As I was planning to trade the Forex market today I carried out my regular pre-trading routine. I follow literally the same routine everyday and it helps me to become more organized and proficient as a trader and as a businessman.

As part of my Forex strategy trading suggestions I would like to share with you a checklist that every Forex trader should use in order to become more effective, more organized, and boost your return on investment.

Check your open trades and track their overall performance: This should be the first step you take once you get to your computer. Check all of your open positions and
track their performance.

In many occasions stop losses need to be moved to break even or you want to take profit early because of an incoming event (such as non- farm payroll).  One of my mentors once told me that “everything that matters should be tested”, this undoubtedly applies to spot trading.

Research the market before you place any new trades: I cannot stress enough that you have to analyze the market before you open any trades. When you are in a trade you are not the same. You are thinking about the trade all the time and you are more likely to make non-sense decisions.

In addition, you will be hitting your head if you see anything in the market that creates a conflict with a trade you already took.

Read the news or read a news calendar: I am most of a technical spot trader than a fundamental Fx trader; nevertheless, I still try to stay up to date in what is going on throughout the world.

One of the things that I use to analyze the fundamentals of the FX Market is the news calendar. A news calendar provides you with a list of all the important events that are happening in the internacional economy. A number of them also tell you the expected influence that each specific news event will have on the Forex market.

Check your risk, stop loss, and tale profit details: tiny things can make a enormous difference in foreign exchange trading and diminutive mistakes can produce substantial losses. This is the reason why I always check my risk, take profit levels, and stop loss levels. That’s the best way for me to make sure that everything is working fine and that I am going to meet my trading ultimate goals and ambitions.

Never let a small mistake become a large loss: I decided to include this one as part of the Forex trading checklist because I have seen many traders lose money this way. We are all human and we will make mistakes from time to time.

One of the most frequent mistakes traders make is taking a trade on accident. I have done it and all pro FX traders have. This is not that big of a mistake unless you let run and become a larger loss. My advice to you is that if you ever take a trade mistakenly close it immediately, never let a small mistake turn into a big and unnecessary loss!

I Hope you enjoyed my Forex strategy trading strategies please check back regularly as we post several times every week.