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 are making a trade BEFORE opening a trade transaction on your journal.

Before opening a trade position, write in a journal the reasons why you are making the trade 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 are making this trade.

Be honest with this 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 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 xauusd transaction immediately so as to make profits to neutralize the losses you have made, this is known 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 don't put in. A winning strategy isn't only about how much you win, but how much you don't lose.

Step 2 - Write down how you will exit the trade BEFORE 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 useless without the other.

But you ask, Why bother? I know my gold exit strategy. Why do I have 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 frame of reference when you exit a trade position. You will refer to your journal BEFORE exiting a trade. 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 wrote in step 2. If it is not, it is upto you to interpret it. The most common reason why traders deviate from their strategy is lack of discipline. Your journal will be looking back at you with glaring evidence of exactly 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 anyone 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 & 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 and is uniquely you. Your personality will determine type of trader you will become, and will also determine type of mistakes you will make.

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

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

Do not get lazy and forget to write in your xauusd journal. Documenting your thought process is the fastest & 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 & break the bad habits as soon as possible. If you notice that you always hang onto a losing xauusd transactions too long, you should do everything in your power so as to stop this from happening again.

Summary

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

We urge you to use it for atleast one month. If it has not 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 to becoming a successful trader.