How to Write a XAUUSD Business Trading Plan Example
The gold trading plan is the systematic approach to gold trading which controls all aspects of the trading.
If you trade gold , you need a gold trading plan template if you want to become a consistent winner and to be able to make gold trading decisions fast and accurately.
Each gold trading plan template will have its own gold trading rules that have been set sets describing entry and exit trading signals. The gold trading rules set for each gold trading system are converted into simple to follow instructions or a gold trading checklist template that the trader can easily follow.
This gold trading checklist template will direct the whole trading process of trading - controlling the timing of the trade entries & exits ( gold trading system) , the value of the opened xauusd trades in relation to the gold trading account balance ( gold trading money management system) and the emotional state of the trader (emotion management system). The resultant trade details should be recorded in the trading journal gold trading log and later studied for the ideas on how to improve each of the gold trading systems.
Trading is often compared to business. If gold trading is business then the gold trading plan is your business plan which should be prepared before you start trading with the real money. Better you prepare this gold trading plan - gold trading checklist template, the more success you can expect to achieve in real xauusd trading.
XAUUSD Trading Plan Template
To write a good gold trading plan, you will need a good gold trading plan template that as a trader you can use to come up with your own gold trading plan. But before you download the gold trading plan, here is an explanation of the various gold trading plan gold trading checklist sections that your gold trading plan requires to have.
JUSTIFICATION
This part of your gold trading plan will write why you require a gold trading plan, one of the reason is that gold trading is a business.
Gold TRADING SYSTEM
This is the gold trading plan part where you include your trading system. In this section you will write the gold indicators to trade with, then you will write the gold trading system rules that you will generate the gold signals with.
For more tutorials about gold trading systems
How to design Gold Trading Systems
How to Write Gold Trading System Rules
TIMEFRAME
This is where you specify which is the main xauusd chart time-frame that you will be trading with.
TRADE ROUTINE
This is the part as a trader that you have to specify the time when you will be trading the xauusd market and when you generate gold signals and how these gold signals should be generated. For examples:
- Signals are generated using 1H xauusd trading chart time frame.
- Signals to be executed immediately rules are met.
- Entry signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET
Watch market during daytime & trade only during the best gold hours
MONEY MANAGEMENT
This is the part where as a trader you will specify the gold money management guidelines that you will follow, for examples:
- Day trading -Low risk High return method
- Trade when I have a high risk:reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set TP target 100 Gold Trading Pips
- Never trade beyond 3 % of gold trading account balance
- Never risk more than 2% on a single gold trade
To learn more about gold trading money management
MINDSET/PSYCHOLOGY
This is the part you specify about your gold psychology rules
- Trade without Emotions (greed, fear, anticipation, impulse, bias, overexcitement)
- 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.
Gold Psychology Rules and Tutorials:
- Gold Trading Psychology
- Gold Trading Psychology & Emotions
- Gold Trading Psychology Principles
- Gold Trading Psychology Rules
WEAKNESS
By writing down your weaknesses you will begin recognizing them as you trade, once you do this you'll start to avoid this mistakes & your trading will improve.
For Example
- I am greedy.
- I overtrade
- 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 psychology to help you overcome them.
GOALS
Write the goals you want to achieve with your gold trading plan
·To focus on exit just as much as I do on entry.
·Always protect my account using stop-loss, gold trading money management techniques, trading with the gold trend and always following the rules of my gold trading system & trading plan.
·Never second guess or go against my xauusd trading system.
FOLLOW THIS SYSTEM
This is the most important part of creating the system.
·Always follow the rules
·Stick with the rules
·Be disciplined & patient enough
JOURNAL
Log all my trades in a journal so as to track my progress. Write your Gold Trades on a gold trading journal to track progress of your trading.
How to Write a Gold Trading Journal
