice divergence with a bearish pin-bar. The location could not be better. The weekly bar is sitting on a nice price pivot zone that was used many times as support and resistance. Should be interesting to watch this pair in the coming week to see how it does. Enjoy!

Eur/Usd Technical Analysis, Is the Euro setting up for a fall?

I just noticed this monster four hour bar rejection candle on the Eur/Usd Forex Pair. It has a very long tail, which looks like a lot of stops were taken out near the 1.3300 level. Considering the size of this bar I seem very possible that a move south may develop in the coming few hours of trading. It may be wise to wait for strong bear momentum near the bar low @ 1.3222 before making any trading decisions. Enjoy!

AUD/USD Technical Analysis, Bull Attack Imminent?

I looked over the charts about an hour ago and noticed a nice setup on the Aud/Usd Forex pair. By the looks of it, the weekly and four hour charts are setting up a very bullish scenario. On the weekly chart has a large rejection pin-bar with a a long wick. You know how I love pin-bars, and this one looks pretty good. If we take a closer look on the 4 hour chart, the 1.0550 zone is a monster price pivot that was tested early in the morning and held as support very well. A four hour bullish engulfing bar is forming right now which is showing us that a bull run towards the 1.0650 level may be very likely. So to conclude, we have a weekly pin-bar and a four hour pullback to support with bullish candle formation. I would say that is a good supporting evidence for the bulls. Let see how she plays out!

Weekly Aud/Usd Candlestick chart:

Four hour Aus/Usd Candlestick Chart:

Eur/Usd Technical Analysis ahead of the FED FOMC Statement!

I just checked out the 4 hour chart on my trusty Jforex platform and a very nice Pin-Bar has just closed on the Eur/Usd. The FED is due to make a statement in 2 hours and it looks like the Euro may be setting up a bullish reversal move. Sometimes this type of formation ahead of major news announcements may be a good tip as to which way the market is getting ready to move. Let's see how this one plays out. Enjoy!

Gold Prices About to Crash?

Here is my overview on the Weekly and Monthly Charts on spot Gold! The higher time frames on the XAU/USD are very suggestive of bearish momentum building. A few months ago I did a writeup on Gold [Gold Prices to the Moon?] on the monthly charts and this video ties in with that article very well. Enjoy!

Managing Risk in Forex

How much is too much to risk on a Forex trade? A lot of beginners don’t hesitate to risk a huge percentage of their bankroll on a trade — after all, one of the reasons that many new traders turn to the FX market is that they are able to control more money than they actually have using leverage. The reality though is that professional traders usually risk only a tiny percentage of their bankroll. Even 5-10% is too much for most traders. A better percentage to aim for is 1-2.5%. Whatever percentage you do go with, you should stick with it and be consistent. The last thing you want to do is wildly risk more on some trades than others — while you may think you have a «basis» for such a decision, it’s behavior which will quickly degenerate into gambling.

Why shouldn’t you risk a lot on your trades? The bigger your drawdown, the harder it is to recover. Let’s say for example that you open a Forex account with $1,000.00 (this is barely enough to get started; and make no mistake, if you do it right with this amount it will be slow going for a while). Let’s then say that you decide that you’re going to risk 50% on your first trade. If you lose that trade, your drawdown is 50%, and you are down to $500.00. What do you have to do in order to recover? You don’t just have to win 50% of your current bankroll — that would only get you halfway there. You have to win 100% of your bankroll, another $500.00, to get back to your original $1,000.00 — and that’s before you can even start to profit again.

If on the other hand you only decide to risk 10% and you lose, you’ll be down to $900.00. You’ll need to profit by 11.1% to make up for it and get back to $1000.00. Note how much smaller that difference is than the difference between 50% and 100%? That’s not nearly as unmanageable. It’ll also take you a lot more losses to blow your account.

The single most important thing you can do to make money in Forex is not to lose it in the first place. Money lost is harder to make up than it was to lose — just look at the percentages. It’s a mathematical fact. If you take care of your account and protect the profits you have, then your profits will take care of themselves. You should always keep your focus on losing as few trades as possible, and making those losses as small as possible. Money management is one of the key ways you can accomplish this. This is why a conservative approach to Forex is far more likely to win than one which is aggressive and involves risking huge amounts of money. Forex takes time and patience, especially if you’re starting out with very little money, but that patience will pay off in the end if you stick with it.

Aud/Usd Imminent Trend Reversal?

After a week of sideways price action, today we finally get the first decent tip as to which way the Aud/Usd may be setting up to move. In the video I go over the some possible support and resistance point and potential entry prhce zones.

