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 as a gold trader 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 on your journal.

Before and Prior to opening a trade, write in a journal the explanations why you are making the transaction. It does not have be long; it does not even have to be in compete sentences. Just write in the journal a few key explanations why you're making this trade.

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 due to and 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, do not open another xauusd transaction immediately so as to make profits to neutralize the losses you have made, this is known and 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 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 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: human beings are at best irrational, impulsive, & 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 position. You'll refer to your trade journal BEFORE exiting & getting out of a trade. If you are closing a position for any reason/explanation other than your original xauusd exit strategy, you as a trader must ask yourself why?

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

Step Three - Write down why you exited the trade.

This should be same reason/explanation which you as a trader wrote in step 2. If it's not, it's upto you to interpret it. The most frequent reason why most people deviate and stray from their 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 and not repeat.

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

This info can not 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, & also will determine type of mistakes you'll make.

Not only does your journal highlight your weaknesses, it'll reveal the trades which are most profitable. After a little while you will see the type of trading setups that make you as a gold 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 trades went well & try to replicate it as often as possible. Profitable traders know their strengths and weaknesses. They play on their strengths & try to minimize their weakness.

Do not get lazy & forget to write on your xauusd journal. Documenting your thought process is the fastest and surest way to get better at xauusd trading. Do this consistently, & you will 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 gold journal is gold. It contains a wealth of info 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 trading profits in thirty days, then feel free to stop.

But make 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:

Trade Forex Trading

Example of How to Write a Gold Journal

Step 4 - How to Interpret the Gold results

Summary