Trade Gold Trading

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

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

A Trader Should Find the Best Strategy for Their Trading Style

To become successful in xauusd trading - traders need to come up with a trading plan that's suited for their style method 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 method that is proven to make profits most of the time is following the general price trend.

In trading once xauusd trading prices start to move in a particular direction, the trading 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 the market trend a trader can then use this strategy & write it down on their trading Plan.

Creating a Plan

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

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

Chart Time Frame the Trader Will Be Using

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

Charts Traded

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

System Rules

This trading 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 trader is using. If a xauusd trader is using a technical indicator based tradingtrade system, then the rules will specify when to open a trade when the rules of an entry trade setup are met and when to close a trade position when the rules of an exit set-up are met.

Equity Management Rules

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

Practice XAUUSD with Your Plan on a Practice Trading Account

After coming up with your plan you should then test it on a practice 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 trading plan on a practice environment and learn the required discipline that is needed to trade using this trading plan on the real market.

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

Keep a Journal of All Trades 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 down all the trades that you open in this trading journal, write down why you opened each transaction, when you closed the trade and also the amount of profit or loss generated from that gold trading transaction.

After a while you 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 can then try and do more of what makes you successful & less of what is making you to open 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 trading journal from time to time then you give yourself a chance to identify the mistakes you make in gold trading from reviewing your trading journal periodically.

This way you can then increase the percentage% of your winning trades. You also can increase your profits and reduce your risk per trade because by increasing the percentage of your winning trades and reducing your losing trades - your plan can then make more money and help you to become more successful in xauusd trading & more profitable.

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