Forex Checklist
4.8/5 with 66 votes
Table of Contents
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- Select a Broker
- Check what other traders say about the broker.
- Check the home country of the broker.
- Check their customer service/dealing desk.
- Check what regulatory organizations they are registered with and what protections this affords you.
- Check if client funds are insured against fraud.
- Check if client funds are insured against bankruptcy.
- Account
- Check the minimum balance required to open an account.
- Check the minimum trade size.
- Check if you can adjust the standard lot size traded.
- Check if you can you earn interest on the unused margin balance in your account.
- Margin
- Check the margin requirement.
- Check if it changes for different currency pairs or days of the week.
- Check if the broker increases it in volatile market conditions.
- Check at what point the broker will issue a margin call or close open positions.
- Check if the same applies for standard and mini accounts.
- Trading
- Check reliability during fast moving markets and news announcements.
- Check how many different currency pairs you can trade.
- Check for any special features.
- Spread, Slippage and Commissions
- Check how tight is the spread.
- Check if it's fixed or variable.
- Check how much slippage can be expected in normal/fast moving markets.
- Check if they charge commissions.
- Execusion
- Check the business model they operate.
- Check how fast is their order execution.
- Check if the orders are manually or automatically executed.
- Check what is the maximum trade size before you have to request a quote.
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Presented by:
John F. Smith
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Views: 215
Uses
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Uses: 10
Tasks
32
Tasks: 32
Who it's for
This Forex Checklist is for anyone who wants a simple, practical way to get things done without missing steps.
- Avoid forgetting - keep all your Forex essentials in one place (external memory)
- Save time - start from a proven Forex structure instead of a blank page
- Stay on track - track progress, come back later, and keep momentum
- Coordinate with others - share the list and divide responsibilities
- Learn the process - follow the steps in a sensible order, even if it's your first time
How to use it
How to use this Forex Checklist
- Save Forex Checklist to your free Checklist account so your progress is saved and synced across devices.
- Customize it in the app: remove anything that does not apply, then add your own details for Forex (dates, sizes, addresses, notes).
- If others are involved, invite them to collaborate and divide responsibilities.
- Work through the list: check items off as you go, and set reminders for time-sensitive steps.
Rate this Checklist
5 stars
Scores 4.80 with 66 votes