Trade Forex Trading

Written Example XAUUSD Plan Template

The XAU/USD Gold trading plan checklist serves as an illustrative template for traders' planning purposes.

JUSTIFICATION

1. Gold IS A BUSINESS, BUSINESSES THAT ARE SUCCESSFUL ALWAYS HAVE A PLAN

  • Businesses that are successful always begin & start with a plan.
  • Successful business planning will guide you to success, think of trade plan as a map: it's a constant reminder of how you'll consistently pull profits from the market.
  • Difference between a successful trader & a losing xauusd one is the trade plan.

2. TO KEEP ME IN RIGHT DIRECTION when Gold

Consistency is key in your routine to measure how successful you are.

Keep you on target, study the trade plan every day and stick to its rules.

Your plan is like a map that tells you what to do: it should clearly say when to open or close a trade.

Your plan should cover all aspects of xauusd, you should read and study the plan every day until it's on your fingertips so that when you are trading on the fast moving market of xauusd you will always know what to do in every situation.

Your plan can be as simple or complex as you like as a trader, but what matters most is having one at all. With a plan, you have an advantage over the market, and you're more likely to make a profit than those without one.

This plan checklist tutorial topic provides with an example plan template which you as a gold trader can use for developing your own trade. By now you have already written down the justification part of your trading plan template, If not get a pen and paper and write the justification part. Next we shall explore how to write the trade system.

The Gold plan is one of the things that can help you make more money from trading. A good lesson like this one should show you how to make one by using a trade plan example that you can use to make your own plan.

One of the most common question is: Is Gold trading profitable? one of the techniques to make it profitable is to have a good plan.

IF YOU HAVE A GOOD XAUUSD PLAN & YOU ARE DISCIPLINED ENOUGH TO STICK TO IT When XAUUSD Trading, YOU'LL BE SUCCESSFUL.

GOALS OF THE SYSTEM

  1. Ability to IDENTIFY A TREND AS EARLY AS POSSIBLE .
  2. Ability to AVOID WHIPSAWS .

The trade system should find a reasonable compromise between the two Goals,

Discover how to identify a trend very early, but also learn ways to help you tell the difference between false whipsaw signals and the accurate signals.

FUNCTIONS OF EACH TECHNICAL INDICATOR

Moving Average - Identify a new trend as early as possible.

MACD - Identify a trend as early as possible.

Determine strength of a continuing market trend.

RSI - Swing failure to confirm the begin of a new market trend.

Extra confirmation technical tools to help determine the momentum of our market trend.

The Parabolic SAR helps ensure that we are not positioned on the incorrect side of the trend.

Trendlines - Signals a reversal when the line is broken

Price Action Signals - confirm the weakening of a trend.

Bollinger Bands - for the price action study

If you want to dive deeper into each technical indicator, or see how to combine them for different setups, check out the Technical Indicators section.

CHART TIME FRAMES

  • Main timeframe is the 1H.
  • Signals are derived & generated on 15 minute time frame.

15 Min Charts

  • Trendlines (Support & Resistance)
  • 5 and 7 LWMA
  • RSI (14)
  • Bollinger Bands (20, 2)

RULES

LONG ENTRY

Entry

15 Min Charts

  1. Both MAs Moving Averages are moving UP
  2. MACD Above Zero Center-Line (Not MACD moving UP)
  3. RSI >-> 50
  4. Parabolic SAR technical is below price ( Support )

while signal is generated on the 1H Chart, use the 15 minute timeframe to open & close-out trades.

LONG EXIT

  1. RSI provides an in the opposite market trend signal
  2. Price breaks Support Trend-Line
  3. Parabolic SAR is hit (Trailing Stop)

RULES

SHORT ENTRY

Entry

15 Min Charts

  1. Both Moving Averages are heading DOWN
  2. MACD Below Zero Center-Line (Not MACD moving Down)
  3. RSI <-< 50
  4. Parabolic SAR is above price ( Support )

If a trading signal comes from a 1-hour chart, then use the 15-minute chart to start and end your trades.

