Trade Forex Trading

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The best way to learn trading is by learning how to come up with a plan. The plan is the tool that every trader will use to determine when to open trade positions and when to close trades & what strategy will be used to determine when to open and close trades.

In order to come up with the best plan a trader must learn how to go about doing the following.

A Trader Should Find the Best Strategy for Their Trade Style

To become successful in xauusd - traders need to come up with a plan that is suited for their method & trading personality.

A trader should look to find a method that can identify the market trends early and allow the trader to open trade positions in the direction of the market price trend. In the most reliable method that's proven to make profits most and majority of the time is following the general market trend.

In xauusd once prices start to move in a particular direction, the prices will move in that direction for some time because the market trends have momentum and this trend momentum will mean a trend will continue to move in the direction of the trend for some time.

Once a trader chooses/selects a strategy that will help them to identify trends and open trades in the direction of the market price trend a trader can then use this strategy & write it down on their Plan.

Creating a Plan

A xauusd plan is a set of xauusd rules and guidelines that help traders to organize and structure their trading in a particular way that is easy for a trader to follow when trading the online market.

The plan will have different sections that will specify different aspects of trading that the trader will follow when trading the market. The different sections of a plan are:

Chart Time-frame the Trader Will Be Using

The plan should specify which chart time-frame a trader will be trading with. If one is a scalper then the plan will specify the 1 minute chart timeframe, for the day traders the chart time-frame will specify the 5 minutes chart time-frame or 15 minutes chart time-frame and for swing traders the 1H chart timeframe.

Traded

A xauusd plan should specify which xauusd gold a trader will be trading.

Gold System Rules

This system rules section will specify when a trader will open a buy or sell trade and when a xauusd/gold trader will close out a trade position position.

This rules section will determine the rules of the entry & exit based on the trading system which the trader is using. If a xauusd/gold trader is using a indicator based trading system, then the rules will specify when to open a trade when the rules of an entry trade setup are met & when to close a trade position position when the rules of an exit setup are met.

Gold Equity Management Guidelines

A xauusd plan should specify the money management rules that a trader will follow when trading xauusd. The money management rules will specify what percentage of account balance a trader will risk on each trade transaction. One may decide to only risk up to 2% maximum on any one single trade transaction.

Practice XAUUSD with Your Plan on a Demo Practice Account

After coming up with your plan you should then test it on a demo practice account before trading with it on a real/live account. By using the plan on a demo account a trader can learn how to trade with the plan on a practice environment and learn the required discipline that's needed to trade using this plan on the real market.

Once a gold trader has tested the plan on a demo account and the plan is profitable on the demo account - a trader can then open a real/live account and trade on this live account with this plan.

Keep a Trading Journal of All the Trades Positions Opened

One should keep a trading journal of all trade transactions that are generated by this plan. As a trader it's always good to keep a trading journal & write all the trade positions that you open in this journal, write why you opened each trade transaction, when you closed the trade & also the amount of profit or loss generated from that xauusd transaction.

After a while you as a gold trader can then review all the trades you've opened - try & look at why the losing trades made losses and why the winning trades were successful & after that you as a Gold trader can then try and do more of what makes you successful and less of what is making you to open losing trade positions and that way keep on improving on your strategy.

As a trader if you don't maintain a trading journal you may continue making same mistakes over & over again without knowing, but if you were to keep a journal & keep reviewing this journal from now and again that way then you give yourself a chance to identify the mistakes you make in xauusd from reviewing your trading journal periodically.

This way you as a gold trader can then increase the % of your winning trades. You also can improve and increase your trading profits and reduce your risk per each trade because by increasing percentage of your winning trade positions and reducing your losing trade positions - your trading plan/strategy can then help you to make more money and increase your chances of becoming more successful and more profitable in xauusd trading.

Learn More Tutorials & Tutorials:

Forex Market Traders Seminar Gala

Forex Market Traders Seminar

XAUUSD Broker