Explanations of How to Write Down a Excel XAUUSD Spread-sheet Trading Journal
Excel XAUUSD Spread-sheet Trading Journal will track all your trades in a Excel XAUUSD Spread-sheet Trading Journal. By following this simple and easy to follow excel xauusd spreadsheet journal writing tip, you as a trader can easily improve your results. Here is how you do it:
Step 1 - Write down WHY you're making a trade PRIOR TO executing a trade on your excel xauusd spread sheet journal.
Prior to opening a trade, write-down in a excel gold spreadsheet journal the reasons why you are making the trade. Just write-down in the excel xauusd spreadsheet journal a few key reasons why you're making this trade. Be honest with this excel xauusd spread sheet journal. If you're honest, it'll stop you from making the biggest mistakes in your xauusd. If you see that you are making the trade because of anything other than a sound strategy. DO NOT MAKE THE XAUUSD TRADE TRANSACTION!
If you make a losing trade, don't open another trade immediately so as to make profits to neutralize the losses you have made, this is referred-to as revenge xauusd, don't revenge against the market. Turn off the Desktop computer, take a walk, take a cold shower. Remember that you will never lose money which you do not put in. A winning Gold Trading strategy isn't only about how much you win, but how much you do not lose.
Step 2 - Write down how you'll exit the trade PRIOR TO making the trade.
Don't get trapped with a great entry xauusd strategy without an exit strategy. Your strategy should have both great entry and exit strategies. One is useless without the other.
But you ask, Why bother? I know my trade exit strategy. Why do I have to write it down?
Well, the reason is this: human beings are at best irrational, impulsive, and emotional creatures. If you have your trade exit strategy written, you have a point of reference when you as a trader get out of a trade. You'll refer to your excel xauusd spread sheet journal PRIOR TO getting out of a trade. If you're closing a trade for any reason other than your original trade exit strategy, you as a trader must ask yourself why?
Your excel spread sheet journal will save you more money than you can imagine. It will stop you from making impulsive moves, which is usually why traders lose equity in xauusd.
Step Three - Write down why you exited the trade.
This should be same reason which you wrote in step 2. If it isn't, it's upto you to interpret it. The most common reason why traders deviate from their strategy is lack of discipline. Your excel gold spreadsheet journal will be looking back at you with glaring evidence of exactly why you're not a winning trader.
Step 4 - How to Interpret the XAUUSD results
You must learn from your mistakes in gold. This is best waymethod for any trader to improve their profits. Everyone makes mistakes, but the great traders are able to learn from them & not repeat.
And the best way to learn from your mistakes is to write down & document them in a excel xauusd spread sheet journal. A few years down the road, you can still look back & realize that you are still making the same errors you were when you first began xauusd.
This information cannot be found in any book or seminar. Your excel xauusd spreadsheet journal is personal and is uniquely you. Your personality will determine type of trader you will become, and also will determine type of mistakes you will make.
Not only does your excel xauusd spread sheet journal high-light your weaknesses, it'll reveal the trades that are most profitable. After a little while you will see the type of trading setups that make you as a trader most equity, and a pattern setup will emerge. Don't let this information on your excel xauusd spreadsheet journal go to waste.
You should do all effort to understand why those trades went well & try to replicate it as often as possible. Profitable traders know their strengths and weaknesses. They play on their strengths and try to minimize their weakness.
Do not get lazy and forget to write in your excel spread sheet journal. Documenting your thought process is the fastest & surest way to get better at gold trading. Do this consistently, and you'll learn more about your own habits than you can imagine.
Your goal is to identify and break the bad habits as soon as possible. If you realize that you always cling on to a losing trades too long, you should do everything in your power so as to stop this from happening again.
Summary
Your excel gold spread sheet journal is gold. It contains a wealth of info that will play a vital role in your success as a trader. We strongly urge you to use it for atleast 1 month. If it has not helped improve your profits in thirty days, then feel free to stop. But be sure to try it prior to deciding not to. It may be just the tool needed to push your xauusd to the next level towards becoming a successful trader.