SHORT EXIT

  1. RSI gives a signal in the opposite market trend signal
  2. Price action breaks Support Trendline
  3. Parabolic SAR is hit (Trailing Stop)

ROUTINE

  1. Signals are generated using 1H chart timeframe & executed using the 15 minute time frame.
  2. Trading trading signal to be executed immediately the trading rules are met
  3. Entry alert signals should be executed during the daytime.

TIMELINE OF DAY TO TRADE MARKET - MARKET TRADING HOURS

Observe markets in the daytime when companies & brokers are open for business, so you can create a great strategy.

Example Plan Template

XAUUSD Plan Checklist - XAUUSD Plan Checklist - How to Develop One Page XAUUSD Plan Doc - How to Trade Plan Example

Tip: Save this as a XAUUSD gold template in MT4. That skips setting it up new each time on a chart. To learn saving templates on MT4, check the MT4 platform guides and courses.

Gold Money Management

  • Day trading - Low risk High return trading method
  • Trade when I have a high risk to reward ratio 3:1 or more
  • Stoploss = Parabolic SAR

  • Set Take-Profit target 40-60 XAUUSD Pips
  • Never transact beyond Three % of account equity
  • Never risk more than 2% on a single trade

XAUUSD MINDSET/PSYCHOLOGY

  • Trade without Emotions (greed, fear, impulse, bias, anticipation, overexcitement)
  • I trade what I see on the charts not what I am feeling.
  • I'll be patient.

My job is not to be the trade system!

It isn't to decide which signal looks promising and which does not.

My trading system does that job - it has some xauusd rules that I always follow. Don't get confused by how the price changes, and don't make up new rules while you're in the middle of trading.

MY JOB IS

To sit patiently & wait for my trade strategy to reflect that it's time to enter or it's time to exit. And then with extreme focus I execute xauusd plan like as illustrated.

Traders often skip system signals or doubt them. They hesitate, enter late, or jump in too soon. This comes from weak trust in the plan and poor focus on execution.

AIM: To maintain a singular, unbreakable focus on mastering the proficiency required to execute my XAUUSD trading procedures with precision.

The more you improve your ability to take a step back from the price changes and watch the market with a calm mind, waiting for a trading signal, the easier it will be to notice your feelings without letting them control you and mess up your trading.

WEAKNESS

  1. I am greedy.
  2. I over-trade
  3. Make a listing of all your weaknesses which are interfering with your trading. This is the first step to help you to overcome the weak-nesses. Use XAUUSD psychology to help you to overcome them.

Note: by writing down what you are not good at, you will start noticing them as you improve, and when you do, you will avoid these trading mistakes, and your trading will get better.

GOALS

  • To focus on the exit signals just as much as I do on entry signals.
  • Always protect my account using stop loss, xauusd money management strategies, follow with the trend direction and always following the trading rules of my strategy.
  • Never second-guess or go against my strategy. To always keep up my discipline.
  • Follow all the guidelines of my strategy & never break them.
  • Transact fewer times and execute all my signals rightly. Trade what I see, what the trade strategy + charts are telling me.
  • Sit patiently and wait for signals from my strategy.
  • Achieve consistent xauusd results before registering a real/live account.

FOLLOW THIS XAUUSD SYSTEM

This is the most crucial part of creating the trade system.

Always follow the trading rules

Stick with the trading rules

Be disciplined and patient enough

Gold JOURNAL

Keep a trade journal to log everything. Track progress and sharpen xauusd skills.

This strategy uses momentum to determine the trend of any xauusd.

Even if you are new to market and you do not know how a system looks like, this system template example illustrates to you how a trading strategy should look like, the tutorials described in other sections of this training web site will also explain further different aspects that you need to learn.

The goal is to build your full trading plan. See this ready one as a start. Gold traders can take it straight or tweak it to fit.

The goal is to boost your trading results with a trade plan. This plan also builds your knowledge. It helps you make pips on XAUUSD and hold them. That way, you avoid losing them back to the market.

Read this trading plan training lesson about developing/creating a plan of your own, along with learn courses and strategies listed at top of this learn lesson site.

The best part of this plan template is the Gold money management section. It teaches safe Gold trading and low risk. That's key in market trading.

XAUUSD Plan Checklist - How to Develop a Trading Plan in XAUUSD - Gold Plan Example - Gold Plan Doc

More Tutorials:

XAUUSD Broker