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.