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The importance of a
Daily Checklist

An important habit is to follow a checklist at the start of each trading day.  Just as a pilot runs through a checklist before each flight, a trader needs to do this as well.

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Here are some errors I've made over the past years that have resulted in losses, simply because I wasn't careful and didn't follow a checklist.

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  • Missing a time zone change between daylight savings times.

  • Not being aware of a news event.

  • Trading the wrong account.

  • Trading the wrong contract.

  • Trading the wrong default size.

  • Having the wrong brackets set.

  • Not restarting the PC and ensuring updates installed before the trading session.

  • Not renewing data subscriptions.

  • Not having a 2nd trading platform available in case primary platform crashes.

  • Not being aware of change to trading schedule, e.g. during a holiday.

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Each time I make a mistake that should have been easily preventable, I amend the checklist to prevent the mistake from happening again in the future.

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Why the Monkey needs a checklist

If the monkey is in sabotage mode and looking for an easy way to mess up your day, any one of these mistakes would be easy for the monkey to pull off.  The monkey loves being able to blame a loss on something that "isn't your fault", for example 'my trading platform crashed' or 'I didn't know it was a holiday tomorrow'.  But these types of excuses are within you control and are your responsibility.  This is why it is so important to make the daily checklist a habit.

The One Trade Trader
Daily Checklist

These items should be checked before your trading session starts:

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  1. Your Windows platform is in good health, there are no pending updates and it has recently been rebooted.

  2. Check the economic calendar for events today and later this week.

  3. Check the trading time for today, e.g. holiday or time zone changes.

  4. Your backup trade platform (usually Rithmic R-Trader Pro) is running and configured correctly:

    1. Logged in with the correct account.

    2. Risk parameters are set correctly.

    3. Cancel All and Flatten is easily accessible.

  5. Your primary trade platform (e.g. Optimus Flow, Sierra Chart, Bookmap) is running and configured correctly:

    1. Correct account selected (e.g. Sim vs Live and correct account)​

    2. The correct contract is selected (e.g. ES vs MES)

    3. The correct default qty is selected (e.g 1 contract for ES, 5 contracts for MES)

    4. Brackets are set with correct stop and TP

      1. Test the bracket by placing a dummy order some way from current price.​

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These items should be checked before you finish the session:

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  1. You are flat, with no pending orders - check on both platforms.

  2. Shut down primary trading platform.

  3. Shut down R-Trader Pro.

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