Example of How to Write a Gold Trading Journal
Gold trading journal will track all your trades in a gold trading journal. By following this simple, easy to follow gold trading journal writing tip, you can easily improve your gold trading results. Here is how you do it:
Step 1 - Write down WHY you're making a gold trade BEFORE opening a trade transaction on your xauusd journal.
Before opening a gold trade position, write in a gold journal the reasons why you are making the trade transaction. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the trading journal a few key reasons why you are making this xauusd trade.
Be honest with this xauusd trading journal. If you are honest, it will prevent you from making the biggest mistakes in your gold trading. If you see that you are making the gold trade because of anything other than a sound gold trading strategy. DO NOT MAKE THE Gold TRADE TRANSACTION!
If you make a losing gold trade, do not open another gold trading transaction immediately so as to make profits to neutralize the losses you have made, this is known as revenge gold trading, do not revenge against the gold market. Turn off the computer, take a walk, take a cold shower. Remember that you will never lose money which you don't put in. A winning gold strategy isn't only about how much you win, but how much you do not lose.
Step 2 - Write down how you'll exit the gold trade BEFORE making the gold trading transaction.
Do not get trapped with a great entry gold trading strategy without an exit strategy. Your gold trading strategy should have both great entry & exit strategies. One is useless without the other.
But you ask, Why bother? I know my gold trading exit strategy. Why do I have to write it down?
Well, the reason is this: humans are at best irrational, impulsive, and emotional creatures. If you have your gold trading exit strategy written down, you have a frame of reference when you exit a gold trade position. You will refer to your gold trading journal BEFORE exiting a gold trade. If you're closing a position for any reason other than your original gold trading exit strategy, you must ask yourself why?
Your gold trading journal will save you more money than you can imagine. It will prevent you from making impulsive moves, which is usually why people lose money in xauusd trading.
Step 3 - Write down why you exited the gold trade position.
This should be same reason that you wrote in step 2. If it is not, it is up to you to interpret it. The most common reason why traders deviate from their trading strategy is lack of discipline. Your gold trading journal will be looking back at you with glaring evidence of exactly why you are not a winning Gold trader.
Step 4 - How to Interpret the XAUUSD trading results
You must learn from your mistakes in gold trading. This is the best way for any trader to improve their trading profits. Everybody makes mistakes, but great gold traders are able to learn from them & not repeat.
And best way to learn from your mistakes is to document them in a xauusd trading journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began gold trading online.
This information cannot be found in any book or seminar. Your gold trading journal is personal and is uniquely you. Your personality will determine the type of gold trader you'll become, and will also determine the type of mistakes you'll make.
Not only does your gold trading journal highlight your weaknesses, it will reveal the gold trading transactions that are most profitable. After a little while you will see the type of gold trade setups that make you the most money, and a gold pattern will emerge. Don't let this data on your journal go to waste.
You should do every effort to understand why those gold trade transactions went well and try to replicate it as often as possible. Profitable gold traders know their strengths and weaknesses. They play on their strengths & try to minimize their weakness.
Do not get lazy and forget to write in your gold trading journal. Documenting your thought process is the fastest and surest way to get better at gold trading. Do this consistently, and you will learn more about your habits than you can imagine.
Your gold trading goal is to spot & break the bad habits as soon as possible. If you notice that you always hang on to a losing gold trading transactions too long, you should do everything in your power so as to prevent this from happening again.
Summary
Your gold trading journal is gold. It contains a wealth of information that will play a vital role in your success as a gold trader.
We urge you to use it for atleast one month. If it has not helped improve your gold profits in thirty days, then feel free to stop.
But be sure to try it before deciding not to. It might be just the gold trading tool needed to push your gold trading to the next level to becoming a successful trader.
