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Big 5 Checklist | XEONEDIA

By XEONEDIA
The Big 5 Checklist | XEONEDIA indicator is a powerful trading tool designed to help traders prepare their trading decisions in a structured and effective manner. The indicator encompasses five key areas:

  1. Strategy Documentation:
    ✅ Ensure that the trading strategy is clearly defined and documented.
    ✅ Conduct backtesting.
    ✅ Perform demo testing with an 80% success rate.
    ✅ Analyze trading results.
    ✅ Regularly refine the strategy.

  2. Risk Management:
    ✅ Minimize financial losses and ensure responsible trading.
    ✅ Set a risk limit of 1-2%.
    ✅ Use stop-loss orders.
    ✅ Ensure a risk-reward ratio of at least 2:1.
    ✅ Adjust position sizes.

  3. Technical Analysis:
    ✅ Evaluate charts and indicators to identify trading opportunities.
    ✅ Identify support and resistance levels.
    ✅ Use technical indicators (e.g., RSI).
    ✅ Set entry and exit points.
    ✅ Establish alerts for specific market conditions.

  4. Market Conditions:
    ✅ Consider external factors that may influence trading.
    ✅ Monitor the economic calendar.
    ✅ Apply fundamental analysis.
    ✅ Observe market volatility.
    ✅ Analyze global trends.

  5. Psychological Management:
    ✅ Control emotions and mindset during trading.
    ✅ Adhere to the trading plan.
    ✅ Manage emotions while trading.
    ✅ Set realistic expectations.
    ✅ Take regular mental breaks.


Mastercheck
The Mastercheck provides a digital checklist where traders can track their progress live. Users can make their own notes and view their checklist on any TradingView device, ensuring they stay informed about their trading readiness and can make adjustments in real-time. ✅

Overall, the Big 5 Checklist | XEONEDIA indicator helps minimize risks and maximize the chances of successful trades by promoting systematic and comprehensive trading preparation.
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XEONEDIA

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.