Plan your trade, and make it a routine!
The activity of trading merely means order execution. It is a one-minute task. But the βdecision-making part that precedes the order execution is the critical part.
Here are the 5 AMAZING pre-trade routines that bring all the necessary information to your table.
π Setup Your Chart
β’ Eliminates redundant process
β’ Creates a sense of urgency
β’ Reduces impulsive trading ideas
π Usage of Templates
β’ Organizes charts within the profiles
β’ Provides broader market analysis
β’ Don't miss out on price moves
π Watch Out for Economic Releases
β’ Check news daily
β’ Start your day by visiting the economic calendar
β’ Keep an eye for watch lists, charts, position size
π Plan your Trade
β’ Go over your basic setups
β’ Check for market conditions required for trading
β’ Lays out criteria before making a decision
πTake a Second Opinion
β’ Remember, no technique is fool-proof
β’ Renders a different perspective
β’ Ask around for a better output
Do you follow a different pre-trade routine? Let us know in the comments π¬ below.
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Posted On: 24 Nov 2022 11:00 PM