Forex & Gold — Pre-Trade Checklist

Save a copy of this checklist

Download it to your device and open it any time — no internet needed.

⬇ Download

Not Ready

Complete all checks before trading 0 / 22

🟢

All checks passed — you're ready to trade

Remember to log this trade in your journal before you enter

🌍 Market Conditions 0 / 4

I know which session is active and it suits this trade

London (8am–4pm), New York (1pm–9pm), overlap (1pm–4pm) — highest liquidity windows for Forex & Gold

I have checked for high-impact news in the next 4 hours

Use an economic calendar — NFP, CPI, Fed rate decisions, and FOMC minutes move Gold hard · Open Forex Factory ↗

I am not entering within 30 minutes of a major news release

Spreads widen sharply around news — slippage can invalidate your stop loss placement

The market is not in a low-liquidity or holiday period GOLD

XAU/USD can gap or spike unpredictably on bank holidays and thin Asian sessions — avoid or reduce size

📊 The Setup 0 / 6

I have identified the higher timeframe trend direction

Check H4 or Daily first — trading with the trend improves win rate significantly for new traders

My entry has a clear, specific trigger — not just a feeling

e.g. a candlestick rejection at support, a break and retest, a pattern completion — the reason must be definable

My stop loss is at a logical structural level

Behind a swing high/low, key support/resistance, or ATR-based — not a round number guess

My take profit is at a logical structural level

Next area of resistance/support, a measured move target, or a previous swing point — not a wish

The risk : reward ratio is at least 1 : 2

You only need to win 1 in 3 trades to break even at 1:2 R:R — below this, the maths works against you

The price is not directly at a major key level right now GOLD

XAU/USD respects round numbers ($2,000, $2,100 etc.) strongly — entering at these levels is high-risk; wait for confirmation

🛡️ Risk & Position Size 0 / 5

I have calculated my lot size using the calculator

Never estimate — open the Lot Size Calculator, enter your stop in pips, and use the exact output

My risk on this trade is no more than 1–2% of my account

At 1% risk, you can lose 50 trades in a row before your account is halved — discipline now protects you later

I have not already hit my daily loss limit

Set a hard daily limit (e.g. 3% of account) — if hit, close the platform and stop trading for the day

I am not adding to or averaging into a losing position

Adding to a loser increases risk and turns a small loss into a large one — this is one of the most common account killers

I am comfortable losing this amount if the trade hits my stop

If the answer is no, reduce your lot size — trading money you cannot afford to lose leads to emotional decisions

🧠 Psychology Check 0 / 4

I am not trading to recover a loss from an earlier trade

Revenge trading is the single biggest account destroyer — a loss is just data; your next trade must stand on its own merit

I am not trading out of boredom or FOMO

If you're looking for a trade rather than spotting one, that's a sign to close the chart and walk away

I am calm, focused, and not emotional right now

Stress, anger, excitement, and fatigue all impair decision-making — your edge only works when your mind is clear

I have not had a winning streak that is making me overconfident

Overconfidence after wins is just as dangerous as desperation after losses — stick to the same process every time

🚀 Final Checks 0 / 3

I have set my stop loss order in the platform before entering

Never enter a trade without a stop loss already placed — the market moves fast and emotions will prevent you placing one after

I have set my take profit order in the platform

Locking in a target removes the temptation to hold too long or close too early out of fear

I have recorded this trade in my journal before entering

Write your reason, entry, stop, target, and lot size now — not after the outcome, when bias will colour your memory

🧰 Complete the Toolkit

⚡

Lot Size Calculator — £7.99

Calculate your exact position size before every trade. Enter your account balance, risk %, and stop distance — get the lot size instantly.

→

📓

Trading Journal — £14.99

Log every trade, track your win rate, and spot where your edge is strongest. The pair to this checklist.

→

📦

Bundle — Calculator + Journal — £17.99 £22.98

Both tools together at a reduced price — everything you need to size positions and track results from day one.

→

🔗 Useful Links

📅

Forex Factory — Economic Calendar

Check for high-impact news before every session. Red events can move Gold by hundreds of pips.

↗

🎓

BabyPips — School of Pipsology

Free Forex education from the basics up. Essential reading for every new trader.

↗