3 Forex Traits for Success

What does it take to become a successful Forex trader? As a beginning Forex trader, you might think that the answer involves some combination of intellect and a great system — and maybe even luck. While all of these things play a role in Forex success, what you really want to do is rely on luck as little as possible. You can do that by cultivating personality traits which breed success — traits like consistency, patience, and self-discipline. There are some things which are more important than making money in Forex — and those are a few of them. You don’t just want to profit — you want to profit consistently.

  • Consistency. Which is better — a trade which wins and pays you nicely, but which violates all of your trade rules, or a trade which loses but conforms to your (tested and proven) trade rules? Any trade where you violate your trading method and your discipline is a trade you’ve lost — even if it makes you money, it costs you something else. Money won through luck can be lost through luck just as quickly, and if you trade arbitrarily you will blow your account in no time. There’s no such thing as a perfect system, but if yours brings in good, consistent profits, a lost trade isn’t the end of the world. Do whatever you can to never lose a Forex trade, and always be alert to whether changes in the market call for adjustments in your tactics, but never trade randomly, and don’t expect perfection — it’s unrealistic.
  • Self-discipline. This is what it takes to maintain your consistency as a Forex trader. If you can’t develop self-discipline, even the best system in the world won’t make you a profitable trader. No matter how smart you are, no matter how much you know about finance, you won’t be able to trade for a living or achieve any other trading goal. Without self-discipline and consistency, you’re only a gambler, and not a real FX trader.
  • Patience. You aren’t going to become a great Forex trader overnight. You’re not going to win all your trades that way either (unless of course you trade very short time frames!). You’re going to have to learn to be patient while your trades are in progress — trading in real time is much different than backtesting, especially psychologically. You’ll also need to get used to the idea that it’s going to take some time to get to where you can trade consistently and profitably. Many Forex traders take years to get to that place — so don’t let yourself get discouraged if you’ve had some starts and stops along the way.

Making mnney is obviously one of your main goals trading Forex, but it shouldn’t be your only one, since you’re not going to achieve it unless you can also achieve some other goals, like cultivating self-discipline, patience, and consistent returns. All of these are prerequisites to making money in the currency market or any other market.

GBP/USD getting ready to drop?

The Gbp/Usd is finally at a worthy resistance level. The 1.5900 zone is holding so far and the market is starting to diverge. Is a drop in the cards? Only time will tell! Enjoy the Video!

Euro and Pound setting up a bullish move?

This is a video overview of the GBP and the EURO on the daily and monthly charts.

Gold ready for a retracement?

On Friday the daily close on Gold was very convincing of bearish momentum building up. The daily chart is showing a very nice bearish engulfing candlestick. I loooove those big candles when they form at the right place. ;-) Enjoy the video!

Aud/Usd Daily PinBar with Divergence

This is a very curious little bar that has formed today. It is a bit small but the location is very very good. We are at a major resistance level on the Aus/Usd forex pair. Watch the video, have fun!

Gold and Crude Oil Technical Analysis

Today at noon I looked over the charts and saw some interesting developments on the Gold and Crude Oil futures contracts. Gold is of particular interest as it looks like it is in overbought territory and is diverging heavily. Enjoy!

Over and Under-Trading in Forex

Following a system is a key component of succeeding at Forex, but there is really more to it than that. Your Forex system has to not only work, but be balanced-it has to be something which you can integrate into your real life, and which won’t cause you to trade in imbalanced ways. Two common problems which Forex traders face are under-trading and over-trading. While some Forex traders under- or over-trade because of trepidation, impatience or other psychological factors, many do it because their systems tell them to. How do you fix under- or over-trading when it’s built into your trading system?

Oftentimes, over-trading and under-trading are built into a system because of the context of that system. It isn’t necessarily your entry or exit rules which are causing you to take too few trades or too many — it may be that you’re looking at too many currency pairs or not enough currency pairs. Or perhaps you’re trading on a Forex timeframe which is too slow or too fast. It’s very common for new Forex traders to trade faster timeframes than they need to or should starting out, for example. If you trade a fast timeframe when you’re starting out, not only will you be inundated with more trading opportunities than you necessarily can handle, but you’ll have less time to make decisions in and, more relevantly, less time to patch up mistakes. Does this mean you have to trade a slower timeframe? Not necessarily; not every personality is suited to having all that time to think (and double guess). And again, not everyone over-trades. Many people under-trade Forex as well.

If you’re taking on more Forex trades than you can handle, consider dropping to a slower timeframe (test this first) or dropping a few currency pairs. If you don’t feel overwhelmed with information, just with trading, consider imposing some rules on yourself so that you only take a certain number of trades in a given timeframe. Then pick only the very best setups (which is what you should be doing anyway).

