The Best Way to Start Learning XAUUSD

Xauusd trading provides traders the opportunity to make money trading one of the largest financial market in the world. Best way for traders to begin learning xauusd is.

First thing is to find an online xauusd education website like this where you'll find all the lessons that traders need to learn before they start trading the market. These lessons are all listed in the learn xauusd lessons section of this web site.

By reading these tutorials a xauusd/gold trader will learn and understand more about how the online trading market works. One can also learn about xauusd trading, how to trade with charts, how to place trade transactions, the best hours to trade xauusd/gold when the market is most active, how to come with a xauusd strategy and also a gold plan to trade with.

The next thing to do is to open a XAUUSD demo account, this is a practice trade account that traders can sign up for and practice how to trade the market using virtual money. For a demo xauusd account a xauusd/gold trader does not need to deposit any money, the money traded on this trading account is virtual money.

With a practice trade account a trader can gain more experience of trading the online market. On the demo xauusd account a trader can learn how to navigate the software commonly referred to as a platform, a trader can also learn how to place trading orders, how to trade xauusd using charts, & how to place and set technical indicators on charts & how to do analysis of the market moves.

After this a gold trader should come up with a trading plan. The trading plan will be a set of rules which a trader will use to organize their trading. If you want to be successful when trading the online market then you must come up with your own xauusd plan. The xauusd plan is one of the lessons covered within our learn xauusd lessons section.

The xauusd gold plan will include trading rules that will determine when a trader will open and close trades. One will only open a buy or sell gold trade when the entry rules of their xauusd/gold strategy are met and a signal is generated. One will then hold on to their trader until the rules of closing the trade transaction are met. A trader can close out their trade once their take-profit level is reached and attained or a xauusd/gold trader can close out a trade position position if the market heads in the direction in the opposite trend of their trade by a specified number of pips.

A trader must follow these rules at all times and must not begin making trades based on their emotions or based on ruling market moves after when they open their trades. For example a trader must close-out their trades when the take profit is attained, a gold trader should not get greedy and keep wanting more profits from this particular trade. One should close-out the trade transaction at the specified take profit level and look for another trading setup if they want to open another trade. Likewise if the market starts and begins to move against the trade position of the trader, the trader should close the losing trade at their specified stop loss level and not keep holding to the trade transaction hoping that the trade transaction will reverse & henceforth reversing the loss and hoping that the trade transaction eventually will turn a profit. All these emotional decisions means that a trader is does not have the required discipline when gold trading to follow the rules of their xauusd/gold plan.

Traders should learn that they can't control market movements but they can control their trading decisions & thence the trading plan will help them to organize their trading and this way they can make trade decisions early enough when the factors are within their control & avoid waiting long enough only to make trading decision when the market factors aren't in their favor.

After coming up with a plan a xauusd/gold trader should continue practice trading with their trading plan on their practice account. Beginner Trader traders will learn more about how to execute trade positions using their trading plan, traders also will gain the experience of how to identify trends & learn how to trade these trends in a way that will generate profits for them.

A trader should also maintain a journal which will record all their trades. Journal will help the trader to review their trades after a while & by reviewing their winning as well as losing traders can learn how to improve their plan & become more profitable when trading xauusd. After a trader has practiced long enough and the trader is earning and making profits on their trading account the trader should then open a real account and begin trading the real market.

At this point a xauusd/gold trader should open a well capitalized account & begin trading xauusd. For traders that want to trade micro lots they should open a trading account with at least $1,000. For traders that want to trade mini lots they should open an account with at least $10,000 and for traders that want to trade standard lots they should open a trading account with at least $100,000.

By this time a trader will have learned how to manage the account balance that they are trading with and therefore at this point traders can be able to trade with a well capitalized account & be able to manage the money in their account using the money management rules that they will have learned and practiced when they were trading with a Demo Practice Account trading account.

A trader who has learnt xauusd money management rules will know what trades they should open the lot size they should use to open their traders. Traders should never risk more that 2% of their account equity on one single trade transaction. Traders should specify these rules & stick to these rules when trading so as to manage their trading account balance prudently and so that as they can protect the profits that they will make from trading in the long run.

Traders should also learn not to use a lot of xauusd leverage when opening trades. Traders should use xauusd money management rules to determine what leverage they will be using when opening their trades.

Summary

By using this approach traders will learn how to start xauusd gold trading in an organized manner which will improve their chances of being successful when trading the online trading market. Traders will have learned how to trade the market trends & they will have learned how to analyze and interpret the market using technical analysis and how to place trade positions after generating trading signals, which xauusd gold are best to trade based on their xauusd/gold strategy & also traders will have learned how to manage risks & how to avoid emotions such as fear and greed when trading. This approach will prove to be the best approach that traders can follow when they want to start studying how to trade the online market.

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The Best Way to Start Learning XAUUSD