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Our 5 Free Trading Tools That Help You Adopt A Better Trading Routine

Trading is not easy, it requires a lot of effort and attention to detail. As a trader you constantly have to work on your game and make sure you don’t stand still. On top of that, the financial markets move in ways that challenge your emotions, your instincts and trick you into making false decisions.

If you are like most traders, you probably also have a ‘regular’ job besides trading and your time is very limited. If this is the case, you need to use the time you have in the most efficient way and you should look for ways that can help you stay on top of your game and support you during your trading.

Over the past few months, we have collected ideas on how to condense the tools and tips that help us in our daily trading and turn them into tangible and useable tools that we can share with you. Here is our list with the 5 free trading tools that we want to give to you and that you can use in your daily trading.

 

The Trading Plan

planA trading plan is a structured way of analyzing individual instruments. Ideally, over the weekend, you create a trading plan for each instrument that you trade, you perform a thorough analysis, observe price action and indicators, note down important price levels and map out potential trade scenarios. Then, during your trading week you simply wait for price to meet the criteria in your trading plan.

A trading plan is the tool that provides guidance and structure. It adds clarity to your trading routine and it helps you avoid making bad trading decisions through pre-planning your trades.

 

The Watchlist

watchlistThe watchlist is similar to the trading plan but it condenses all your information and makes it easily accessible. The watchlist is a list of all the instruments that you are following and that show a promising price movement. The watchlist helps you stay on top of your trading and it makes sure that you do not miss trades.

Keep the watchlist next to you during your trading day. This way you are less likely to miss trades or randomly flip through charts and waste your time.

 

A Checklist

A trading checklist is comparable to a pre-flight checklist. Before the pilot starts and takes off, he goes through the same checklist every time. Even though he knows every word on his checklist by heart, he never skips a point and makes sure to carefully validate each point. He knows that by going through his checklist, he can minimize errors significantly.

We developed a trading checklist that you should go over before starting your trading day and entering a trade. The checklist makes you self-aware, helps you identify negative behavior and keeps you from making mistake. Amateur traders usually just jump into the markets without doing any preparation. Don’t be that guy.

 

Emotions Cheat Sheet

emotionEmotions are a big factor for every trader. But understanding which emotion is influencing your trading decisions is not as easy as it sounds and the clues can be subtle. The good news is that there is an easy way to know which emotions are influencing your decisions. Emotions manifest in your trading decisions and by being aware of your trading decisions, you can pretty accurately tell which emotions are driving your decisions.

The emotions cheat sheet lists the most common trading decisions and what traders do wrong, it connects it to the emotion that drives the decision and then provides tips on how to counteract and control the emotion.

 

Math Cheat Sheet

mathMath is hard and boring. And what’s the point of it anyway? As traders, we deal with math and mathematical principles on a daily basis. Even if you are not aware of how math manifests in your trading, it is always present. The Reward/Risk ratio, your winrate, your position size, losing and winning streaks, account growth and volatility, losses and recovery rate…all those things are 100% math based and understanding these principles can help you make better trading decisions.

But, the good news is, that you don’t have to be good at math. In trading, it all comes down to a few principles that occur over and over again. We condensed the most important facts and tips any trader should know about and put them together in our math cheat sheet.

 

Get our free tools now

You can download all our tools completely for free. We only ask for a little support. Share or tweet this article with your trading buddies and you will instantly unlock all the free tools. If you don’t have Facebook or Twitter, you can subscribe to our newsletter and get the direct download link as well.

 

Subscribe to our newsletter and get access to the free trading tools.

21 comments

  1. Hi, thanks for sharing the great resource! I can’t seem to download the trading plan template though. Looking forward to more great articles. Keep up the great work!

  2. Hi Rolf,

    I’ve been a subscriber for quite some time now and I have not yet received any link to the Trading Plan Template. Would you be so kind as to resend it please?

    By the way, I find your tools most helpful. Keep it up and spread it!

    Regards,

  3. Hi Rolf,

    I found a new trading teacher, finally…. 🙂 . your articles are very helpful and clearly stated, easily absorpted.
    Would you be able to let me know why I am not ble to load any of the free tool…., I shared, and subscribed also.

    Thanks, Master Rolf 🙂

  4. Hi, Rolf!

    I have retweeted and registered but still havenot got free tools from this article. Please send them to my e-mail.

  5. Fabiano Goncalves Pereira

    Rolf,

    You and Moritz do a great work with tradeciety. I am loving it more and more every article I read. I am really learning a LOT here!
    I haven’t received this material either. Would you kindly send me it?

  6. Dear Master Rolf,

    I am learning a lot from you.Read many books and attended some courses but Yours is very
    detail explanation.

    Your checklist is extremely helpful for any traders.
    Good Thinking of you.

    Thank you very much for your straight forward and Honest Teaching.

  7. Dear Rolf
    I got to read all your articles. I learned a lot here.
    Thank you.

  8. Dear Rolf,

    Great Website. Very insightful.

    I didn’t receive the 5 free trading tools. Can you please send them to me?

    Thanks

  9. Hi Rolf

    I subscribed to your newsletter but never got the free tools. I will appreciate if you can email them to me.
    Keep up the great work to provide useful education and tips to help fellow traders improve their trading skills.
    Thanks

  10. Jonas Compernolle

    Hello,

    Just like the others here I’d like to receive these templates as I’ve not received them yet after subscribing to the newsletter!
    Thanks in advance

    Jonas

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