How to Write a Good Gold Trading Plan - Written Example Gold Trading Plan Template
Gold trading plan checklist - the following is a template example of a gold trading plan template example:
1. TRADING IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS
- Businesses that are successful always start with a plan.
- Successful business planning will guide you to success, think of gold trading trade plan as a map; it is a constant reminder of how you will consistently pull profits from the gold trading market.
- Difference between a successful trader and a losing gold trading one is the gold trading trade plan.
2. TO KEEP ME IN THE RIGHT DIRECTION
Consistency is important in your routine to measure how successful you are.
Keep you on target, read the gold trading trade plan every day and stick to its trading rules.
When it comes to your plan you should think of it as a map that shows you this is what you follow, it should have clear rules that specify when you open or close a transaction.
Your gold trading plan should cover all aspects of gold trading, you should read the gold trading plan every day until it is on your fingertips so that when you are transacting on the fast moving market of gold trading you will always know what to do in every situation.
Your gold trading plan can be as simple or as complicated as you like, but the most important thing is that you have one. By having a one you have an advantage over the gold trading market, you will have better odds of making a profit than those who do not have one.
This gold trading plan checklist tutorial topic provides with an example gold trading plan template that you can use for creating your own gold trading trade. By now you have already written down the justification part of your gold trading plan template, If not get a pen and paper and write the justification part. Next we shall look at how to write the system.
Gold plan is one of the secrets that can help you to improve your profits. A good gold trading training guide like this one should show you how to come up with one using a gold trading plan template which you can use as an example to develop your own gold trading trade plan.
One of the most common question is, Is Gold profitable? one of the methods to make it profitable is to have a good plan.
IF YOU HAVE A GOOD BUSINESS PLAN AND YOU ARE DISCIPLINED ENOUGH TO STICK TO IT YOU WILL BE SUCCESSFUL.
GOALS OF THE TRADING SYSTEM
- Ability to IDENTIFY A TREND AS EARLY AS POSSIBLE .
- Ability to AVOID WHIPSAWS .
The gold trading trade system should find a compromise between the two Goals,
Find a way to identify a gold trading trend as early as possible but also find ways to help you distinguish the fake signals from the real ones.
FUNCTIONS OF EACH INDICATOR
MA - Identify a new gold trading trend as early as possible.
MACD - Identify a gold trading trend as early as possible.
Determine strength of a continuing trend.
RSI - Swing failure to confirm the start of a new gold trading trend.
Extra confirmation tools to help determine the strength of our gold trading trend.
Parabolic SAR - Help to ensure that we are not caught up on the wrong side of the trend.
Gold Trading Trend Lines - Signals a reversal when the line is broken
Gold Price Action Signals - confirm the weakening of a trend.
Bollinger Bands - for gold price action study
To learn more about each indicator and how these indicators can be used to generate trading signal setups you can go to the Technical Gold Trading Indicators Section
CHART TIME FRAMES
- Main time frame is the 1H.
- Signals are generated on the 15 minute time frame.
15 Minutes Charts
- Gold Trading Trend Lines (Support&Resistance)
- 5 & 7 LWMA
- RSI (14)
- Bollinger Bands (20, 2)
15 Minutes Charts
- Both MAs are moving UP
- MACD moving UP
- RSI > 50
- Parabolic SAR is below the gold price (Support)
When signal is generated on the 1 Hour Gold Trading Chart, use the 15 minute gold trading chart time frame to open and close positions.
- RSI gives opposite signal
- Gold Price breaks Support Gold Trend Line
- Parabolic SAR is hit (Trailing Stop)
15 Minutes Charts
- Both MAs are moving DOWN
- MACD moving DOWN
- RSI < 50
- Parabolic SAR is above the gold price (Support)
When signal is generated on the 1 Hour Chart, use the 15 minute gold trading chart time frame to open and close trade positions.
- RSI gives opposite signal
- Gold Price action breaks Support Gold Trend Line
- Parabolic SAR is hit (Trailing Stop)
- Signals are generated using 1H gold trading chart time frame and executed using the 15 minute gold trading chart time frame.
- Trading signal to be executed immediately trading rules are met.
