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Ask these 5 questions before you take your next trade

by , 21 July 2022
Ask these 5 questions before you take your next trade
The hardest decision one can make as a trader is this.

You sit at the computer after a clear trade has lined up…

And even though you should press the buy button.

You don't.

By nature, most people are too worried about the “what ifs”.

WHAT IF there is:
- An unexpected news announcement
- The market crashes
- Or maybe your second choice is the better trade…

These thoughts will stop you from pulling the trigger and executing the trade.

Here’s how to stop self doubt…

Ask yourself these five questions each time you take a trade.

Question 1: What market am I looking to buy or sell?

First, you’ll need to open and log into your trading and charting platform.

Once logged in, scan through your watchlist (list of markets you trade).

Whether it’s a currency, stock, index, crypto or commodity, make sure you
know exactly what you’re looking to buy or sell.

And when you find one that is showing a decent trading setup…

Ask yourself…

Question 2: Has a trade lined up?

Next, you’ll need to confirm if a trade has lined up according to your proven and tested trading strategy.

There are many different trading systems out there.

For example, you may have a swing, indicator, mean reversion, Gartley, moving average, volume, a price action system or my MATI Trader System…

Whatever it is you’re using, make sure you confirm a trade has lined up according to the market you’re looking at.

Question 3: Have I calculated my trading levels?

Once you have a trade lined up, you’ll need to do a couple of calculations.

You’ll need to work out where to enter, place your stop loss (risk) and take profit (reward) levels.

You’ll also need to calculate how many CFDs you must buy or what your Spread Bet level should be according to your money management rules.

If you don’t have a calculator to work this out,
click here to download the FSPInvest CFD and Spread Betting Risk Calculator.  

Once you have written down and calculated all of your trading levels, this will boost your confidence.

Question 4: Do I need to know any other external factors before I take a trade

The answer to this question is a resounding…


You have your strategy, you have your system and your levels.

You have everything you need to execute your trade.

Forget about the noise around you…

Question 5: Is everything in order before I take a trade

Before you push the button to execute your trade, do one final checkup.

These final checks should include:

1.    What market am I trading?
2.    Am I going long (buying) or going short (selling)?
3.    Are my trading levels correct (Entry, stop loss and take profit)?
4.    Is my trading position size right?

Then do the countdown each time.
3, 2, 1.

Push that BUY or SELL button.

When you’ve pressed the button, you’ll let the market take over as you’ve done your part.

Those are the only questions I consider before I execute a trade.  

Stop the self doubt.

No umming and ahhhing

No excuses.

Write these questions down, and you'll never second guess yourself again.  

Trade well, live free.

Timon Rossolimos
Analyst, Red Hot Storm Trader

PS: You have the 5 MOST important questions to take a trade... Now, all you need is a little help in finding a trade and that’s where I can help you. 
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I’ll send you the trade ideas, the calculations, the communications everything. You just need to ask and answer the five questions to start profiting.

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Ask these 5 questions before you take your next trade
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