As I was making plans to to trade the currency markets today I used my everyday pre-trading routine. I follow literally the same routine each day and it helps me to become more prepared and efficient as a trader and as a businessman.

As part of my Forex strategy trading methods I would like to share with you a checklist that every FX trader should use in order to be more successful, more organized, and expand your return on investment.

Check your open trades and track their efficiency: 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 measured", this surely applies to spot trading.

Research the market before you place any brand new trades: I cannot stress enough that you need 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 something 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 trader than a fundamental Fx trader; nevertheless, I still try to stay up to date in what is going on all over the world.

One of the tools that I implement to analyze the fundamentals of the fx market is the news calendar. A news calendar provides you with a collection 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 currency market.

Check your risk, stop loss, and tale profit variables: tiny things can make a enormous difference in currency trading and diminutive mistakes can create giant losses. This is the reason why I always check my risk, take profit levels, and stop loss levels. That’s the only way for me to guarantee that that everything is working properly and that I am going to meet my trading goals.

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

One of the most typical errors traders commit is taking a trade by mistake. I have done it and all skilled 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 tips and tricks please check back frequently as we post a lot of times per week.

To your trading success,

Jay Molina

Professional Forex Trader & adviser