How to Learn Trading Successfully
Trading gold trading is just like any other business; to start one must learn the basics before they can start to trade in the market. To learn trading it takes a lot of time and effort, the least amount of time that a trader can learn trading is 2 months. Gold is the largest and most liquid market in the world which means it is also the most complex market to trade. Traders must take time to learn all about gold before they can understand how to trade the market profitably.
In learn tutorials such as this one, there are different sections that represent various different areas where traders need to focus on when they want to learn trading. The first section is the learn lessons where traders can learn the basics of gold, to the different methods of analyzing the market to the more advanced key concepts that all traders should learn before entering the market. Then there is the indicators section where traders can learn about indicators and also learn about analysis techniques. The third section is where traders can learn about strategies which they can use to come with their own systems.
Some of the popular strategies are:
MA Trading Strategies |
MA Strategy MACD Strategy |
MACD Strategy RSI Trading Strategies |
RSI Strategy Bollinger Band Trading Strategies |
Bollinger Bands Strategy Stochastic Oscillator Indicator Strategy |
Stochastic Oscillator Indicator Strategy |
After learning about all the basics and strategies traders should then learn about the platform. The traders will then use the trading to practice the market. Traders will open practice account oftenly referred to as practice account & traders will login to their practice accounts from their platform. Traders will then practice all their skills & knowledge on these practice accounts until such a time that they can trade successfully using the experience that they have gained.
The next thing to figure out is how much money you want to invest after you've completed your training. It is best to open an account with enough capital so that you are well funded & not undercapitalized. Just like other businesses the main cause of most business failing is because they are undercapitalized. Therefore in Gold to open an account a trader must make sure that they have enough capital required to trade. For traders wanting to trade micro lots they should invest a minimum of $1,000 for those who want to trade mini lots they should invest a minimum of $10,000 and for those wanting to trade standard lots they should invest a minimum of $100,000. Therefore, to be profitable in traders must also consider that they will be required to invest enough capital to be successful.
At all times traders should be disciplined enough to follow the rules of their systems. Traders should also make sure that they always trade in the direction of the market trend. There is a saying among investors that says - the trend is your friend, which means traders should always trade in the direction of the trend because trading with the trend is the technique that's proven to be most successful over the long run when trading gold.
Traders should also make sure that they choose a regulated broker that is reliable. Regulation means that a broker is transparent because they are regulated by a financial regulatory authority. To be successful in traders must choose the right broker - a regulated broker.
Gold Tips for Successful Trading
Trade Without Emotions
Fear & Greed should have no place when it comes to trading. Traders should make decisions depending on their plan & not based on their emotions. Traders must control fear and greed by learning psychology. Traders should not become greedy & open big positions that might make them lose their money. Traders should minimize their risks in trading, and this way they can control their emotions of fear & greed.
Keep a Journal
Traders should keep a journal that will record their winning trades and losing trade transactions. This way a trader can spot what factors in result in winning trades and what factors result in losing trades & traders then can improve their profitability by trying to avoid the mistakes that result in losing trades and try to improve on the successful trades.
By scrutinizing mistakes and successes from their activity traders can learn what works & what doesn’t use this knowledge to improve their trading.
Learn Trading Money Management Guidelines
To become a successful trader novice traders must learn about money management guidelines, money management guidelines helps traders to manage their profits & learn how to protect their profits as well as how to protect the trading account balance in their account. Gold money management guidelines will specify when a trader will close positions if the trades make losses & the rules will also specify when a trader will take profits when his open trades make profits.
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