A checklist turns a vague idea into a set of yes or no answers before you risk money. This guide gives a plain list you can copy to paper or a spreadsheet. It is not a signal tool and no list can make a trade safe. There is no separate PDF file; use your browser's print option if you want a saved copy.
TL;DR -- Key Takeaways
- Answer every question before the trade, not after.
- If any answer is "no" or "not sure", skip the trade.
- Keep the list short enough to use every time.
- Review your answers weekly against your results.
- Binary options carry a high risk of losing your whole stake.
1. Setup Questions
- Does this trade match a written rule from my strategy?
- Is the market type (trending or ranging) the one my rule was built for? See trending versus ranging markets.
- Have I checked the higher timeframe? See multiple timeframe analysis.
- Is a news release due before expiry? See trading news releases.
2. Risk Questions
- Is the stake within my fixed percentage of the account?
- Have I reached my daily loss limit?
- Do I know the payout and what I lose if the trade fails?
- Am I about to raise my stake to recover a loss? If yes, stop. See martingale explained.
3. Timing Questions
- Is the expiry time chosen on purpose, not by habit?
- Is the entry point the one my rule names? See entry timing.
- Do I know when I will stop and not re-enter?
4. Mindset Questions
- Am I calm, rested and not chasing a loss?
- Would I take this trade if my last one had won?
- Is anyone's signal, not my rule, driving this trade?
5. Review Your Answers
Record the answers in a strategy journal. Each week, compare trades where every answer was "yes" with those where you overrode the list. For more on structure, read strategy selection checklists and journal templates.
Frequently Asked Questions
Is there a downloadable PDF of the checklist?
Not as a separate file. Use your browser's print option to save the page.
Can a checklist improve my results?
It can improve consistency. It does not create an edge or remove risk.
How long should a checklist be?
Short enough to use every time. Ten to twelve questions is a common size.
What if I skip the checklist sometimes?
Record the skipped trades and compare them with the rest at your weekly review.
Related Reading
- Trend Confirmation Checklist -- one setup in detail
- Common Strategy Flaws -- what to look for
- How to Build Your Own Strategy -- write your rules first
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