Process and psychology
Checklists
A short list checked before acting catches the errors that hurry produces.
Studied, mixed
Some studies find something and others do not, or the result depends on the exact rule.
Two large studies in one field with different results. Not tested in trading.
What it is
A surgical checklist study reported fewer deaths and complications after adoption. A large later study in Ontario found no significant change, which shows that how a checklist is used matters.
What it suggests
A checklist works when it is used every time and short enough to be used.
How to check it
Keep the pre-trade list short, tied to the plan, and answered honestly, with a way to log a decision to skip it.
Common mistakes
- A list so long that it gets skipped.
Sources
- Haynes et al. (2009), A surgical safety checklist to reduce morbidity and mortality in a global population, New England Journal of Medicine 360 (before and after, eight hospitals) (citation and headline finding only)
- Urbach et al. (2014), Introduction of surgical safety checklists in Ontario, Canada, New England Journal of Medicine 370 (no significant change) (citation and headline finding only)
Related lessons
Written in our own words. Education only, not financial advice.