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Phil Storer discusses choosing tools for successful trades Stock and commodity trader Phil Storer says that, based on his decades of experience, certain tools are right for specific situations and virtually all trades require a checklist that's been prepared in advance. Craftsmen carry with them a box full of tools, and if you ask them which ones are their favorites they can quickly tell you, Storer says in Chalk Talks for Traders Easy Xs and Os from a Proven Market Pro. They know which ones they use the most, and they'd probably tell you that every tool they own can be just right for a certain task. Storer says as you read his book you'll have the chance to learn about some of the best trading tools that can be found in one place. The most important tool is creating a checklist that's tailored to your methods and trading personality so that in planning your trade you dont overlook details that are critical to success. Reasons for making a list before entering a trade--and then checking it twice--are many, Storer says. One prime reason is that the checklist slows you down, and gives your system time to breathe, before you plunge, he says. A second benefit is that the list helps...more
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