XAUUSD Trading Write a XAUUSD Plan
How to Write a XAUUSD Plan
The following is a trade plan example template of a best xauusd plan:
JUSTIFICATION
1. XAUUSD Trading IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS
- Businesses that are successful always begin with a plan.
- Successful business planning will guide you to success, think of the xauusd plan as a map: it is a constant reminder of how you'll consistently pull profits from the gold trading market.
- Difference between a successful xauusd trader and a losing one is the xauusd plan.
2. TO KEEP ME IN THE RIGHT DIRECTION when Trading Gold
Consistency is important in your routine to measure how successful you're.
Keep you on target, read your xauusd plan every day and stick to it.
When it comes to your xauusd plan you should think of it as a map that shows you this is what you follow, it should have clear xauusd rules that specify when you open or close a xauusd trading trade transaction.
Your xauusd trading plan should cover all aspects of xauusd, you should read your xauusd plan every day until it's on your fingertips so that when you are trading on the fast moving market of xauusd trading you will always know what to do in every situation.
Your xauusd plan can be as simple or as complicated as you like, but the most important thing is that you have one. By having a xauusd plan you have an advantage over the xauusd market, you will have better odds of making a profit than those xauusd traders who don't have a xauusd plan.
This xauusd plan tutorial topic provides xauusd traders with an example xauusd plan that you can use for creating your own xauusd plan. By now you have already written down the justification part of your xauusd plan, If not get a pen and paper and write the justification part. Next we shall look at how to write the xauusd system.
XAUUSD Trading plan is one of the secrets which can help you to improve your trading profits. A good xauusd trading training guide like this one should show you how to create a xauusd plan using a xauusd plan which you can use as an example to develop your own.
One of the most common question is: Is XAUUSD Trading profitable? one of the methods to make it profitable is to have a good xauusd plan.
IF YOU HAVE A GOOD XAUUSD Trading PLAN AND YOU ARE DISCIPLINED ENOUGH TO STICK TO IT When XAUUSD Trading, YOU WILL BE SUCCESSFUL.
GOALS OF THE XAUUSD TRADING SYSTEM
- Ability to IDENTIFY A XAUUSD Trading TREND AS EARLY AS POSSIBLE .
- Ability to AVOID WHIPSAWS .
The xauusd system should find a compromise between the two Goals,
Find a way to identify a xauusd trend as early as possible but also find ways to help you distinguish fake signals from the real ones.
FUNCTIONS OF EACH XAUUSD TECHNICAL INDICATOR
MA - Identify a new xauusd trend as early as possible.
MACD - Identify a xauusd trend as early as possible.
Determine strength of a continuing xauusd trend.
RSI - Swing failure to confirm the begin of a new xauusd trend.
Extra confirmation xauusd indicators & tools to help determine strength of our xauusd trend.
Parabolic SAR - Help to ensure that we are not caught up on the wrong side of the xauusd trend.
Trendlines - Signals a reversal when the trend line is broken
XAUUSD Price Action Signals - confirm the weakening of a xauusd trend.
Bollinger Band - for gold price action study
To learn & know more about each xauusd indicator & how these indicators can be used to generate xauusd signal setups you can go to the XAUUSD Indicators Section
XAUUSD TRADING CHART TIMEFRAMES
- Main xauusd chart time-frame is the 1H.
- XAUUSD Signals are generated on the 15 minute chart time-frame.
15 Min XAUUSD Charts
- Trendlines (Support and Resistance)
- 5 & 7 LWMA
- RSI (14)
- Bollinger Bands (20, 2)
RULES
LONG ENTRY
Entry
15 Min XAUUSD Charts
- Both Moving Averages are moving UP
- MACD Above Zero Center Line (Not MACD moving UP)
- RSI >-> 50
- Parabolic SAR is below the gold price (Support)
When a xauusd signal is generated on 1 Hour Chart, use the 15 min chart time-frame to open & close positions.
LONG EXIT
- RSI gives opposite xauusd signal
- XAUUSD Price breaks out Support Trend Line
- Parabolic SAR is hit (Trailing Stop)
RULES
SHORT ENTRY
Entry
15 Min XAUUSD Charts
- Both Moving Averages are moving DOWN
- MACD Below Zero Center Line (Not MACD moving Down)
- RSI <-< 50
- Parabolic SAR is above the gold price (Support)
When signal is generated on 1 Hour Chart, use the 15 min chart time-frame to open & close positions.
