Trade Forex Trading

Example of How to Write a Gold Journal

Xauusd trading journal will track all your trades in a trading journal. By following this simple, easy to follow xauusd journal writing tip, you can easily improve your results. Here is how you do it:

Step 1 - Write down WHY you're making a trade PRIOR TO opening a trade transaction on your journal.

Before opening a trade position, write in a journal the reasons why you are making the transaction. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the journal a few key reasons why you're making this trade transaction.

Be honest with this trading journal. If you are honest, it will prevent you from making the biggest mistakes in your xauusd. If you see that you're making the trade transaction because of anything other than a sound strategy. DO NOT MAKE THE Gold TRADE TRANSACTION!

If you as a gold trader make a losing trade, don't open another xauusd transaction immediately so as to make profits to neutralize the losses you have made, this is referred-to as revenge xauusd, do not revenge against the market. Turn off the PC Desktop computer, take a walk, take a cold shower. Remember that you'll never lose money that you do not put in. A winning trading strategy isn't only about how much you win, but how much you do not lose.

Step 2 - Write down how you will exit the trade PRIOR TO making the transaction.

Do not get trapped with a great entry strategy without an exit trading strategy. Your strategy should have both great entry and exit strategies. One is use-less without the other.

But you ask, Why bother? I know my gold exit strategy. Why do I need to write this down?

Well, the reason is this: humans are at best irrational, impulsive, and emotional creatures. If you have your exit strategy written down, you have a point of reference when you as a trader get out of a trade position. You'll refer to your trade journal BEFORE exiting a trade position. If you're closing a position for any reason other than your original xauusd exit strategy, you must ask yourself why?

Your xauusd journal will save you more money than you can imagine. It will prevent you from making impulsive moves, which is usually why people lose money in xauusd.

Step Three - Write down why you exited the trade position.

This should be same reason which you as a trader wrote in step 2. If it's not, it is upto you to interpret it. The most common reason why traders deviate from their trading strategy is lack of discipline. Your journal will be looking back at you with glaring evidence of precisely why you are not a winning trader.

Step 4 - How to Interpret the Gold results

You must learn from your mistakes in xauusd. This is best way for any trader to improve their profits. Everybody makes mistakes, but great traders are able to learn from them & not repeat.

And best way to learn from your mistakes is to document them in a journal. A few years down the road, you can still look back and realize that you're still making the same errors you were when you first began trading online.

This information cannot be found in any book or seminar. Your journal is personal & is uniquely you. Your personality will determine type of trader you will become, & also will determine type of mistakes you will make.

Not only does your journal highlight your weaknesses, it'll reveal the trade transactions which are most profitable. After a little while you'll see the type of trading setups that make you as a xauusd trader most equity, & a setup will emerge. Do not let this information on your XAUUSD journal go to waste.

You should do all effort to understand why those trade transactions went well and try to replicate it as often as possible. Profitable traders know their strengths & weaknesses. They play on their strengths and try to minimize their weakness.

Do not get lazy & forget to write in your xauusd journal. Documenting your thought process is the fastest and surest way to get better at xauusd trading. Do this consistently, and you'll learn more about your habits than you can imagine.

Your goal is to identify and break the bad habits as soon as possible. If you as a trader realize that you always cling on to a losing xauusd transactions too long, you should do everything in your power so that to stop this from happening again.

Summary

Your xauusd journal is gold. It contains a wealth of information that will play a vital role in your success as a gold trader.

We urge you to use it for atleast one month. If it has't helped improve your profits in thirty days, then feel free to stop.

But be sure to try it before deciding not to. It may be just the tool needed to push your xauusd to the next level toward becoming a successful trader.

Study More Lessons & Topics:

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