XAUUSD Tips for Successful XAUUSD
To trade xauusd successfully traders need to learn how to become disciplined, the following tips can help traders to become more successful when trading xauusd.
Have a XAUUSD Plan and Stick To Your Plan
Once you learn the basics you must then come up with a xauusd plan that you must stick to. The xauusd plan will define your trading schedule & the timeframe that you will be trading. To be successful in trading a trader must come up with a trading plan and stick to the rules of their plan.
Trade with The Market Trend
A trader should identify the market trend & trade with this market trend. A trader should not trade against the trend. Once xauusd starts to move in one direction, the direction will gain momentum and trading prices will move in that direction for some time. To be successful as trader it is recommended that a trader trades in the general direction of these trends.
Choose your XAUUSD Broker Carefully
Most new traders don't know a lot about brokers but for the new trader it is very important to choose the right broker before beginning to start xauusd. A good broker can mean the difference between making profits as a trader or making losses as a trader. Choosing an unreliable broker can mean that all your work and effort that you have put into studying xauusd will all go to waste as an unreliable broker will not match your goals and needs. There are many unreliable brokers out there and so beginner traders need to do due diligence when selecting a online broker to trade with.
Begin Trading with a Well Capitalized Account
One of the reasons why traders do not succeed in XAUUSD is that they start with undercapitalized accounts. Opening an account with $100 because this is the minimum amount a trader can open an account with will not make most traders profitable.
Xauusd trading requires that a trader starts trading with at least $1,000 if they will be trading micro lots and $100,000 if they will be trading standard lots. If as a trader you do not have the required capital it is best to save until you reach the amount of money that will help you open a well capitalized account. This will increase your odds of success when it comes to trading xauusd.
do not add to losing positions
When trading xauusd once a trade starts to make losses traders will start to add on to this losing position in the hopes that once this trade reverses they will then make back their money faster if they open more positions. However, if the market moves against a trader it might continue moving towards that direction for a while & this means that once a trader adds onto a losing position and the trade continues to move against the trader further the trader will now start to make more losses because of the new trades that have been added to the losing positions. Instead it is best to close the losing positions and wait for new trade opportunities & open trades from other new setups.
Trade Without Emotions
Fear and Greed should have no place when it comes to trading. Traders should make decisions depending on their xauusd plan and not based on their emotions. Traders must control fear & greed by learning xauusd psychology. Traders shouldn't become greedy & open large positions that may make them lose their money. Traders should reduce their risks in trading, and this way they can control their emotions of fear & greed.
Keep a Trading Journal
Traders should keep a trading journal that will record their winning trades & losing trades. This way a trader can identify what factors in trading result in winning trades & what factors result in losing trades & traders can then improve their trading by trying to avoid the mistakes that result in losing trades & try to improve on the successful trades.
By scrutinizing mistakes and successes from their activity traders can learn what works & what doesn’t & this way improve their trading.
Learn Money Management Rules
To become a successful trader novice traders must learn about xauusd money management guidelines, money management rules helps traders to manage their profits and learn how to protect this profits as well as how to protect the money in their trading account. Equity management rules will specify when a trader will close positions if the trades make losses & the rules also will specify when a trader will take profits when his open trades make profits.
Study Fundamental Analysis and Technical Analysis
Traders should learn analysis & fundamental analysis: successful market analysis will give you an edge as a trader & increases your chances of being profitable when trading the market.
Finally, you must be persistent and determined & be patient when learning XAUUSD. Learning xauusd takes time and traders should be ready to put in the time and effort required to learn xauusd.
