How to Become a Better Gold Trader Through Gold Trading Psychology
When it comes to gold trading as a trader you will need to execute your xauusd trades like a Better Gold Trader, without any emotions, or without being influenced by xauusd price movement that the xauusd price has moved up so much that you now need to open a gold buy trade because the up move has really moved some pips.
So to trade like a Better Gold Trader as a trader you need to transform your gold trading psychology. To transform your gold trading psychology then you will require to write down rules which you will follow in your gold trading plan.
The example illustrated and explained below shows how to write the gold 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 is not to be the gold trading system!
It is not to decide which trades looks promising.
That is the job of my gold trading system. My system has a set of rules which tells me this is what I follow. Do not get caught up in xauusd price action and make rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently and wait for my system to indicate that it's time to enter or it is time to exit. And then with great focus I execute trade as planned.
Taking trades not indicated by trading system, second guessing system & not taking trades given, hesitating & getting in late, anticipating & getting in early are all common place and boil down to lack of faith in system and not having a burning focus on accurate execution.
GOAL: To have 100% undivided focus on mastering my ability to execute my gold trading system accurately.
The more you develop the ability to step back from xauusd price movement and watch the xauusd market dispassionately, waiting for a signal to trade, 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.
By writing gold trading psychology rules like the ones above then as a trader you will start to follow your xauusd system & trade more like a Better Gold Trader would if the system you are gold trading with was to be automated.
The more you follow these gold trading psychology rules the easier it will become to trade the xauusd market without being influenced by the various market movements.
Always make sure that you are opening a gold trade because the rules of your trading system have been met and a signal has been generated and not because you have seen the xauusd market jump and so now you decide it is time to buy.
By following a gold trading system then you will be able to trade more like a Better Gold Trader and follow the rules of your trading system & your trading will become more profitable.
Changing your gold trading psychology will not be easy and that is why as a trader you must constantly make an effort to follow the rules of gold trading psychology that you write on your gold trading plan until the time you master these rule and you can now trade the xauusd market without emotions and trade like a Better Gold Trader.
To learn more about gold trading psychology read the following gold psychology guide
- Gold Psychology Guide
- Gold Trading Psychology and Emotions Fear & Greed
- Gold Trading Psychology Principles
- Learn Gold Trading Psychology
Gold Trading Psychology for Gold Traders.
