How Do I Trade Gold with a Gold Trading Plan?
How Do You Analyze XAUUSD Trading Plan?
trading plan checklist - the following is a template examples of a gold trading plan template example:
JUSTIFICATION FOR Gold TRADING PLAN
1. XAUUSD Trading IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS
- Businesses that are successful always begin with a plan.
- Successful business planning will guide you to success, think of your gold trading plan as a map: it is a constant reminder of how you'll consistently pull profits from the xauusd trading market.
- Difference between a successful trader & a losing trader is the gold trading plan.
2. TO KEEP ME AS A XAUUSD TRADER IN THE RIGHT DIRECTION
Consistency is important in your gold trading routine to measure how successful you are.
Keep you on target, read the gold trading plan everyday, analyze the gold trading plan everyday, and stick to its written gold trading rules.
When it comes to your gold trading plan you should think of your gold trading plan as a map that shows you as a trader this is what you follow, your gold trading plan should have clear written gold trading rules that specify when you open a gold trade or close a xauusd trade transaction.
Your written gold plan should cover all factors of gold trading, you should read and analyze the gold trading plan every day until the rules of your gold plan are on your fingertips so that when you are trading on the fast moving gold market you will always know what to do in every situation.
This how to interpret gold trading plan tutorial provides an example written gold trading plan that you can use for creating your own gold trading plan.
Gold plan is one of the gold trading tips that can help you as a gold trade to improve your gold trading results. A good learn gold training guide like this one - www.tradegoldtrading.com - should explain to you how to create a gold plan which you can use for xauusd trading.
IF YOU HAVE A GOOD Gold Trading PLAN AND ARE DISCIPLINED ENOUGH TO STICK TO ITS Rules When Gold Trading, YOU WILL BE SUCCESSFUL.
GOALS OF THE Gold TRADING SYSTEM
- Ability to IDENTIFY A Gold TREND AS EARLY AS POSSIBLE .
- Ability to AVOID Gold WHIPSAWS .
The gold trading system should find a compromise between the two goals of the gold trading plan,
Find a method to identify a gold trend as early as possible but also find ways to help you differentiate the fake whipsaw signals from the real trading signals.
FUNCTIONS OF EACH Gold INDICATOR
Moving Averages - Identify a new gold trend as early as possible.
MACD - Identify a gold trend as early as possible.
Determine strength of a continuing xauusd trend.
RSI - 50 center line crossover trading signal to confirm the begin of a new xauusd trend.
Extra confirmation gold indicator to help figure out the strength of our xauusd trend.
To learn gold indicators & how to generate gold trading signals with gold indicators Learn XAUUSD Indicators Section
Gold CHART TIME FRAMES
- Main gold chart time frame is the 1H.
- Gold Signals are generated on 15 minute chart time frame.
15 Minute Gold Charts
- 5 & 7 LWMA
- RSI (14)
- MACD Indicator
Gold TRADING RULES
BUY XAUUSD SIGNAL
15 Minute Gold Charts
- Both Moving Averages are moving UP
- MACD Above Zero Center Line (Not MACD moving UP)
- RSI >-> 50
When gold buy trading signal is generated on the 1 Hour gold chart time frame - use the 15 min chart time frame to open and close xauusd trades.
LONG EXIT
- RSI gives opposite signal
Gold TRADING RULES
SELL XAUUSD SIGNAL
15 Minute Gold Charts
- Both Moving Averages are moving DOWN
- MACD Below Zero Center Line (Not MACD moving Down)
- RSI <-< 50
When a sell signal is generated on the 1 Hour gold chart time frame - use the 15 min chart time frame to open and close xauusd trades.
SHORT EXIT
- RSI gives opposite signal
Gold TRADING ROUTINE - Gold TRADING SCHEDULE
- Gold Trading Signals are generated using 1 Hour gold chart time frame and executed on the 15 min chart time frame.
- gold signal to be executed immediately gold trading rules are met.
- Entry gold trading signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET - Gold TRADING MARKET HOURS
Watch market during daytime when most traders are online. Use this gold trading plan to come up with a suitable gold trading schedule.
Gold Trading Plan Example
How Do I Trade Gold with a Gold Trading Plan
Gold MONEY MANAGEMENT
- Day trading
- Only trade gold when I have a high risk to reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set Take Profit Gold Order target 40-60 Pips
- Never trade beyond 3% of account equity
- Never risk more than 2% on any single gold trading transaction
Gold MINDSET/Gold PSYCHOLOGY
- Trade gold 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 isn't to be the trading system!
It is not to decide which gold signal looks promising.
That is the job of my gold system - that has a set of gold trading rules which tells me this is what I follow when gold trading. Do not get caught up in xauusd price action and make gold trading rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently & wait for my gold trading strategy to indicate that it is time to enter or it is time to exit a gold trade. And then with great focus I execute the gold plan as outlined.
Taking xauusd trades not indicated by the gold system, second guessing it and not taking gold trading 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 gold trading plan & not having a burning focus on accurate gold trading plan rules execution.
Gold GOAL: To have 100% undivided focus on mastering my ability to execute my gold trading rules accurately.
More you develop the ability to step back from xauusd price action movement and watch the gold 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 gold trading game.
WEAKNESS
- I am greedy.
- I over-trade
- Make a list of all your weaknesses that are interfering with your gold trading. This is the first step in trading to help you overcome these weaknesses. Use gold psychology to help you overcome them.
Note: by writing down your weaknesses on your gold trading plan you will begin recognizing them as you make progress, once you do this you'll start to avoid this trading mistakes and your gold trading results will improve with time.
GOALS
- To focus on exit just as much as I do on entry trading signals.
- Always protect my gold trading account using gold stop loss, gold money management methods, follow with the gold trend direction and always following the rules of my gold trading strategy.
- Never second guess or go against my gold trading strategy. To always keep up my discipline in gold trading.
- Follow all the rules of gold trading system + xauusd charts are telling me.
- Sit patiently & wait for gold trading signals from my gold trading strategy.
- Achieve consistent gold trading results before opening a live xauusd trading account.
FOLLOW THE RULES OF THIS Gold TRADING SYSTEM
This is one of the most important part of how to create a gold trading system.
Always follow the trading rules
Stick with the trading rules
Be disciplined & patient enough
Gold TRADING JOURNAL
Write all xauusd trades in a gold trading journal so as to keep track of your trading progress when using your gold trading plan.
How to Interpret Gold Trading Plan? - How Do I Trade Gold with a Gold Trading Plan? - Read a Gold Trading Plan? - How Do I Analyze Gold Trading Plan?
Even if you are new to xauusd trading and you do not know how a gold trading system works, this gold trading system tutorial shows to you how a gold strategy should look like.
Hence, the objective is to help you create your own complete gold trading strategy - by showing you a written gold trading plan examples that is already complete.
Read this gold trading plan tutorial about how to trade gold with a gold trading plan - One of the most important part of using this gold trading plan template is the "Money Management Part" you will learn how to trade and minimize risk using gold money management guidelines, which will be specified in your gold trading plan.
How Do I Trade Gold with a Gold Trading Plan
