Best Practices Checklist for TradersSeptember 22nd, 2021
Every trader needs a checklist.
At least, that’s what Steve Wheeler says. Steve is a trader, coach and systems developer at NaviTrader and he recently hosted a new webinar, The Top Three Automated Setups for Day Traders, with the NinjaTrader Ecosystem. In the event, Steve compared a trader’s checklist to that of an airline pilot: a crucial guide to ensure that the task at hand (be it flight or trade) is executed flawlessly.
So, what is on Steve’s checklist? First, he suggests checking for any pending news. In his event, he explained that he usually avoids being in the market when there is a big news item on the horizon. He also said to make sure that you have the correct conditions for entry, the correct instrument, the correct position sizing and the correct stop and target strategy.
Then, he advises checking to make sure that you are trading on the correct account – after all, there is nothing more disappointing than making a good trade only to realize too late that you were trading on a sim account.
Finally, he said that it is crucial for you to simply stop and think for a moment before placing a trade. Think about the trade and make sure that you have adequately addressed each of the other points in the checklist.
In this short clip, Steve Wheeler of NaviTrader explains the points of this checklist in greater detail.
If you enjoyed this clip, be sure to also watch this other webinar from Steve, Automation and the Secret to Great Setups.
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