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 as a gold trader must then come up with a xauusd plan that you as a gold trader must stick to. The xauusd plan will define your schedule & the time-frame 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 price trend. One should not trade against the trend. Once xauusd starts and begins to move in one direction, the direction will gain momentum and trading prices will move in that particular direction for quite a while. To be successful as trader it's recommended that a gold trader trades in the overall 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 gold trader or making losses as a gold 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 won't match your goals & needs. There are many unreliable brokers out there and so beginner traders need to do due diligence when selecting a broker to trade with.

Begin with a Well Capitalized Account

One of the explanations why traders don't succeed on XAUUSD is that they start with undercapitalized accounts. Opening an account with $100 because this is the minimum amount a gold trader can open a trading account with will not make many traders profitable.

Xauusd 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 standard lots. If as a trader you do not have the required capital it's best to save until you reach the amount of money that will help you as a trader to open a well capitalized account. This will increase your odds of success when it comes to trading xauusd.

do not add to losing trade 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 heading towards that direction for a period of quite some time & this means that once a xauusd/gold trader adds onto a losing trade position and the trade transaction continues to move against the trader further the trader will now start and begin to make more losses due to and because of the new trade positions that have been added to the losing trade positions. Instead it's best to close the losing positions & wait out for new trade opportunities and open trade positions from other new setups.

Trade Without Emotions

Fear and Greed should have and occupy no place when it comes to trading. Traders should make decisions depending on their xauusd/gold trading plan and not based on their emotions. Traders must control fear & greed by learning xauusd psychology & they should learn to be patient while trading in this market. Traders should not become greedy & open big positions that may make them lose their money. Traders should reduce their risks in trading, & this way they can control their emotions of fear and greed.

Keep a Trading Journal

Traders should keep a trading journal that will record their winning trades and losing trades. This way a trader can identify what factors in trading result in winning trade positions and what factors and aspects result in losing trades & traders can then improve their trading by trying to avoid the mistakes that result in losing trades and try to improve on the successful trade transactions.

By scrutinizing mistakes & successes from their trading activity, beginner traders can learn what works and what does not & 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/guidelines helps traders to manage their profits & learn how to protect this profits and also how to protect the money in their 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 and fundamental analysis: successful market analysis will give you an edge as a gold trader & improves 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.

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XAUUSD Tips for Successful XAUUSD