Written Example Gold Trading Plan Template

trading plan checklist - the following is a template examples of a gold trading plan template example:

JUSTIFICATION

1. Gold Trade IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS

• Businesses that are successful always start with a plan.
• Successful business planning will lesson you to success, think of gold trade plan as a map: it is a constant reminder of how you'll consistently pull profits from the xauusd market.
• Difference between a successful trader & a losing gold trading one is the gold trade plan.

2. TO KEEP ME IN THE RIGHT DIRECTION when Trading XAUUSD

Consistency is important in your trading routine to measure how successful you are.

Keep you on target, read the gold trade plan every day and stick to its rules.

When it comes to your plan you should think of it as a map that shows you this is what you follow, it should have clear guide-lines which specify when you open or close a trade.

Your gold trading plan should cover all aspects of gold trading, you should read the gold trading plan every day until it is on your fingertips so that when you are transacting on the fast moving market of gold trading you will always know what to do in every situation.

Your gold trading plan can be as simple or as complicated as you like, but most important thing is that you have one. By having a one you have an advantage over the xauusd market, you'll have better chances of making a profit than those who do not have one.

This gold trading plan checklist tutorial topic provides with an example gold trading plan template which you can use for creating your own gold trade. By now you've already written down the justification part of your gold trading plan template, If not get a pen and paper & write the justification part. Next we shall look at how to write the system.

Gold plan is one of the secrets which can help you to improve your trading profits. A good gold trading training guide like this one should show you how to come up with one using a gold trading plan template which you can use as an example to develop your own gold trade plan.

One of the most common question is, Is Gold profitable? one of the methods to make it profitable is to have a good plan.

IF YOU HAVE A GOOD Gold Trade PLAN AND YOU'RE DISCIPLINED ENOUGH TO STICK TO ITS TRADING RULES When Gold Trading, YOU WILL BE SUCCESSFUL.

GOALS OF THE TRADING SYSTEM

1. Ability to IDENTIFY A TREND AS EARLY AS POSSIBLE .
2. Ability to AVOID WHIPSAWS .

The gold trade system should find a compromise between the 2 Goals,

Find a way to identify a gold trend as early as possible but also find ways to help you distinguish fake whipsaw signals from the real ones.

FUNCTIONS OF EACH INDICATOR

MA - Identify a new gold trend as early as possible.

MACD - Identify a gold trend as early as possible.

Determine strength of a continuing trend.

RSI - Swing failure to confirm the start of a new xauusd trend.

Extra confirmation tools to help determine the strength of our xauusd trend.

Parabolic SAR - Help to ensure that we aren't caught up on the wrong side of the trend.

Gold Trend Lines - Signals a reversal when the line is broken

Gold Price Action Signals - confirm the weakening of a trend.

Bollinger Band - for xauusd price action study

To learn more about each indicator & how these indicators can be used to generate trading signal setups you can go to XAUUSD Indicators Section

TRADING CHART TIME FRAMES

• Main timeframe is the 1H.
• Signals are generated on 15 minutes time frame.

15 Minute Charts

• Gold Trend Lines (Support and Resistance)
• 5 and 7 LWMA
• RSI (14)
• Bollinger Bands (20, 2)

RULES

LONG ENTRY

Entry

15 Minute Charts

1. Both MAs are moving UP
2. MACD Above Zero Centerline (Not MACD moving UP)
3. RSI >-> 50
4. Parabolic SAR is below the xauusd price ( Support )

When signal is generated on the 1 Hour Gold Chart, use the 15 min chart time frame to open and close positions.

LONG EXIT

1. RSI gives opposite signal
2. Gold Price breaks Support Gold Trend Line
3. Parabolic SAR is hit (Trailing Stop)

RULES

SHORT ENTRY

Entry

15 Minute Charts

1. Both MAs are moving DOWN
2. MACD Below Zero Centerline (Not MACD moving Down)
3. RSI <-< 50
4. Parabolic SAR is above the xauusd price ( Support )

When signal is generated on the 1 H chart, use the 15 minute chart time frame to open and close trade transactions.

SHORT EXIT

1. RSI gives opposite signal
2. Gold Price action breaks Support Gold Trend Line
3. Parabolic SAR is hit (Trailing Stop)

ROUTINE

1. Signals are generated using 1H xauusd chart time frame and executed using the 15 minute chart time frame.
2. Trading signal to be executed immediately trading rules are met.
3. Entry alert trading signals should be executed during daytime.

