Being a successful trader is not merely the ability to read opportunities. The dynamics in the world of trading require trader discipline which he does every day. If you want to be a successful trader, you must have a portfolio of works resulting from your discipline in making works. According to Daily FX, implementing a trading checklist or to-do list is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence.
Check out a trading to-do list that can make your trading successful:
Weekends: Draft fundamental analysis
Usually, you start the day on Monday. In trading, you can start on Saturday or Sunday. Besides, if the forex market does not occur during the weekend, you can make a fundamental analysis design by looking at the economic calendar. You can see if there is an important agenda in one week that will cause high volatility in the currency pair you choose.
Morning: Prepare for trading
Morning is the right time to find out important news from several media. Especially economic and political news that influence price movements. Thus, you can read or watch the news, you can prepare a cup of warm coffee and a light breakfast to accompany you.
All Day: Monitoring and trading
Due to the 24-hour forex market, you are free to choose which trading session. Whatever time of day you enter a position, monitoring market movements is a must. For daily trading, you can use a short time frame of one minute to four hours.
End of the day: Trade review
When you have finished trading on that day, it is a good idea to review your trading activities. Re-checking the price movements that occur can be your evaluation material to start trading tomorrow. The results of the review can also be used as a personal trading journal.
Another weekend: Research and Review
This weekend can be one of the biggest evaluation moments because you will re-examine how your trading activities for one week ago. This is also the right time to carry out technical analysis using several indicators that clarify market movements.
Monthly: Calculate profit and loss
When you have a profit target within one month, having a monthly trading journal is one of the right evaluation methods. Within a month you can see how much profit you get including losses incurred in trading activities.
The key to being a successful trader is discipline. Making a trading to-do list can be one of your tools to monitor your trading activities. When you plan the amount of profit, you certainly need an evaluation so that your profit target is achieved.
