Trade Gold Trading

How to Write a XAUUSD Business Trading Plan Example

A trading plan sets rules to handle every part of your trades.

If you trade gold, you need a trading plan template if you want to become a consistent winner and to be able to make decisions fast & accurately.

Every plan's design will include specific rules that detail how to enter and exit trades. The rules for each plan are made into simple guides or a checklist that traders can easily use.

This template for a gold trading checklist will govern the entire trading workflow, encompassing the precise timing for trade entries and exits (the gold trading system), the sizing of open trade positions relative to the trading account's equity balance (the gold money management system), and the trader's psychological state (the emotion management system). All resulting trade data and specifics must be meticulously logged in the dedicated trading journal gold log and subsequently reviewed to identify avenues for enhancing each trading system component.

People often treat gold trading like running a business. In that case, your trading plan acts as the business plan. Make it before you risk real cash. The stronger your gold plan and checklist, the better your odds in real XAUUSD trades.

XAUUSD Plan Template

If you want to make a great gold plan, you'll need a good gold plan template to help you build your own gold plan. But before getting the trading plan, here's a description of the gold checklist areas that your gold plan should include.

JUSTIFICATION

This part of your trade plan will writedown why you require a trading plan, one of the reason is that gold trading is a business.

Gold TRADING SYSTEM

This is the plan section for your strategy. Here, list the technical indicators you will use. Then add the trade system rules to create your signals.

For more tutorials about trading systems

Trading Structures

Methodology for Designing Effective Trading Strategies

How to Write System Rules

Generating Trade Signals

Advice for Developing Trading Blueprints

Trade Journals.

TIMEFRAME

Here is where you define the primary chart timeframe that you will be trading.

TRADE ROUTINE

This stage requires you, the trader, to explicitly define the periods during which you will engage the market, stipulate when signals should be activated, and detail the precise methodology by which these trading signals are to be generated.

  1. Signals are generated using 1 Hour chart timeframe.
  2. Trading Signals to be executed immediately the rules are met and matched.
  3. Entry signals should be executed during the day-time.

TIMELINE OF DAY TO TRADE THE MARKET

Watch the market in the day and trade only peak hours.

MONEY MANAGEMENT

This section is where, as a trader, you must stipulate the financial risk management rules you plan to adhere to: for instance:

  • Intraday trading - Low risk High return method
  • Trade when I have a high risk:reward ratio 3:1 or more
  • Stoploss = Parabolic SAR

  • Set TP target 100 Gold Pips
  • Never trade beyond 3 % of trading account balance
  • Never risk more than 2% on a single trade

To learn more about gold money management

MINDSET & PSYCHOLOGY

Here, you outline your trading mindset and psychology rules.

  • Trade without Emotions (greed, fear, anticipation, impulse, bias, overexcitement)
  • I trade what I see on the trading charts not what My feelings are telling me.
  • I will be patient.

My job isn't to be the trading system!

Pick Promising Trades and Skip Weak Ones with Clear Choices.

Gold Psychology Rules and Tutorials and Lessons:

WEAKNESS

Write down your trading weaknesses to spot them in action. Over time, you will dodge those errors and get better results.

For Example

  1. I am greedy.
  2. I over-trade
  3. Make a listing of all your weak-nesses which are interfering with your trading. This is the first step to help you as a trader to overcome these weak-nesses. Use psychology to help you overcome them.

GOALS

List Your Trading Goals in Your Personal Plan

Focus on exit signals as much as entry ones.

To protect a trading account, employ strict stop-loss setups, disciplined money management practices, and adhere to trend-following strategies under a solid trading plan.

·Never second guess or go against my xauusd system strategy.

ADHERE TO THIS TRADING SYSTEM.

This is the most crucial part of making the trade system.

·Always stick to the trading rules

Stick to the trading regulations

Stay disciplined and wait patiently

JOURNAL

Keep track of all my trades in a journal to follow my progress. Write down your trades in a trading journal to see how well you're doing.

Practical Steps for Compiling a Trading Journal

More Instructions and Educations:

Gold Broker