· 4 min read
A Forex and Gold Pre-Trade Checklist You Can Reuse
Use this pre-trade checklist for forex and XAUUSD: verify market data, economic releases, stop loss, lot size, account exposure, and order details.
By TickerAI
A pre-trade checklist makes the decision reproducible. Before opening a forex or gold position, identify the setup, the price that invalidates it, the account risk, and the conditions that would make you cancel the order.
The checklist below works for a manual trade or an AI-generated idea. It does not make a weak strategy profitable; it helps reveal missing information before an order reaches the broker.
1. Verify the instrument and data
Record the exact broker symbol, timeframe, quote timestamp, and data source. EURUSD on your MT5 account and a public chart may differ in spread, candle boundaries, and available history. Gold symbols with similar names can have different contract settings.
If the analysis relies on a closed candle, confirm that the candle has actually closed. An unfinished breakout can disappear before the period ends. If the quote is stale or the symbol is ambiguous, pause the decision.
2. Write one sentence explaining the setup
A useful thesis names a condition that can be checked: “I am evaluating a long only after a completed hourly close above the defined range, with a retest that holds.”
“The AI is bullish” leaves no independent test. Ask which observations support the view and what evidence contradicts it. If you cannot state the invalidation clearly, the entry and stop are not ready.
3. Check scheduled economic releases
Review events relevant to both currencies and to the proposed holding period. For gold, include important USD releases and central-bank events in that review. Confirm the calendar timezone rather than relying on a memorized local release time.
Write down your event policy in advance: no new entries during a specified window, reduced exposure, or another defined action. The window should come from a tested plan rather than a universal rule. See how to read an economic calendar.
4. Calculate money at risk
Set the stop from the invalidation, then calculate volume using the broker's specifications. Include a cost allowance and check minimum lots, volume steps, and available margin. A calculator output below the minimum is a reason to skip that combination of inputs.
Use the forex sizing formula or the gold lot size example. Never treat the stop as a guarantee of the exact loss.
5. Review the account as a whole
List open positions and pending orders before adding another idea. Three positions can express one shared bet, such as several trades that all lose if the dollar strengthens.
Check today's realized P/L and current equity separately. An account can look acceptable on closed results while carrying a large floating loss. A position-count limit does not measure correlation or aggregate stop risk.
6. Inspect the order you will actually send
Verify buy versus sell, exact symbol, volume, market versus pending order, entry, stop, and target. If price has moved since analysis, recalculate the setup. Do not assume the original reward-to-risk still applies.
For a pending order, record when it should expire or be canceled. A thesis can become stale even when its entry price has not traded.
Copy this trade plan
| Field | What to record |
|---|---|
| Instrument / timeframe | Exact broker symbol and analysis period |
| Evidence | Setup condition and completed-candle timestamp |
| Invalidation | Price and reason the thesis fails |
| Entry / stop / target | Planned executable levels |
| Volume / cash risk | Rounded lots, cost allowance, account currency |
| Calendar / exposure | Relevant events, open and pending trades |
| Cancel condition | Time, price, or market change that voids the idea |
Run the checklist with TickerAI
Ask: “Review this setup against the checklist. Show the source and timestamp, stop-based sizing, upcoming events, and current account exposure. List anything you cannot verify.” Connected-account and execution features require the appropriate access and availability.
TickerAI's trade cards and risk checks can cover parts of this process. Review the product's risk rules to understand their scope. Save the final plan before entry, then compare it with the outcome instead of rewriting the rationale afterward.
This checklist is educational. Completing it does not eliminate trading or execution risk.