Example of How to Write a Journal
Gold trading journal will track all your trades in a gold journal. By following this simple, easy to follow journal writing tip, you can easily improve your results. Here is how you do it:
Step 1 - Write down WHY you're making a trade BEFORE executing a trade transaction on your journal.
Before opening a trade position, write in a journal the reasons why you are making the trade. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the journal a few key reasons why you are making this trade.
Be honest with this journal. If you're honest, it'll stop you from making the biggest mistakes in your trading. If you see that you are making the trade because of anything other than a sound gold strategy. DO NOT MAKE THE Gold TRADE TRANSACTION!
If you make a losing trade, don't open another gold transaction immediately so as to make profits to neutralize the losses you have made, this is known as revenge gold trading, don't revenge against the market. Turn off the Desktop computer, take a walk, take a cold shower. Remember that you will never lose money which you don't put in. A winning strategy isn't only about how much you win, but how much you don't lose.
Step two - Write down how you'll exit the trade BEFORE making the transaction.
Don't get trapped with a great entry trading strategy without having an exit strategy. Your strategy should have both great entry and exit strategies. One is useless without the other.
But you ask, Why bother? I know my gold exit strategy. Why do I have to write it?
Well, the reason is this: human beings are at best irrational, impulsive, & emotional creatures. If you have your exit strategy written down, you have a frame of reference when you exit a trade position. You will refer to your journal BEFORE exiting a trade. If you're closing a position for any reason other than your original gold exit strategy, you must ask yourself why?
Your gold journal will save you more money than you can imagine. It will stop you from making impulsive moves, which is usually why people lose money in xauusd.
Step Three - Write down why you exited the trade position.
This should be same reason that you wrote in step 2. If it's not, it's up to you to interpret it. The most common reason why traders deviate from their strategy is lack of discipline. Your trading journal will be looking back at you with glaring evidence of exactly why you are not a winning trader.
Step 4 - How Do I Interpret the trading results
You must learn from your own mistakes in gold trading. This is the best way for any trader to improve their profits. Everyone makes mistakes, but great traders are able to learn from them and not repeat.
And best way to learn from your mistakes is to document them in a journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began gold trading online.
This information cannot be found in any book or seminar. Your trading journal is personal and is uniquely you. Your personality character will determine the type of trader you will become, & also will determine the type of mistakes you will make.
Not only does your journal highlight your weaknesses, it'll reveal the transactions that are most profitable. After a little while you will see the type of trade setups that make you the most money, and a setup will emerge. Don't let this data on your journal go to waste.
You should do every effort to understand why those trades went well and try to replicate it as often as possible. Profitable traders know their strengths and weaknesses. They play on their strengths and try to minimize their weakness.
Do not get lazy and forget to write in your gold journal. Documenting your thought process is the fastest and surest way to get better at gold trading. Do this consistently, & you'll learn more about your own habits than you can imagine.
Your goal is to identify and break the bad habits as soon as possible. If you notice that you always hang onto a losing gold transactions too long, you should do everything in your power so as to stop this from happening again.
Summary
Your gold journal is gold. It contains a wealth of information which will play a vital role in your success as a trader.
We urge you to use it for atleast one month. If it has not helped improve your profits in 30 days, then feel free to stop.
But be sure to try it out before deciding not to. It might be just the tool needed to push your trading to the next level toward becoming a successful trader.
