Trading Checklist for any trader

Trading Checklist for any trader explained by an expert

Have you wondered lately if there is a universal trading checklist that every trader should keep in mind? What should such a list look like from start to finish so that only a single crucial trading item is included in your trade management? And, ultimately, should that trading checklist be the same for all traders?

First, trading foreign currencies, stocks, and other assets can be very interesting and exciting if approached smartly and patiently. It’s part of a trading education for traders from all experience levels. Checklists generally exist to facilitate traders’ paths to success and give them a step-by-step trading guide. 

If you’re into trading psychology and technical analysis, a universal trading checklist should be on your mind regardless of your personal trading style. However, it’s not so crucial to stick to it 100% all of the time. It all depends on which trading strategies you consider using, what’s your preferred trade entry, i.e., trade exit, and much more.

Let’s see the trader’s checklist, especially if you’re currently into trade planning.

A step-by-step trading guide for professional traders

A trading checklist is a list of actions every trader should consider to make a successful trade. It is an integral part of your trading routine that shouldn’t be neglected for any period of time. Here is the trading checklist, done by some of our most experienced and exquisite trading experts:

#1 Check open positions and your account balance.

In the very first place, among any other trading decisions, you should check currently open positions and your account balance. When you are considering open positions, ensure to check whether they’re red or green. About your balance, it’s always advisable to check your trading account to help you determine what types of trading strategies should be considered.

All these are a part of trading psychology and its aspects that greatly impact the overall trading success. When confronted with an unfavorable overnight position, it is advisable to refrain from initiating additional trades, considering your account’s balance. 

Moreover, neglecting to acknowledge an active position or order in the market (believe me, it is possible) and subsequently experiencing an unexpected execution can devastate your trading endeavors. Therefore, verifying your account balance, buying capability, ongoing positions, and orders is imperative. 

While this may seem straightforward and bothersome, it is indispensable and must be performed before commencing your trading activities.

#2 Examine overnight positions

The second step of your trading checklist, especially for position traders, should be the following steps:

Evaluate the prior performance of the most crucial market assets to ensure sentiment of the market which are: USD, significant stock indices, BTC, commodities, etc.
Observe any pertinent economic performance that could have an influence on the market overnight.
Check if any particular chart patterns or trends are present in the market and may impact it in the future.

From all this, you can see the crucial factors, especially for position trading and those in technical and fundamental analysis. The main reason is that prices could change very quickly, within a day, if you are trading foreign currencies. To comprehend market functions, it’s essential to learn all of that beforehand.

#3 Look over the economic calendar and market news.

The next step in your trade journals should be to review the economic calendar and later market news and events. The economic calendar shows traders’ economic releases that influence price assets. 

An economic calendar compiles today’s news releases, encompassing central banks’ interest rate decisions, GDP figures, and unemployment data, among other economic indicators. Numerous websites, including HowToTrade’s economic calendar, offer access to such calendars. Each event is categorized as Low, Medium, or High. It is crucial to focus on high-rated events as they have the potential to impact the markets significantly.

Besides the economic calendar, market news and events are also vital parts that you should be familiar with on a daily basis. Being up to date with the newest information in the market is crucial for traders’ success. With this information, they’re able to make the best decisions and exploit all the possibilities in the market. 

#4 Familiarize yourself with the Fibonacci support and resistance levels.

The next step on your trading checklist should be getting a deep understanding of Fibonacci support and resistance levels. These particular levels are string attractors that are helpful regarding the identification of crucial market reversals. They also assist in validation traders with high success rates.

Even if you lean towards trading without indicators, assessing essential support and resistance levels is strongly recommended to identify significant price points throughout your trading day precisely.

To ensure preparedness, it is advisable to mark support and resistance levels on a greater time frame before commencing your trades. This recommendation applies to scalpers as well since recognizing these levels on a longer time frame can offer valuable insights into potential price reversals or continuations.

Integrating solid risk management practices, such as stop-loss orders and proper position sizing, is crucial when trading based on support and resistance levels.

#5 Utilizing Technical Analysis: Assessing Daily and Intraday Charts for Trading Assets

While support and resistance play a role in technical analysis, more than relying on them is required. Examining daily and intraday charts to gain insights into market direction is imperative.

Once you’re about to trade a specific asset, examining the broader trend across multiple timeframes and adjusting your trading strategy accordingly is beneficial. For example, observing the GBP/USD pair on a 4-hour chart can be complemented by confirming the overall trend on the daily chart.

It is worth noting that although short-term trading may appear enticing, analyzing longer time frame charts is advisable due to the presence of excessive market noise on shorter timeframes.

Why is it crucial to have a solid trading checklist?

When reviewing a trading checklist, it is best to think of it as a desirable rough plan to stick to but only crucially necessary some of the time. Such checklists are desirable and effective, especially for beginners, but for everyone who sees trading as a serious business and wants maximum control and organization.

With this type of trading list, you’ll likely avoid losing money and getting involved in financial risk, among any other types of risks. It will also help you achieve more success, regardless of whether you are going long or short. 

In any case, a list like this can speed up your time and draw your attention to everything that is really indispensable and important in trading. 


With this particular trading checklist, any trader is able to avoid financial risks and achieve success, regardless of their position. To enhance risk assessment, incorporate moving averages to gauge market risk. 

Regular assessments assist them in identifying and mitigating operational risks, ensuring smooth trading operations. Combining the list with comprehensive risk management maximizes success and security in trading.

Stick to it and success will not fail! Good luck!

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