Gold Trading Psychology & Risk Management PDF
XAUUSD Trading Psychology Articles
When it comes to gold trading as a beginner trader you will need to execute your xauusd trades like a professional gold trader, without any emotions when trading, or without being influenced by xauusd price movement not that when the price has moved up so much you decide that you now need to open a buy gold trade because the upward xauusd price move has really moved a lot pips.
So to trade gold like a professional gold trader - as a beginner trader you need to transform your trading gold psychology. To transform your trading gold psychology then you will require to write down the gold trading psychology rules in your gold plan which you will follow when xauusd trading.
The gold example illustrated and explained below shows how to write the gold trading psychology rules
Gold Psychology & Risk Management Tutorial
- I Trade without Emotions (fear, greed, anticipation, bias, impulse, over-excitement)
- I trade what my eyes see on the xauusd charts not what I feel.
- I will be patient when trading.
My job is not to be the gold trading system!
It is not to decide which xauusd trades looks promising.
That is the job of my gold trading system. My gold trading system has a set of gold trading rules which tells me this is what I follow. Do not get caught up in xauusd price action movement and make gold rules as you go along.
MY JOB DESCRIPTION IN Gold TRADING IS
To sit patiently & wait for my gold system to indicate that it is time to enter a trade or it is time to exit a trade. And then with great focus I execute the gold trade as planned on my gold trading plan.
Taking xauusd trades not indicated by the gold trading system, second guessing the xauusd system & not taking xauusd trades given by the trading system, hesitating and getting in to a gold trade late, anticipating and getting in to a gold trade early are all common place in xauusd trading and boil down to lack of faith in the xauusd system & not having a burning focus on accurate execution of xauusd trades.
Gold TRADING GOAL: To have 100% undivided focus on mastering my ability to execute my gold trading system accurately.
As a trader the more you develop the ability to step back from xauusd price movement & watch the gold market dispassionately, waiting for a gold signal to trade, the easier it will be to witness the fluctuations of your gold trading emotions without getting sucked into them and allowing these emotions to throw you off your gold trading plan.
By writing gold trading psychology rules like the ones above on your gold plan - then as a trader you'll start to follow your xauusd system & trade more like a professional gold trader would if the gold system you are gold trading with was to be automated.
The more you follow these gold psychology trading rules the easier it will become to trade the gold market without being influenced by the various xauusd market price movements.
As a trader always make sure that you're opening a gold trade because the gold rules of your trading system have been met and a gold signal has been generated and not because you have seen the xauusd price jump and so now you decide it is time to open a buy xauusd trade transaction.
By following rules a gold trading system then you will be able to trade gold more like a professional gold trader and follow the rules of your trading system & your trading results will improve.
Changing your gold trading psychology will not be a very easy thing and this is why as a beginner trader you must constantly make an effort to follow the rules specified in your gold trading psychology section on your gold trading plan until the time you master these gold psychology rules and you can trade the gold market without emotions & trade like a professional gold trader.
To learn more about gold psychology read the following gold trading psychology & risk management guides:
- Gold Trading Psychology Guide
- Gold Psychology and Risk Management Emotions Fear & Greed
- Gold Psychology and Risk Management Psychology Principles
- Learn Gold Trading Psychology & Risk Management Psychology
Gold Trading Psychology for Gold Traders - Gold Trading Psychology Lesson - Gold Psychology Articles - Gold Trading Psychology Books.