- Entry alert signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET - MARKET HOURS
Watch market during daytime when most companies and online gold trading brokers are open for transactions. Use this to come up with a suitable program.
Tips - You can use the MetaTrader 4 Gold Trading Platform Software to save this as a gold trading template that way you do not have to lay it afresh every time you open a new gold trading chart. If you want to learn how to save a gold trading plan template on the MT4 gold trading platform, read: MT4 Gold Trading Platform Tutorials.
Gold Trading Money Management
- Day trading - Low risk High return method
- Trade when I have a high risk to reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set TP target 40-60 Gold Trading Pips
- Never transact beyond 3 % of account equity
- Never risk more than 2 % on a single gold trading trade transaction
- Trade without Emotions (greed, fear, anticipation, impulse, bias, over-excitement)
- I trade what my eyes see not what I feel.
- I will be patient.
My job is not to be the gold trading system!
It is not to decide which signal looks promising.
That is the job of my gold trading system - which has a set of gold trading rules which tells me this is what I follow. Do not get caught up in gold price action and make rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently and wait for my gold trading strategy to indicate that it is time to enter or it is time to exit. And then with great focus I execute the gold trading plan as outlined.
Taking trades not indicated by the gold trading system, second guessing it and not taking signals given, hesitating and getting in late, anticipating and getting in early are all common place and boil down to lack of faith in the plan and not having a burning focus on accurate execution.
GOAL: To have 100% undivided focus on mastering my ability to execute my Gold rules accurately.
The more you develop the ability to step back from gold price movement and watch the gold trading market dispassionately, waiting for a gold trading signal, the easier it will be to witness the fluctuations of your emotions without getting sucked into them allowing them to throw you off your game.
- I am greedy.
- I over-trade
- Make a list of all your weaknesses that are interfering with your trading. This is the first step to help you overcome these weaknesses. Use Gold psychology to help you overcome them.
NB: by writing down your weaknesses you will start recognizing them as you make progress, once you do this you will start to avoid this mistakes and your results will improve.
- To focus on exit just as much as I do on entry signals.
- Always protect my account using stop loss, gold trading money management methods, follow with the gold trading trend direction and always following the trading rules of my gold trading strategy.
- Never second guess or go against my trading strategy.
To always keep up my discipline.
- Follow all the rules of my Gold trading strategy and never break them.
- Transact fewer times and execute all my signals correctly.
Trade what I see, what the system + gold trading charts are telling me.
- Sit patiently and wait for signals from my strategy.
- Achieve consistent gold trading results before opening a live gold trading account.
FOLLOW THIS Gold SYSTEM
This is the most important part of creating the gold trading system.
Always follow the trading rules
Stick with the trading rules
Be disciplined and patient enough
Gold Trading JOURNAL
Log all my trade transactions in a gold trading journal so as to track my training progress and improve my gold trading execution trading methods.
This gold trading strategy uses momentum to determine the gold trading trend of any gold trading instrument.
Even if you are new to Gold trading market and you do not know how a gold trading system looks like, this gold trading system template example illustrates to you how a Gold trading strategy should look like, the Gold tutorials explained in other sections of this training website will also explain further the different aspects that you need to learn.
Hence, the aim is to help you come up with your own complete gold trading strategy that is if you are looking for one, by showing you one that is already complete. In fact you can just use it as it is, or make a few adjustments so that it suits your gold trading style.
The aim is to help you improve your gold trading results by using a gold trading plan, and another advantage is that this gold trading trade plan will offer you a chance to improve your knowledge and it will help you improve your gold trading results and help you make pips when gold trading and keep them so that you do not keep giving them back to the gold trading market.
Read this gold trading plan training tutorial about developing a gold trading trade plan of your own, along with the learn gold trading courses and Gold trading strategies listed at the top of this learn gold trading tutorial website.
The Most Beneficial part of using this gold trading plan template is the "Gold Trading Money Management Part" you will learn how to trade gold and minimize risk, which is the most important thing when it comes to trading the gold trading market.
Gold Trading Plan Checklist - How to Develop a Trading Plan in Gold - Gold Trading Plan Example - Gold Trading Plan Doc