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Trading-Checklist

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Trading-Checklist

The purpose of trading-checklist is to ensure that traders have taken all elements of the MPS into account before placing orders and without any omission. Furthermore, it forces traders to do their homework and make conscious, intelligent, and objective decisions. This way, it let them reduce, contain, or eliminate the influence of trading based on feelings and guesswork.

During the process of going through Trading-Checklist, we must check and validate each criterion correctly and objectively. The MPS is powerful because it uses measurable and objective facts, not subjective feelings. Therefore, the rule is simple: if you are unable to check, evaluate, and validate any elements of Trading-Checklist objectively, the Money Printing Strategy is not for you.

Furthermore, you are required to keep a written record of your answers for each criterion. Once you have closed a position, this would help to know your good and less good behaviors. More importantly, it would help analyze what went wrong with losing trades to improve your trading skills in the future.

You must validate accurately and objectively each of the following twenty elements of Trading-Checklist before placing any order.
  1. What is timescale for the trade?
  2. Which wave number is developing at this time?
  3. What is the anticipated wave amplitude?
  4. Is the wave in motive or corrective mode? If in corrective mode, what is the wave pattern?
  5. What are the support and resistance levels?
  6. Is the wave at a Fibonacci retracement level?
  7. What is the VIX current trend?
  8. Is the wave within the channel?
  9. Has the wave broken a trend line?
  10. Is a trend-reversal at hand?
  11. Does the TSV confirm the current trend as signaled by the trend lines? Does it show any trend divergence?
  12. Does the MS confirm the current trend as signaled by trend lines and the TSV? Does it show any divergence?
  13. Based on above, what is the chart trend, upward or downward?
  14. Based on above, do you want to open a Long or a Short position?
  15. What are the Open, Close, and Stop-Loss prices?
  16. What is the Reward-Risk Ratio? Is it 5 or more?
  17. What is a comfortable amount of money you wish to allocate for this trade?
  18. What does the market timing suggest at this time? This criterion is currently not applicable.
  19. Are you compliant with the Management of Capital, Safety Net, and Stop-Loss?
  20. Have you validated all criteria of Trading-Checklist objectively?
Once you have validated all criteria positively, you may wish to place orders to open or close positions.
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