Is trading checklist is very important?

[mirakal]

I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

[SquirrelJulietGarden]

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
7. Am I following the trading plan?

There are 7 points in the given trading checklist and I would like to move the 6th point upwards to a first position in the checklist.

How much capital am I risking with trading?
This should be a most important point for a trader to ask himself because capital and risk management must be a first step to do, before entering this market and do other steps for trading.

[EarnOnVictor]

I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

All the above checklists are important before pulling the market trigger and I must tell you that I do all these and even more. Dailyfx is an old FX site whose information can't be taken for granted, I respect it a lot, it should be more than 2 decades in existence now. However, I would also like if they could add the point in which the trader asks himself whether he was acting based on emotion or not for psychological evaluation before confirming the trade. This is because no matter the checklists and plans you have, if emotion creeps in, your efforts will be futile.

[Awaklara]

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

I agree with your words. there are no traders who are instantly successful. all go through a complicated learning process. Even after learning, traders also need experience to make them successful.
trade continues to develop, and the abilities of each trader must also be updated. especially to determine the right strategy that may be most appropriate for the trader. sometimes it takes several attempts to master it.

[jcojci]

With that trading checklist, we can analyze what we already done and learn so we can see what we need to do in the next trade. If you can find that you must fix one of that list, you can improve yourself and understand the lesson you learned. Develop our skills is a must in trading because that will helps us to profit in trading although learning about trading is not easy.

Number 5 seems important to understand because we must know how much capital we can use to trade. We can not risks too big money to trade especially if we still learning and a beginner in trading.

[BitMaxz]

I don't have a checklist but I think it's really important to have a checklist because sometimes when trading I forget a few things from the checklist before I enter and make a position which leads to loss instead of checking and confirming everything first before you take a position.
That's the reason why most of the traders have a pretty low win ratio they are also eager to earn pretty fast, with no patience which is why most of the traders miss any of these from the checklist above but even if they do have pretty low win rate they still make a huge profit due their strategy like 1:5 ratio and I think this checklist have a similarity list that created by Rayner Teo a fake trader according to some traders?

We should have a different trading checklist following other checklists which are not fit into your trading strategy and skills you might end up losing all capital.

[dzungmobile]

I don't have a checklist but I think it's really important to have a checklist because sometimes when trading I forget a few things from the checklist before I enter and make a position which leads to loss instead of checking and confirming everything first before you take a position.

Have a checklist sticks on the wall, near a computer screen looks better and gives you feel of being safer because you are preparing good steps to trading safely. However, it is only first feeling and preparation, if later you become undisciplined, you will lose your direction in trading easily.

Another person, don't compose, print and stick a trading checklist like you but can still be disciplined in trading and succeed, because he has his checklist in brain and by being disciplined, success comes naturally. Of course, he need more than discipline to succeed in trading.

[Oshosondy]

OP deserves merits. Most traders are not following this. That is why they are losing. But even as I am trading, there are some that I do not follow but which caused me loss sometimes. Example is when I start to trade new coin, I will use the same amount of money and leverage which I was using to trade old coins. But sometimes the new coin volatility can be 2 time or more than the old coins and which can make my trading plan changed and lead to some losses.

[Ndabagi01]

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

Having a checklist on the market before trading is a very good tool to enhance your trading skills. If you adhere to them consistently you’ll be able to know when to enter or leave a trade. The market always follows same process and if you’re able to understand how the market ranges from time to time, you’ll easily become very profitable in the market rather than just entering the market base on just trial and not necessarily sure if the market will go the way you’re predicting it to go. One thing about trading is that it’s not luck and when you’re consistently winning is when you’ll know that it’s not luck but actually a knowledge that you’ve learnt that’s given you results like that. Have a checklist, cross check it if all demands are met before executing a trade.

[Captain Corporate]

I mean is it a "must" or is it good to have? I think it could be something that we could talk about as a good thing, we should consider this as a very well adjusted situation. If you do it, that would be good, but if you do not do it, then it would be quite entertaining for us in the end. That is the thing about all of this situation, we could make it work. There is really nothing that could make this a required thing, there isn't really anything that could make it work some other way, so its going to be nice situation but you could avoid it if you want to. I hope that we could make it work some other way, it would be not a huge deal but I believe that not many veterans are doing it neither.

[Maslate]

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
7. Am I following the trading plan?

There are 7 points in the given trading checklist and I would like to move the 6th point upwards to a first position in the checklist.

How much capital am I risking with trading?
This should be a most important point for a trader to ask himself because capital and risk management must be a first step to do, before entering this market and do other steps for trading.

For me, all these points may all boil down to a single thought, that is if you are actually trading following the trading plan. With that, having risk management is already included knowing you can't do a successful trading if you don't have an effective risk management. Trade according to your set risks, and never do trading if it's beyond your trading risk management, that is if you don't want to end your trade at a loss.

[mirakal]

We should have a different trading checklist following other checklists which are not fit into your trading strategy and skills you might end up losing all capital.

Then, all of a sudden, we realized that following this would change our trading direction for the better, with only a few losses occurring. We don't aim to lose our money but to multiply it, which is why we spend time trading. It went through that way (losing ends) because we just ignored those important things (the checklist), neglecting the fact that this would help us understand the needed things that we had before this. Many traders don't get what will happen if we trade without a plan and without direction. They never think about the possible outcomes until they experience losses. It is very clear that we don't need to have a perfect trading style, but at least we are following something that would bring us more positive results than negative ones. 

[boyptc]

That checklist is just a guide. But we know that trading is more than that having a checklist. And if that guide is going to help a newbie or an existing trader, that's nice.

