Mental Checklist for Every Trade
Every battle is won or lost before it is ever fought.
Failed Breakouts
Ask yourself: who is in the market?
- ·Are there breakout traders?
- ·Where are their stops?
- ·(Other Time Frame Traders)
What scalable setup am I taking?
It's not about being right or wrong
Preparing / Planning / Executing.
What is the Day Count?
(Breakout traders or Three Day Setup?)
Entry
Risk Management
Preset Profit Target
I don't change my mind.
Exit a trade that isn't behaving as it should
Stay emotionally oriented
Focus on impeccable execution of the BTS
Understand who is trapped
Who is under water? (Longs or Shorts?)
How to identify your "strike zones"
(Three levels of rise or fall)
Understand False Breaks
Where are the stops? $$$$ (HOD / LOD)
Understand Stop Hunts
(25-50 pips outside the high-low range)