3 Steps to Improving Your XAUUSD

For new beginner traders who want to improve their education will play a fundamental role to improve their understanding of the market and this will lead to the trader becoming more successful.

After traders have learned the lessons required to start xauusd and well as the different strategies then traders need to follow these 3 steps shown below so as to improve their trading. If you have not learnt about the lessons needed to start xauusd or you're looking for a course that provides these lessons then you as a trader can find these lessons on the learn section of this web site. You also can find strategies from the learn strategies section of this web site. After you have completed reading these tutorials traders can then follow these steps to improve their trading.

Come Up with a Plan

Traders need to plan their trading & to do this, traders will have to come up with a plan. Traders looking for an example plan can find one on this website, the lesson of writing a plan can be found in the learn lessons of this siteesite, this is the last tutorial on this learn courses section.

Use a Plan and Stick to the Plan

Traders should always use the plan they come up with to trade the online trading market. Strategy that a trader chooses should be well written in this plan and the trader should always follow the trade rules of this plan when deciding when to open and close trades.

The xauusd that a trader will be trading will also be specified within this plan, the xauusd chosen will be the xauusd that are best fitted for trading based on the trader’s gold strategy.

The plan will also specify which chart time frame that the trader will be trading with, whether the online trader will use the minute trading charts or hourly charts. The chart time frames used will depend on the xauusd trader trading style. A scalper will use the 1 minute trading charts, a day trader might use the 15 minutes trading charts and the swing trader might use hourly charts.

The plan also will set the take-profit targets for each trade as well as the stop loss order for each trade. Once a position is open then a gold trader will close their trade once the take profit level is attained or once the stoploss order level is attained. By sticking to this method of closing trade positions at pre decided levels will ensure that the online traders will be more successful because they will have determined the points to close trades before opening the trade.

The plan will also include money management rules that the trader will follow. For illustration a gold trader should follow the money management rule that specifies that they should not risk more than 2% of their equity on any 1 single trade. The money management rules tutorial can also be found on this web site on the learn tutorial section under the key concepts topics.

If as a trader your chosen strategy is to use automated strategies & EAs then these automated strategy should be specified on your plan. Whatever system you decide to use as a gold trader, write it in your plan & stick to trading with that strategy.

Traders should also avoid emotions of fear & greediness when trading in the trading market. The plan will help traders plan their trade positions and this way traders won't make trades based on their emotions. A plan will help one set clear goals when trading and at the same time will help traders to stay organized thus ensuring the traders become more successful when trading in the market.

Trade with The Trend

Traders should always ensure that they open trades in the direction of the trend. The market trend is the general direction of the market prices and this direction can be upward or downward. Once the trends start and begin to move in a particular direction market will continue to move in that direction for quite some period of time because the trends will have gained momentum that will keep pushing prices in the direction of the trend.

This is why traders should always open trades in the direction of the market trend so as to trade in the direction that has momentum & this way traders can improve their chances of being successful when trading the online market.

Trader always have a saying in the market - The trend is your friend - which means that traders should always trade in the direction of trend and never open a trade against the trend. This is because the most reliable method of trading xauusd, and not just xauusd even stocks & other trading instruments is to follow the trend & only open trades in the direction of the trend.

The different techniques of determining the direction of a market trend & to do this trader should use trend lines or moving averages or Bollinger band indicator.

Maintain a Trade Journal To Keep Track of Your Results

Traders should always keep a journal and write down all trades that they open in this journal, they should write why they opened each trade, when they closed the trade and also the amount of profit or loss generated from that trade position.

After a while traders can then review the trades they have made try and look at why the losing trades made a loss & why the winning trades were successful and after that they can then try & do more of what makes them successful and less of what is making them to open losing trades & that way keep on improving on their gold strategy.

As a trader if you don't maintain a journal you might continue making the same mistakes again & again without even knowing, but if you keep a journal and keep reviewing this trading journal from now and again that way then you give yourself the chance to identify the mistakes which you make in trading from reviewing your trade journal.

Once a trader gains some experience in the market & start to recognizes the successful patterns from their winning trades they can then use this info to identify the setups that will have more probability of producing winning trades & this way they can then continue to improve their xauusd.

Study More Tutorials and Lessons:

Trade Forex Trading

3 Steps to Improving Your XAUUSD

Come Up with a Plan

Trade with The Trend

Maintain a Trade Journal To Keep Track of Your Results