TIME OF DAY TO WATCH MARKET - MARKET HOURS

Watch market during daytime when most companies and online gold brokers are open for trades. Use this to come up with a suitable program.

Example Trading Plan Template

Tips - You can use the MetaTrader 4 Gold Software to save this as a gold trading template that way you do not have to lay it afresh every time you open a new xauusd chart. If you want to learn how to save a gold trading plan template on the MT4 platform, read: MT4 Gold Trading Software Tutorial Guides.

Gold Money Management

• Day trading - Low risk High return method
• Trade when I have a high risk:reward ratio 3:1 or more
• Stop loss = Parabolic SAR

• Set Take-Profit target 40-60 Gold Trading Pips
• Never transact beyond Three % of account equity
• Never risk more than 2% on one gold trade transaction

Gold MINDSET/PSYCHOLOGY

• Trade without Trading Emotions (greed, fear, impulse, bias, anticipation, over-excitement)
• I trade what I see not what I feel.
• I will be patient.

My job description is not to be the gold trading system!

It isn't to decide which signal looks promising.

That is the job of my gold system - that has a set of gold trading rules which tells me this is what I follow. Don't get caught up in xauusd price action & make trading rules as you go along.

MY JOB DESCRIPTION IS

To sit patiently and wait for my gold trading strategy to show that it is time to enter or it is time to exit. And then with great focus I execute the gold trading plan as outlined.

Taking trades not indicated by the gold trading system, second guessing it and not taking trading signals given, hesitating and getting in late, anticipating and getting in trades early are all common place & boil down to a lack of faith in trading plan & not having a burning focus on accurate trade execution.

GOAL: To have 100 % undivided focus on mastering my ability to execute my Gold rules accurately.

More you cultivate your ability to step back from xauusd price movement and watch the xauusd market dispassionately, waiting for a gold signal, the easier it will be to witness the fluctuations of your emotions without you getting sucked into them and allowing them to throw you off your trading game.

WEAKNESS

1. I am greedy.
2. I over-trade
3. Make a list of all your weaknesses that are interfering with your trading. This is the first step to help you to overcome these weaknesses. Use Gold psychology to help you to overcome them.

Note: by joting down your weaknesses you will start recognizing them as you make progress, once you do this you'll begin to avoid these trading mistakes and your trading results will improve.

GOALS

• To focus on exit just as much as I do on entry trading signals.
• Always protect my account using stop loss, gold money management strategies, follow with the gold trend direction & always following the trading rules of my gold strategy.
• Never second guess or go against my trading strategy. To always keep up my discipline.
• Follow all the guide-lines of my gold strategy and never break them.
• Transact fewer times & execute all my signals correctly. Trade what I see, what the system + xauusd charts are telling me.
• Sit patiently and wait for signals from my strategy.
• Achieve consistent gold trading results before opening a live xauusd account.

FOLLOW THIS Gold SYSTEM

This is the most important part of creating the gold trading system.

Always follow the trading rules

Stick with the trading rules

Be disciplined and patient enough

Gold Trading JOURNAL

Log all my trade transactions in a gold trading journal so as to track my training progress and improve my gold trading execution methods.

This gold strategy uses momentum to determine the xauusd trend.

Even if you are new to gold market & you don't know how a gold trading system looks like, this gold trading system template example illustrates to you how a gold strategy should look like, the Gold tutorials explained in other sections of this training website will also explain further different aspects that you need to learn.

Hence, the objective is to help you create your own complete gold trading strategy that is if you are looking for one, by showing you one that's already complete. In fact you can just use it as it is, or make a few adjustments so that it suits your gold trading style.

Aim is to help you improve your gold trading results by using a gold trading plan, and another advantage is that this gold trade plan will offer you a chance to improve your knowledge and it will help you improve your gold trading results and help you make pips when xauusd trading and keep them so that you do not keep giving them back to the xauusd market.

Read this gold trading plan training tutorial about developing a gold trade plan of your own, along with learn gold trading tutorials & gold trade strategies listed at the tops of this learn gold lesson web-site.

The Most Beneficial part of using this gold trading plan template is the "Gold Trade Money Management Part" you'll learn how to trade gold and minimize risk, which is the most important thing when it comes to trading the xauusd market.

Gold Trading Plan Checklist - How to Develop a Trading Plan in XAUUSD - Gold Trading Plan Examples - Gold Trading Plan Doc