XAUUSD Psychology & Risk Management PDF
XAUUSD Psychology Book
In xauusd as a beginner trader you will need to execute your trades like a professional xauusd trader, without any emotions when trading, or without being influenced by price movement not that when the price has moved up so much you decide that you now need to open a buy trade because the upward price move has really moved a lot pips.
So to trade trading like a professional xauusd trader - as a beginner trader you need to transform your psychology. To transform your trading psychology then you will require to write down the psychology rules in your plan which you will follow when xauusd.
The trading example shown below shows how to write the psychology rules
XAUUSD Psychology & Risk Management PDF
- I Trade without Emotions (fear, greed, anticipation, bias, impulse, over-excitement)
- I trade what my eyes see on the charts not what I feel.
- I will be patient when trading.
My job isn't to be the xauusd system!
It is not to decide which trades looks promising.
That's the job of my xauusd system. My system has a set of xauusd guide-lines which tells me this is what I follow. Don't get caught-up in price action movement and make trading rules as you go along.
MY JOB DESCRIPTION IN XAUUSD TRADING IS
To sit patiently and wait for my gold trading system to indicate that it is time to enter a trade or it is time to exit a trade. And then with great focus I execute trade as planned on my xauusd plan.
Taking trade transactions not indicated by trading system, second-guessing the system and not taking trades given by the trading system, hesitating and getting in to a trade late, anticipating and getting in to a trade early are all common place in xauusd and boil down to lack of faith in the system and not having a burning focus on accurate execution of trades.
XAUUSD TRADING GOAL: To have 100 Percent undivided resolve on mastering my ability to execute my xauusd system accurately.
As a trader the more you develop the ability to step back from price movement & watch the market dispassionately, waiting for a signal to trade, the easier it will be to witness the fluctuations of your xauusd emotions without getting sucked into them and allowing these emotions to throw you off your plan.
By writing psychology rules like the ones above on your plan - then as a trader you'll begin to follow your system and trade more like a professional xauusd trader would if the trading system you are xauusd with was to be automated.
The more you follow these trading psychology rules the easier it'll become to trade the market without being influenced by the various price movements.
As a trader always make sure that you're opening a trade because the guidelines of your system have been met and a signal has been generated and not because you have seen the price jump and so now you decide it is time to open a buy trade.
By following rules a system then you will be able to trade trading more like a professional xauusd trader and follow the rules of your system & your results will improve.
Changing your psychology will not be a very easy thing and this is why as a beginner trader you must constantly make an effort to follow the rules specified in your psychology section on your plan until the time you master these trading psychology rules and you can trade the market without emotions & trade like a professional xauusd trader.
To learn and know more about psychology read the following psychology and risk management lessons:
- XAUUSD Psychology Guide
- XAUUSD Psychology and Risk Management Emotions Fear and Greed
- XAUUSD Psychology and Risk Management Psychology Guidelines
- Learn Psychology and Risk Management Psychology
XAUUSD Psychology for Traders - XAUUSD Psychology Course - XAUUSD Psychology Articles - XAUUSD Psychology Books.
