TRADING MADE SIMPLE CHECKLIST
1. Market Analysis:
– Review pre-market news and market indicators. Analyze the overall market sentiment and identify
2. Trade Plan:
– Define your trading goals and objectives for the day. TMS FREE Watchlist with TARGETS – Identify key entry and exit points based on your preferred trading strategy. 15/5/2 MIN Intraday Trading Charts for day trades – Determine your risk tolerance and position sizing. Large account 1-3% portfolio value per each trade. Small account 10-20%.
– Create a watchlist of stocks or instruments that meet your criteria for potential trades. Try Trading Made Simple Free Watchlist. Subscribers get in-depth Weekly Watchlists. – Conduct thorough research and analysis on each instrument to understand their price patterns and catalysts. TMS Weekly watchlist include chart analysis.
4. Technical Analysis:
– Analyze charts using technical indicators, Trading Made Simple Custom Indicators, or moving averages, MACD, RSI, or Bollinger Bands. – Look for chart patterns, support and resistance levels, and potential breakouts or breakdowns.
5. News and Catalysts:
– Stay updated with company news, earnings reports, economic data, or other market-moving events.- Assess the potential impact of news on your selected instruments and adjust your trading plan accordingly.
6. Risk Management:
– Set a maximum loss limit for each trade and overall for the day. – Determine your stop-loss levels and profit targets.- Use proper position sizing to manage risk and avoid overexposure.
– Place trades based on your predefined entry and exit points.- Monitor your trades closely and make necessary adjustments if market conditions change.- Stick to your trading plan and avoid impulsive decisions driven by emotions.
8. Trade Journal:
– Keep a record of your trades, including entry and exit points, trade size, and rationale. Ask us for one! – Review your trades regularly to identify strengths, weaknesses, and areas for improvement.
9. Constant Learning:
– Stay updated with market trends, new trading strategies, and educational resources.- Continuously refine your trading skills and adapt to changing market conditions.
– Take breaks to refresh your mind and avoid burnout. – Prioritize a healthy lifestyle, including exercise, proper nutrition, and sufficient sleep
Remember, this checklist serves as a guide to help you stay organized and disciplined during your day trading activities. Customize it according to your trading style, preferences, and risk management strategies.