Forex trading checklist is a simple and effective trading plan. You will be able to find the trading opportunity with it. Now I will show you the Forex trading checklist template.
Is the market trending or ranging?
Many beginners just want to make a lot of money in Forex trading. They never draw a trend line to identify the main trends on the daily chart.
A downtrend or an uptrend?
Many experienced traders use a 20-day moving average to determine the direction of the trend.
What about the Average Directional Index indicator?
I think that Average Directional Index is the best trend strength indicator.
These first three questions on my forex trading checklist template help me to determine the direction of the trend. Keep in mind that the first step is to find the trend in forex.
Is there a support or resistance level?
If you found a horizontal support and resistance line, you would use a range trading strategy. For this reason, it is very important to price highs and lows.
Are there any new releases from the Dailyfx Economic Calendar?
Sometimes the markets move so much after the a major news release. So, many veterans focus on the Dailyfx Economic Calendar.
Where is my stop-loss order?
Many beginners never think about the stop-loss orders.
Where is my take profit order?
You should prepare for a stop-loss order as well as a take profit order
How about my leverage in forex trading?
Many experienced traders use low leverage. Personally, I use a leverage of 1:10.
Should I enter this Forex trade?
The Forex trading checklist is like a simple trading plan. If you wanted to succeed in forex, you would build a Forex trading checklist.
Is the market trending or ranging?
The Average Direction Index is below 20.
Is there a support or resistance level?
Check the Dailyfx Economic Calendar.
Where is my stop-loss order? Where is my take profit order?
1:5
Should I enter this Forex trade?
Yes
My Forex trading checklist template can help you to find the forex trade entry points.
Further reading: Trading Support/Resistance levels
Is the market trending or ranging?
Many beginners just want to make a lot of money in Forex trading. They never draw a trend line to identify the main trends on the daily chart.
A downtrend or an uptrend?
Many experienced traders use a 20-day moving average to determine the direction of the trend.
What about the Average Directional Index indicator?
I think that Average Directional Index is the best trend strength indicator.
These first three questions on my forex trading checklist template help me to determine the direction of the trend. Keep in mind that the first step is to find the trend in forex.
Is there a support or resistance level?
If you found a horizontal support and resistance line, you would use a range trading strategy. For this reason, it is very important to price highs and lows.
Are there any new releases from the Dailyfx Economic Calendar?
Sometimes the markets move so much after the a major news release. So, many veterans focus on the Dailyfx Economic Calendar.
Where is my stop-loss order?
Many beginners never think about the stop-loss orders.
Where is my take profit order?
You should prepare for a stop-loss order as well as a take profit order
How about my leverage in forex trading?
Many experienced traders use low leverage. Personally, I use a leverage of 1:10.
Should I enter this Forex trade?
The Forex trading checklist is like a simple trading plan. If you wanted to succeed in forex, you would build a Forex trading checklist.
Here is a Forex trading checklist template:
 |
| EURADU weekly chart from ctrader |
 |
| EURAUD daily chart from ctrader |
- EURAUD remains in downtrend from 1.6100 on the weekly chart.
- On the daily chart, the EURAUD downtrend is ripe to continue as it touches the support levels.
The Average Direction Index is below 20.
Is there a support or resistance level?
- The support level is at 1.3750 on the weekly chart.
- Resistance for EURAUD is at 1.4100 on the daily chart.
Check the Dailyfx Economic Calendar.
Where is my stop-loss order? Where is my take profit order?
- I will set the sell limit order 0.01 @ 1.41.
- Place a stop-loss order @ 1.4400, and take profit target is @ 1.3950
1:5
Should I enter this Forex trade?
Yes
My Forex trading checklist template can help you to find the forex trade entry points.
Further reading: Trading Support/Resistance levels
Thanks for sharing us. FXGM ZA
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