Every new day when you start your trading routine on IronTrade, don’t forget a couple of simple rules that you should perform before you start. Like airplane pilots do checklists, every trader should also conduct his own due diligence. Save it in bookmarks, or just copy-paste it into your notes. It will definitely help you.

Newsfeeds

Organize your newsfeeds to receive a fresh portion of relevant bits of news from the beginning of the day. Depending on the assets you trade, you can choose various sources and see if something influential is going on. Try economic calendars on popular websites if you do not know where to start. Usually, it does not matter which trading approach you use because economic calendars contain helpful information for everyone. However, it particularly matters if you trade on the news.

Market assessment

After you’ve researched through the news, you can go on with the market analysis. You can use indicators to evaluate the performance of assets. We’ve already posted a lot of articles on how to use them. In short, try to check whether there is any strong trend or significant volatility on the market. Remember that past performance is not always an indicator of future performance. Still, it can give you an idea of what is going on.

These points might make it simpler to choose a trading plan that may be used later. It is better to put the details down – the list can be as brief or as comprehensive as you prefer. The idea is that by the end of the assessment, you should have a clear sense of what will happen with the chosen assets and how you can benefit from them.

Trading plan

When you have realized what will happen, it is high time to plan how to trade. Many experts confirm that a trading plan is the most crucial element of any trading activity. Make sure you’ve thought through the following: the asset itself, investment amount, the total amount that you will spend for a trading strategy, and expiration times for your trades.

Also, try to include information about indicators and any other graphical tools. Stick to the plan in order to have better control over your trades and manage your losses properly.

Risk management

The last but not the least part of a checklist is your risk management strategy. Specify the conditions under which you will close your trades or stop trading for this day. In other words, specify the acceptable amount of losses. Writing them down will give you more control over your emotions that will undoubtedly arise during your trading. It will help you to stay organized and more productive. Stay consistent, and you will be alright. As usual, IronTrade wishes you all the best in your trading. Good luck!