If you aren’t trading enough to turn a good profit and your system isn’t signaling you to take any more trades than you are now, think about moving to a faster timeframe (only if you feel comfortable doing so — and don’t forget to demo it first), or looking at more currency pairs. If you’re only taking A+ Forex setups, you’re on the right track, but you may be able to find more trades of the same high caliber simply by looking at more currency pairs or a faster timeframe where more setups form.

These are just a couple of ideas to consider which may help you to improve your Forex trading. A lot of people don’t think of simply changing the context of how they trade, and wonder if they need to revamp their whole system. It’s often not the system that’s not working, however. You may just need to change the way you apply it.

Mini NASDAQ RSI Divergence.

I just spotted this setup on the NQ futures contract. There has been divergenve forming for the past couple of days. Lets see if this bad boy breaks.

Nasdaq-SP500-GOLD Market Overview

Today some very significant price action has formed at some very important price pivots. Tomorrow should be very interesting to see if there is any follow through on some of these setups. Enjoy the Video! :-)

Euro Weekly Bullish Engulfing Candlestick

I just made this short video analysis on the Eur/Usd. I was checking out the charts on a boring Sunday night and I spotted an interesting development. I won't bother you with too much writing, so watch the video!! :-)

Razors's Forex Trading YouTube Channel

It has been a while since i posted any updates, now you know why. A lot of people were having major problems downloading all of the videos from Filesonic. I finally decided to put everything on YouTube for easier access. I hope this solves a lot of the issues. I will be uploading more videos in the coming weeks with daily overviews of all the major markets. Enjoy!

Razor Forex Trading Video Channel

Trading the London Open

I came across this interesting mechanical Forex Trading System that is built on a well known market range principle, combined with the London FX Market Open.
The method is designed to allow you to exploit the fact that on many instances the opening of the London market will extend the trend set prior to the quieter Asian session when it re-opens the next day. This method was developed around trading principles such as the Big Ben strategy and mechanical trade entry system and exit for trades. This is done to reduce the risk and maximize the profits. This forex system can be traded with a minimal time investment. From what I have heard it sounds like an interesting method by the looks of it. Have not tested it myself, but would be interesting to view the results!



How Forex Trading Checklist Can Help You

You’ve probably read about how a trading system and trading plan are indispensable components of your trading. Indeed, if you don’t have some kind of system or method which tells you when to enter and exit trades — get one. A checklist for trades can be a part of your trading plan. Your trading plan will help you organize when you watch the charts, when you trade, what timeframes you look at, how you manage your money, how you work with alerts and more. While your system probably has your entry and exit rules and target profit and stop-loss rules, it probably doesn’t have a full list of things to keep in mind as you trade. Nonetheless, this needs to be part of your trading plan.

Why make a trading checklist to help you keep track of what you’re doing? Trading real money (or even demo testing for some people) can be very stressful. When you’re dealing with your emotions and working on making trading decisions, the last thing you want to do is forget something simple just because it isn’t written down. A trading checklist helps you to make sure you consider all contingencies.

For example, you might have a checklist for entering a trade. This is a checklist you look at after you find a setup identified by your entry criteria and before you actually hit «buy» or «sell.» You might ask yourself whether the context around the trade looks good (unless this is already part of your entry criteria). You could also make sure you’re investing the correct percentage of your account (obvious, yes, but remember, if you’re frantically trying to place a trade to catch a move, you may not look carefully at what you’re doing — especially if your trading platform is confusing, and many are).

Some questions to ask yourself while in a Forex trade might include:

  • Did I set my alerts?
  • Have I identified important pivot areas where price could hesitate?
  • Is a new price formation occurring? Does it conflict with the old one? Are my signals telling me to do the opposite of what I’m doing now? Do the original reasons for the trade still exist, or not?
  • Am I in a retracement or an actual loss?
  • What is price doing at a higher or lower timeframe? Is the context for the trade still good?
  • Am I in a weekend trade? Do I need to move my stops to avoid being stopped out by the weekly gap when the market re-opens?

This is just an example — what you put in your checklist could vary quite a bit. Your checklist could include not only considerations about the trade itself but considerations about yourself. If you have a tendency to hang onto losing trades when you should let them go, you could even ask yourself in your checklist if you are doing so, and include a reminder about the ways in which your emotions tend to impact your trading. Your checklist not only checks your trading, but also checks you. It’s a form of accountability, and it makes trading much easier to manage when emotions run high.