SHORT EXIT
- RSI gives opposite xauusd signal
- XAUUSD Price action breaks out Support Trend-Line
- Parabolic SAR is hit (Trailing Stop)
ROUTINE
- XAUUSD Trading signals are generated using 1H xauusd chart timeframe and executed using the 15 minute chart time frame.
- gold trading signal to be executed immediately rules are met.
- Entry alert signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET - MARKET HOURS
Watch market during daytime when most companies & online xauusd brokers are open for trades. Use this to come up with a suitable xauusd schedule.
Example Trading Plan Template
XAUUSD Trading Tips - You can use the MT4 XAUUSD Software Platform to save this xauusd plan example as a xauusd trading template on the MT4 platform - that way you do not have to lay it afresh every time you open a new gold chart. If you want to learn how to save a xauusd trading template on the MT4 platform, read: MT4 XAUUSD Platform Tutorials.
MONEY MANAGEMENT RULES
- Day trading - Low risk High return method
- Trade when I have a high risk to reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set TP target 40-60 Pips
- Never transact beyond 3% of xauusd account equity
- Never risk more than 2% on a single trade
MINDSET/PSYCHOLOGY
- Trade without Emotions (greed, fear, impulse, bias, anticipation, overexcitement)
- I trade what my eyes see not what I feel.
- I will be patient.
My job is not to be the xauusd system!
It is not to decide which signal looks promising.
That is the job of my xauusd system - which has a set of rules that tells me this is what I follow. Don't get caught up in gold price action and make rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently & wait for my xauusd strategy to indicate that it is time to enter or it is time to exit. And then with great focus I execute xauusd plan as outlined.
Taking trades not indicated by the xauusd system, second guessing the xauusd system and not taking signals given, hesitating and getting in late, anticipating and getting in early are all common place & boil down to lack of faith in plan & not having a burning focus on accurate execution.
GOAL: To have 100% undivided focus on mastering my ability to execute my xauusd trading rules accurately.
The more you develop the ability to step back from gold price movement & watch the xauusd market dispassionately, waiting for a trading signal, the easier it will be to witness fluctuations of your emotions without getting sucked into them & allowing them to throw you off your game.
WEAKNESS
- I am greedy.
- I over-trade
- Make a list of all your weaknesses which are interfering with your trading. This is the first step to help you overcome these weaknesses. Use XAUUSD Trading psychology to help you overcome them.
Note: by writing down your weaknesses you'll start recognizing them as you make progress in gold trading, once you do this you'll start to avoid this mistakes & your trading results will improve.
GOALS
- To focus on exit just as much as I do on entry signals.
- Always protect my xauusd account using stop loss orders, xauusd money management methods, follow with the xauusd trend direction & always following the rules of my gold trading strategy.
- Never second guess or go against my xauusd strategy. To always keep up my discipline.
- Follow all the rules of my xauusd strategy & never break them.
- Trade fewer times and execute all my xauusd signals correctly. Trade what I see, what the xauusd system + gold charts are telling me.
- Sit patiently & wait for xauusd signals from my gold trading strategy.
- Achieve consistent profitable results before opening a live gold trading account.
FOLLOW THIS SYSTEM
This is the most important part of creating the xauusd system.
Always follow the xauusd rules
Stick with the xauusd rules
Be disciplined & patient enough
XAUUSD Trading JOURNAL
Log all my xauusd trade transactions in a xauusd journal so as to track my training progress and improve my xauusd execution methods.
The xauusd strategy uses momentum to determine the trend of any xauusd.
Even if you are new to XAUUSD Trading market and you don't know how a xauusd system looks like, this xauusd system example illustrates to you how a xauusd trading system xauusd strategy should look like, the xauusd guides explained in other sections of this learn xauusd trading training web site will also explain further different aspects that you need to learn.
Hence, the aim is to help you come up with your own complete xauusd strategy that is if you're looking for one, by showing you one that is already complete. In fact you can just use this xauusd plan example as it is, or make a few adjustments so that it fits your xauusd style.
Aim is to help you improve your xauusd results by using a xauusd plan that is written, and another advantage is that this xauusd plan will offer you a chance to improve your knowledge and it will help you trade better, make pips and keep them so that you do not keep giving them back to the gold trading market.
Read this xauusd plan training tutorial about developing a xauusd plan of your own, along with the learn xauusd trading courses and xauusd strategies listed at the top of this learn xauusd tutorial.
The Most Beneficial part of using this xauusd plan is the "Money Management Part" you will learn how to xauusd trade and minimize risk, which is the most important thing when it comes to the gold market trading.
XAUUSD Trading Write a XAUUSD Plan
