Barry Thornton’s Forex transaction checklist used to do Postmortems

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Forex transaction checklist

The Importance of a Forex Transaction Checklist

Barry Thornton uses an Entry and Exit Forex Transaction checklist to do a postmortem of all his trades to determine whether there is room for improvement when using his trading technique. This is one of the Key process that has enabled him to produce considerable income over the years.
This process also enables him to pick up subtle changes in the market and allows him to make quick changes to his market trading approach. It keeps him in tune with the market.
We are presenting a transaction analysis checklist in the form of a survey. This survey covers the content of the trading checklist and offers clients an opportunity to add items that they have found useful in the past or comment on some of the items in the checklist.
Both the entry and the exit determine the amount of profit made in a transaction. This checklist covers items that are applicable to both activities. All participants will have access to the results and comments made by other participants.

Please participate in this survey and learn more about the postmortem process.

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  http://www.moneymakingforextools.com/barry-thorntons-forex-transaction-checklist-survey/

 ( This is an important aspect of the Barry Thornton Course and is only limited to logged in members of this website. You can click on the link to join )

For more on using checklists view this valuable article:

  • Always identify market conditions prior to trading
  • Your strategy and entries should reflect the market
  • Plan your risk and write your trades down to stay accountable

Traders should have a checklist to consult prior to making any major trading decisions. These steps are critical for Forex scalpers as they often have to make these choices on a moment’s notice. To help with the process it can be helpful to keep a checklist and determine your options prior to approaching the market. Today we will review the scalper’s checklist. Let’s get started!

Identify Market Conditions

The first task assigned to day traders and scalpers is to identify market conditions. Is the market trending or ranging? Is the volatility of an asset low or high? These are both important questions that should be answeredprior to entering into a new trade idea. Not only will this help Forex traders which currency pair to trade, but also help determine their strategy. Every scalper and day trader should check this off their list, prior to considering any market entries!

The Scalpers Checklist

Choose a Strategy

Once market conditions are found, traders need to identify a strategy that is congruent with the market. If you are trading a trend, you will need to not only find market direction but also decide if you are going to trade a retracement, momentum or breakout strategy. In lack of a trend, traders again need to decide how to approach pricing patterns, support & resistance values, as well as potential breakouts. With so many strategies to choose from, it is worth taking your time and doing your due diligence prior to checking this off your scalping list.

Plan Your Entry

Next traders need to select how they are going to enter into the market. Typically traders need to first determine if they will trade with market orders or entry orders. Market orders allow you to trade immediately if conditions are met and you are immediately in front of your trading terminal. Entry orders can be used and will execute at a designated price even if you aren’t watching the market.

Once this is decided, traders need to evaluate which indicators if any will be used for trading. In the event an indicator is added to the graph, prior to execution, plan on its use and know its strengths as well as limitations. When you are 100% certain on your entry triggers then you can proceed to the next portion of the checklist.

Please use this link to READ MORE :- http://www.dailyfx.com/forex/education/trading_tips/trend_of_the_day/2014/05/21/The-Scalpers-Checklist.html

 

2 Comments

  • Scott Seigmeier

    Reply Reply April 8, 2015

    Hi, I am just wondering if there will be some sort of post mortem checklist available for us to use.

    Kind Regards

    Scott Seigmeier

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