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Day Trading Reality Checklist

The document provides a checklist for day traders to self-assess their money management, risk management, execution skills, emotional regulation, and psychology/mindset. It contains over 50 questions divided into 5 sections and advises that if traders answer yes to more than half the questions in any section, they are likely not ready for real trading and should continue practicing in a trading simulator until their skills improve.

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Sushant Kumar
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1K views

Day Trading Reality Checklist

The document provides a checklist for day traders to self-assess their money management, risk management, execution skills, emotional regulation, and psychology/mindset. It contains over 50 questions divided into 5 sections and advises that if traders answer yes to more than half the questions in any section, they are likely not ready for real trading and should continue practicing in a trading simulator until their skills improve.

Uploaded by

Sushant Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Day Trading Reality Checklist

I. Money Management
1. Your profit expectations are too high for your account size. ☐Y ☐N
2. Your daily goal is unrealistic or difficult to achieve. ☐Y ☐N
3. You struggle to accept a losing trade or a red day. ☐Y ☐N
4. You have a problem with small green days or breaking-even. ☐Y ☐N
5. You trade the midday or low volume hours. ☐Y ☐N
6. You lack hard rules for when to stop for the day. ☐Y ☐N

II. Risk Management


1. You risk too much of your account on individual trades. ☐Y ☐N
2. You let losing trades go past your stop loss. ☐Y ☐N
3. You average down into losing trades. ☐Y ☐N
4. You double down or increase size after a losing trade. ☐Y ☐N
5. You let day trades turn into swing trades. ☐Y ☐N

III. Execution and Management


1. You go into a trade without a basic plan (stop, entry, target). ☐Y ☐N
2. You copy other traders or follow their lead blindly. ☐Y ☐N
3. Your losing trades are larger than your winning trades. ☐Y ☐N
4. Your stops are tight and don’t allow for normal market movements. ☐Y ☐N
5. You go against the trend and focus mostly on the smaller timeframes. ☐Y ☐N
6. You exit winning trades too soon. ☐Y ☐N
7. You hold onto winning trades too long and give back profits. ☐Y ☐N

IV. Emotional Regulation


1. Your trading decisions are based on fundamentals, hype, or hope. ☐Y ☐N
2. You get nervous or uncomfortable while in a trade. ☐Y ☐N
3. You let your emotions dictate your trading. ☐Y ☐N
4. You watch every tick while in a trade. ☐Y ☐N
5. You try to predict rather than react. ☐Y ☐N
6. You get FOMO or chase trades after the move has taken off. ☐Y ☐N
7. You take impulse trades with little thought or analysis. ☐Y ☐N
8. You take trades based on a hunch or a gamble. ☐Y ☐N
9. You trade for the adrenaline rush or desire for action. ☐Y ☐N

V. Psychology and Mindset


1. You have very little self control and/or lack of discipline. ☐Y ☐N
2. You revenge trade the same ticker multiple times. ☐Y ☐N
3. You tend to over-trade and pay high commissions. ☐Y ☐N
4. You often hesitate or find reasons not to take a trade. ☐Y ☐N
5. You think about being wrong and losing money more than winning. ☐Y ☐N
6. You change your trading style or system often. ☐Y ☐N
7. You don’t journal or review your trades. ☐Y ☐N
8. You don’t track trading performance objectively with stats and reports. ☐Y ☐N
9. You are losing money. ☐Y ☐N
If you answered YES to more than half of the questions in any of the above sections, then you should not be
trading real capital. Return to simulator until you see improvements in that area.

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