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Xesniper Guide Book

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xesniper

Pre-Trade
Checklist
Guide
Your Path to More Disciplined
and Informed Trading
Decisions

@xesniper 2024
xesniper

Introduction
In today’s fast-paced financial markets, every second counts,
and every decision matters. Whether you’re trading forex,
stocks, or cryptocurrencies, preparation is key. This guide will
walk you through a simple yet effective Pre-Trade Checklist,
helping you ensure that each trade you enter is well thought
out and aligns with your strategy.

Why is a Pre-Trade Checklist Important?


It ensures consistency, minimizes emotional trading, and helps
you focus on trades with the highest probability of success. By
developing a routine, you make fewer mistakes and become a
more disciplined trader.

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Market Conditions
Assess the Market

Before entering a trade, always determine


the overall market conditions. Are we in a
bull market (prices rising), a bear market
(prices falling), or a range-bound market
(prices fluctuating between key levels)?
Understanding the market’s behavior is
crucial for setting the right trade direction.
Bullish Market: Look for long (buy)
opportunities.
Bearish Market: Focus on short (sell)
trades.
Range Market: Identify key levels for
potential breakouts or reversals.
Tips: Use higher timeframes (daily, weekly)
to gain a broader perspective on the
market's trend.

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News Check
Check for
Market News
Markets are highly reactive to news, especially around major economic
releases, central bank decisions, and geopolitical events. Always
check the economic calendar before entering any trades. You can find
crucial updates on platforms like Forex Factory or Investing.com.

Key Events to Watch:


Non-farm payrolls
Central bank announcements
(interest rates)
Earnings reports
Political events (elections,
major agreements)
Tip: Avoid trading around high-impact
news unless you're specifically
targeting these events with a news-
based strategy.

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Trading Setup
Confirm Your Trading Setup

Your setup should match your trading


style. Whether you're a trend follower, a
range trader, or a breakout specialist, stick
to the strategies you’ve tested and are
comfortable with. Consistency is key.

Trend-Following: Look for pullbacks in


strong trends.
Range Trading: Buy near support, sell
near resistance.
Breakouts: Identify consolidation areas
and wait for price to break through key
levels.

Tip: Avoid “chasing” trades. Wait for the


perfect setup according to your strategy.

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Risk
Management
Implement Risk Management

Every trade should be based on a clear risk


management plan. This includes setting a
stop loss to protect your account from
significant losses. Determine your risk per
trade (usually 1-2% of your account balance)
before entering.

Stop Loss: Set this at a logical level where


the market would invalidate your trade idea.
Position Sizing: Adjust your lot size to control
your exposure.

Tip: Never risk more than you're willing to lose


on a single trade. Stick to your risk
management rules no matter what.
cording to your strategy.

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Entry Trigger and


Take Profit
Wait for the Entry Trigger

Don't enter a trade without a clear entry


signal. Whether it’s price action, candlestick
patterns, or a moving average crossover, wait
for confirmation before pulling the trigger.

Examples of Entry Triggers:


Candlestick patterns (pin bars,
engulfing patterns)
Break of support/resistance
Indicator crossovers

Tip: Be patient. The best traders wait for the


right moment to enter.

Define your take profit target based on key


levels or indicators.

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Emotional Check and


Trade Management
Emotional Check

Before entering the trade, check your


emotions. Are you feeling anxious, excited, or
frustrated? Emotional trading leads to
impulsive decisions, which can result in
unnecessary losses.

Plan for Trade Management


Decide how you'll manage the trade after
entering. Will you move your stop loss to
breakeven after a certain profit is reached?
Will you take partial profits? Planning ahead
removes emotion from the decision-making
process.

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Record Keeping
and Review
Record Your Trade and Review

Document every trade you take in a journal. Note


down your reasons for entering, your stop loss and
take profit levels, and the outcome. This helps you
learn from both successful and unsuccessful trades.

Key Details to Record:


Entry price
Stop loss and take profit
Market conditions
Emotional state

Tip: Regularly review your trades to identify patterns


in your successes and mistakes.

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Conclusion
Document every trade you take in a journal. Note down your reasons for
entering, your stop loss and take profit levels, and the outcome. This
helps you learn from both successful and unsuccessful trades.

Key Details to Record: Entry price Stop loss and take profit Market
conditions Emotional state Tip: Regularly review your trades to identify
patterns in your successes and mistakes.

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Ready to Level Up
Your Trading?
if this checklist helped you, imagine what
my full Trading Masterclass can do!

Learn everything from forex strategies


and risk management to technical
analysis with real-world examples.

Whether you're a beginner or looking


to refine your skills, this course is
packed with actionable insights to 30%
take your trading to the next level. Discount
For only 5 peoples.
Spots are limited! DM me on
instagram the word "Discount" to get
30% discount now and secure your
place.

@xesniper 2024
XE Sniper
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