How to Write a Trading Plan Example

The plan is the systematic approach to xauusd which controls all aspects of the trading.

If you trade, you need a plan template if you want to become a consistent winner and to be able to make decisions fast & accurately.

Each plan template will have its own xauusd rules that have been set sets describing entry and exit signals. The rules set for each system are converted into simple to follow instructions or a xauusd checklist template that the trader can easily follow.

This gold checklist template will direct the whole trading process of trading - controlling the timing of the trade entries and exits ( system), the value of opened trades relative to the account equity balance ( money management system) and the emotional state of the trader (emotion management system). The resultant trade details and particulars should be recorded in the journal log and later studied for the ideas on how to improve each of the trade systems.

Trading is commonly compared and analyzed to a business. If xauusd is business then the plan is your business plan which should be prepared before you start trading with the real money. Better you prepare this plan - xauusd checklist template, the more success you as a gold trader can expect to achieve in real xauusd.

Gold Plan Template

To write a good xauusd plan, you'll need a good xauusd plan template that as a trader you as a gold trader can use to create your own xauusd plan. But before you download the plan, here is an explanation of the various xauusd plan xauusd checklist sections that your plan requires to have.

JUSTIFICATION

This part of your plan will write why you require a plan, one of the reason is that xauusd is a business.

XAUUSD TRADING SYSTEM

This is the plan part where you include your system. In this section you'll write the indicators to trade with, then you'll write the system rules that you will generate the signals with.

For more guides about systems

XAUUSD Trading Systems

How to design Systems

How to Write System Rules

Generating Signals

Tips for Systems

XAUUSD Trade Journals.

TIMEFRAME

This is where you specify which is the main chart time-frame that you'll be trading with.

Types of Traders - Day Trading & Swing Trading

TRADE ROUTINE

This is the part as a trader that you have to specify the time when you'll be trading the market and when you generate trading signals & how these trading signals should be generated. For example:

Signals are generated using 1H chart time=frame.
Signals to be executed immediately the trading rules are met/matched.
Entry signals should be executed during the day-time.

TIMELINE OF DAY TO TRADE THE MARKET

Watch market during daytime and trade only during the best hours

MONEY MANAGEMENT

This is the part where as a trader you will specify the money management rules/guidelines that you'll follow, for example:

Intraday trading - Low risk High return method
Trade when I have a high risk : reward ratio 3:1 or more
Stoploss = Parabolic SAR

Set TP Order target 100 Pips
Never trade beyond three % of trading account balance
Never risk more than 2 % on one trade

To learn and know more about money management

MINDSET & PSYCHOLOGY

This is the part you specify about your psychology rules

Trade without Emotions (greed, fear, anticipation, impulse, bias, overexcitement)
I trade what my eyes see not what I feel.
I will be patient.

My job description isn't to be the trade system!

It is not to decide which trade positions looks promising and which one does not.

XAUUSD Psychology Rules & Tutorials and Lessons:

WEAKNESS

By writing down your weaknesses you will start recognizing them as you trade, once you do this you will start to avoid this mistakes and your will improve.

For Example

I am greedy.
I overtrade
Make a listing of all your weaknesses which are interfering with your trading. This is the first step to help you to overcome the weak-nesses. Use trading psychology to help you as a trader to overcome them.

GOALS

Write the goals you want to achieve with your plan

·To focus on exit just as much as I do on the entry.

·Always protect my trading account using stop loss order, equity management methods, trading with the trend and always following the rules of my system and plan.

·Never second-guess or go against my system.

FOLLOW THIS SYSTEM

This is the most important part of making the trade system.

·Always follow the rules

·Stick with the rules

·Be disciplined and patient enough

JOURNAL

Log all my trade positions in a journal so as to track my progress. Record your Trades on a journal to track the progress of your trading.

How to Write a Journal

More Tutorials:

Trade Forex Trading

How to Write a Trading Plan Example

Gold Plan Template