Best Website to Learn XAUUSD
The best way to learn trading is to learn how to come up with a plan. The plan is the tool that every trader will use to determine when to open trade transactions & when to close trades and 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 transactions in the direction of the market trend. In the most reliable method that is proven to make profits most 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 selects a strategy that will help them to identify trends and open trades in the direction of the market trend a trader can then use this strategy & write it down on their trading 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 Timeframe the Trader Will Be Using
The plan should specify which chart timeframe a trader will be trading with. If one is a scalper then the plan will specify the 1 minute chart timeframe, for day traders the chart timeframe will specify the 5 minutes chart timeframe or 15 minutes chart timeframe and for swing traders the 1 hour chart time-frame.
Traded
A xauusd plan should specify which xauusd 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 trader will close a trade.
This rules section will determine the rules of the entry & exit based on the system that the trader is using. If a trader is using an indicator based 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 when the rules of an exit setup are met.
Gold Equity Management Guide-lines
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. A trader may decide to only risk up to 2% maximum on any one single 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 account. By using the trading 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 is needed to trade using this plan on the real market.
Once a 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 account and trade on this real account with this plan.
Keep a Journal of All Trades Opened
A trader should keep a trading journal of all trades that are generated by this plan. As a trader it is always good to keep a trading journal and write down all the trades that you open in this journal, write why you opened each transaction, when you closed the trade & also the amount of profit or loss generated from that xauusd transaction.
After a while you 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 can then try and do more of what makes you successful & less of what is making you to open losing trades & that way keep on improving on your strategy.
As a trader if you don't keep a journal you may continue making same mistakes over & over again without knowing, but if you were to keep a journal and keep reviewing this journal from time to time then you give yourself a chance to identify the mistakes you make in xauusd from reviewing your trading journal periodically.
This way you can then increase the percentage of your winning trades. You can also increase your profits and reduce your risk per trade because by increasing the percentage of your winning trades and reducing your losing trades - your plan can then make more money and help you to become more successful in xauusd and more profitable.
