The following article/check list was written by Madhan as his entry for the summer competition.

In another article, one of you quoted that ”if you treat forex like a hobby, it will pay you like a hobby. If you treat forex as a profession then expect to be rewarded as a professional.”

This is certainly a good starting point for you to become more professional:

The Good-Trading Checklist

I focus on the process of good trading, good execution, and consistency.

I work with a proven methodology

I am comfortable with and fully understand my system

I have back-tested my system and know what it should produce when properly executed under normal conditions

Percentage of winning trades versus losing trades

Average winner-value and average loser-value

Trades I place are within my true personal risk tolerance

My trading life is in balance with family, personal, social and business times

I have and follow sound risk management rules for both my individual trades and overall account protection

I always use protective measures, such as stops, to manage risk exposure and only take calculated risks

I only use risk capital that is within my true comfort zones

I fully understand the core concepts in trading

I grasp all the terminology used in my trading

I keep a trading journal and review it regularly

I generate reports for my trading business

I regularly review my trading execution, with a focus on continuous improvement

I remain aware of my beliefs to identify counter-productive beliefs and views of myself, money and trading.

I follow my business plan, including: a budget, financial controls and general money management rules

I keep my math and trading skills finely honed

I keep my trading area organized and conducive to good trading

I adhere to healthy, sound routines and practices in my trading activity

I only trade when I am rested, well (not ill), and clear-headed.

Madhan