The most important factor that a trader should have is the eagerness to continuously learn from the market and with his trades.

With the mistakes that he'll get from trading upon usage of that guide and checklists, a trader is going to get that success in no time but do not hurry and take one step at a time.

[Coin_trader]

I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

Very important! The checklist that you provide is a very good one. A good trader always have a rulebook to follow on every trade to ensure that you are trading based on the strategy that you developed for a more consistent result.

Emotion usually affects your trade especially when there’s a trend of price action to do a mistake that cause losses. The current problem of crypto traders nowadays are they are chasing shitcoins like a hellhound without considering any plans or thorough research about fundamentals.

[el kaka22]

Realizing that you need to do this check is the start of your trading, memorizing and doing it is your veteran life. Most people do not make a checklist to trade, we know these already and we already consider these when we are trading, so it is not like we are going to make some changes to it at all, it is going to be basically what we think of it.

I understand that we are going to end up with something a little bit more tougher if we do not look at them, so you should definitely learn them if you are new, but not for veterans. Some of them aren't even that important, if you see a proper trade then you do it , and you just consider what the chart/indicators are telling you and if you know what you are doing then most of the time you will be fine.

Not a lot of people do that of course, most people ignore the checklist and the warning comes with the fact that if you are not a veteran trader who already takes care of business, then you can't ignore these. Newbies should focus on anything that will make it better for them and most of the time it is not really that clear that's good for them, so it should not be really considering the reality that it would make things so much more special.

[lixer]

For me, all these points may all boil down to a single thought, that is if you are actually trading following the trading plan. With that, having risk management is already included knowing you can't do a successful trading if you don't have an effective risk management. Trade according to your set risks, and never do trading if it's beyond your trading risk management, that is if you don't want to end your trade at a loss.

Yeah, no matter what number they are, all of them are still important and should be considered if we are serious on this venture, so even if there are no numbers, it is completely fine. As we can see, risk management is not mentioned there but the guy above is right that the number 5 in the list sounds like it, though even if it isn't there, this is already understood no matter what we are doing (be it trading, investing, staking, mining, lending, gambling, doing a business, and so on..). Actually, without a risk management, doing a successful trade is still possible.

What I mean is we can push the transaction through but the thing is that the amounts that we are dealing with might be a bit high, or the assets that we are using are only a shitcoin, meme coin, or something. Like it or not, there will always be traders who are like this. They are hard-headed or too naive. Meanwhile even if we are following the proper protocol in trading, we can expect that losses are still there. It's normal and part of the game. The thing is, we can only worry less and can proceed to our next agenda, so trading like this is still better than trading the other way around.

[Silberman]

I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

As long as a person keeps trading and they follow whatever parameters they think it is important when they do it, then sooner or later this will become an action they do in automatic without even thinking about it, this makes consistency even more important, because early on doing all of that may seem to take forever and you may even forget to do so from time to time, but once you do this long enough, it is likely you will be able to do all of that in a matter of seconds, guaranteeing that each one of your trades is done only when the conditions are on your favor.

[Natalim]

Trading checklist may not be so crucial for someone who is professional in trading. However, for those beginners in trading, I believe this could help them a lot so they can assess the market well if there are potentials for a successful trading or the chances are very slim. With that, it could also help them limit their trading losses as well because once their checklist results seem not good enough to trade, then they will wait for the right timing to trade.

[milewilda]

I've found this article...
https://www.dailyfx.com/education/find-your-trading-style/trading-checklist.html

Before entering a trade, ask yourself the following questions:
Trading Checklist
1. Is the market trending or ranging?
2. Is there a significant level of support or resistance nearby?
3. Is the trade confirmed by an indicator?
4. What is the risk to reward ratio?
5. How much capital am I risking?
6. Are there any significant economic releases that can impact the trade?
6. Am I following the trading plan?

I quite see how important it is for every trader. I believe that by following this consistently, success is not impossible. We know consistency is quite difficult, but a person, a trader, who wants to become successful in their career must adhere to a strong belief and have the courage to take down all the challenges.

It was already given, and all we need to do is follow and develop winning skills that lead us to success. Of course, it was not just those things on the lists but also our behavior.

If we think we will become successful traders, then we must open wide to learn more insights that could enhance our capabilities.

1. If you would really be tending to make some scalping then YES, if you are trying to find some entry or exit then its NO!
2. S&R are always relevant, if you do know these lines then you do have the idea about exits and entries
3. Of course you would really be considering this all the time
4. Totally depends on a certain person. Capital/Risks management/Guts
5. Same on #4
6. Fundamentals cant really affect 100% but as we can see recently it do really make that effects
7. You must but there would really be instances that plans do change or being retroactive basing up on the market condition.

This is why being a trader is never been that so easy yet dealing with an unpredictable and random market in terms of price movement
but of course if you are really that serious towards trading then you woul really be needing to learn stuffs.

[Yeesha]

Trading checklist may not be so crucial for someone who is professional in trading. However, for those beginners in trading, I believe this could help them a lot so they can assess the market well if there are potentials for a successful trading or the chances are very slim. With that, it could also help them limit their trading losses as well because once their checklist results seem not good enough to trade, then they will wait for the right timing to trade.

Yeah, I agree with you that trading checklist is not of essence to professional traders and it is of essence to the beginners traders because it will help them a lot in making the right decision before engaging themselves in trading, a business is always a business so I think that  it is also useful to professional traders for them to become a successful trader, it will also serve as a guideline to them and how they will manage their business, after making the trading checklist and the person study it very well, he or she will be able to make the right decision weather he can trade or not.