Best Website to Learn Trading

The best way to learn trading is to learn how to come up with a trading plan. The trading plan is the tool that every trader will use to identify when to open trade transactions & when to close trades and what trading strategy will be used to identify when to open and close trades.

In order to create the best trading plan a trader must learn how to go about doing the following.

One Should Get the Best Strategy for Their Trade Style

To become successful in gold trading - traders need to come up with a trading plan that's suitable for their style method/technique and trading personality.

A trader should look to find a trading method that can identify the market trends early and allow the trader to open trades in the direction of this market trend. In trading the most reliable strategy that is proven to make profits most and majority of the time is by following the general price trend.

In trading once gold trading prices start to move in a particular direction, the prices will move in that direction for some time because the market trends have momentum and this trend momentum will mean a trend will continue to move in direction of the trend for some time.

Once one selects a strategy that will help them to identify trends and open trades in direction of price trend a trader can then use this trading strategy & write it down on their Plan.

Making a Plan

A plan is a set of rules and trading rules that help traders to organize and structure their trading in a particular way that's easy for a trader to follow & adhere to when trading the online market.

The trading plan will have different sections that will specify different aspects of trading that the trader will follow & adhere to when trading the market. The different sections of a plan are:

Chart Timeframe the Trader Will Be Using

The trading plan should specify which chart timeframe a trader will be trading with. If one is a scalper then the plan will specify the 1 minutes trading time frame, for the day traders the chart timeframe will specify the 5 Minute chart timeframe or 15 minutes chart timeframe and for swing traders the H1 chart timeframe.

Charts Traded

A trading plan should specify which trade instruments you as a trader will be trading.

System Rules

This system rules section will specify when a trader will open a buy or sell trade and when a gold trader will close a trade position.

This trading rules section will determine the trading rules of the entry & exit based on the trading system that the Gold trader is using. If a gold trader is using a indicator based trading system, then the trading rules will specify when to open/execute a trade when the trading rules of an entry trade setup are met & when to close out a trade position when the trading rules of an exit set-up are met.

Equity Management Rules

A plan should specify the trading money management rules that a trader will follow when trading gold. The money management guidelines will specify what percentage of account balance a trader will risk on each trade position. A trader may decide to only risk up to 2% maximum on any one single gold transaction.

Practice XAUUSD with Your Plan on a Practice Trade Account

After creating your trade plan you should then test it out on a demo account before trading with it on a real xauusd trading account. By using the trading plan on a demo account a trader can learn how to trade with the plan on a practice environment & learn the required discipline that is needed to trade using this trading plan on the real market.

Once a trader has tested the plan on a demo account & the trading plan is profitable on the demo account - a trader can then open a real xauusd account & trade on this real account with this plan.

Keep a Journal of All the Trades Positions Opened

A trader should keep a journal of all xauusd trades that are generated by this trading plan. As a trader it is always good to keep a journal and write all the trade transactions that you open in this trading journal, write down why you opened each trade, when you closed the trade and also the amount of profit or loss generated from that gold transaction.

After a while you as a trader can then review all the trades you have opened - try and look at why the losing trades made losses and why the winning trades were successful and after which you as a trader can then try and do more of what makes you successful & less of what is making you to open/execute losing trades and that way keep on improving on your strategy.

As a trader if you don't keep a trading journal you might continue making the same mistakes over and over again without even knowing, but if you keep a journal & keep reviewing this journal from time to time that way then you give yourself the chance to identify the mistakes you make in gold trading from reviewing your trading journal periodically.

This way you as a trader can then increase the % of your winning trade transactions. You also can increase your profits and reduce your risk per trade because when you as a trader you increase the percentage of your winning trades and reduce the percentage of your losing trades - your trading plan/strategy can then make more money because you now have an improved risk to reward ratio - the improved risk:reward ratio will aslo help you become more successful and more profitable when gold trading.

More Tutorials and Courses:

Trade Gold Trading

Best Website to Learn Trading

One Should Get the Best Strategy for Their Trade Style

Making a Plan

Practice XAUUSD with Your Plan on a Practice Trade Account

Keep a Journal of All the Trades Positions Opened