How to Become a Better Trader Through Psychology
As a trader, you must trade your xauusd trades like a Better Trader, without letting your emotions get the best of you, or letting yourself be influenced by the price movement of xauusd to the point where the price has increased so much that you now need to initiate a buy trade because the up move has really moved some pips.
To become more proficient in trading, it is essential to reshape your trading psychology. This involves drafting and adhering to a set of personalized rules as part of your trading plan.
The Example Below Shows How to List Trading Psychology Rules
- 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 description isn't to be the xauusd trading system!
It is not to decide which trade transactions looks promising and which does not.
This is the function of my XAUUSD system. My system is governed by a specific set of trading rules that I adhere to. Avoid becoming overly focused on the price action of XAUUSD gold and instead establish your trading rules in advance.
MY JOB IS
To wait patiently for my system to show when it's time to get in or out of a trade. And then I trade exactly as I planned with full focus.
Traders often skip signals from their strategy or doubt it. They hesitate, enter late, or jump in too soon. These habits stem from weak trust in the plan and poor focus on exact trades.
Your goal: build 100% focus on mastering your gold trading system and executing trades accurately.
The more you learn to stand back from the ups and downs of the price of xauusd and objectively observe the market, waiting for a trading signal, the simpler it will be to see the fluctuations in your trading emotions without letting them distract you from your trading strategy.
Write down gold psychology rules like those above. As a trader, you will stick to your xauusd system and act like a pro if the gold trading setup runs on autopilot.
The more you follow these rules for how to think when trading, the easier it'll be to trade without being affected by market changes overall.
Always make sure that you're opening a trade because the guidelines of your system have been met and a signal has been generated and not because you have seen the market jump and so now you decide it is time to buy.
You will be able to trade more like a Better Trader and adhere to your system's trading regulations if you follow a system, which will make your trading more lucrative.
Changing your trading psychology won't be easy & that is why as a trader you must constantly make an effort to follow the trading rules of trading psychology that you write on your plan until the time you master these rule and you can now trade the market without emotions and trade like a Better Trader.
To learn more about gold psychology read the following psychology guide
- Gold Psychology Guide
- Gold Psychology and Emotions Fear & Greed
- XAUUSD Trade Psychology Strategies
- Learn Psychology
Gold Trade Psychology for Traders.
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