Trading Account Demo Account
Learning Gold using a practice account is the best choice for traders. A demo account provides a beginner trader with a practice environment where a trader can test their strategies. The demo account provides virtual funds to beginner traders so that they can learn about gold trading without losing real money or risking their own capital.
A demo account is provided by all brokers as a free service to beginner traders to help them learn about gold before they open a live account. Demo trading account helps traders to assess their performance and ascertain if they need more practice or to know when they have gained enough knowledge & experience of trading the online market and when they are profitable enough on their trading demo account they can then open a real xauusd trading account.
XAUUSD Account Demo Account
For a beginner trader is very important that they open a demo account and learn to trade with this practice practice trading account. This way a beginner trader will properly learn about the market without risking their own capital. The practice practice trading account is also provided free of charge by brokers and therefore traders can take advantage of this practice trading account to learn in a risk free environment. The demo account is also provided for an unlimited time and therefore a trader can take all the time that they need to practice when using this demo account - Trading Account Demo Account.
Practice practice account will be very useful when it comes to testing the trading strategy that a trader will be using when trading the online market. The trader will test their strategies & methods on their demo account so that they identify the areas of their system that they need to change so that they can improve the profitability of their strategy.
The trading strategy or system will be comprised of the following sections:
Traded
The first section of a strategy will specify the trading instruments that one will be trading. Xauusd traders should specify the instruments that are best suited for their strategy method.
Chart Time Frame
The trader will also have to specify the chart timeframe they will be using to trade with. For example a trader may find that the best chart time frame for their system is the 15 minute chart time frame and therefore they will specify their chart time frame as the 15 minutes chart timeframe.
System
This section of the trading strategy will outline and explain the trading system which the trader will be using to trade the market. This section will list the rules that a trader will follow when opening a buy or sell xauusd trade.
XAUUSD Psychology Mindset
This trading strategy section will specify the mindset that you will be following when gold trading so as to ensure that you become successful when trading.
Discipline - This will list that you will be disciplined enough to follow the rules of your system & gold plan. Discipline will mean that you'll be patient enough to wait for a signal from your trading system before opening a trade.
Trade Without Emotions - when it comes to trading the market you shouldn't let the emotions of fear & greed control you when you’re trading. You should always trade based on the rules of your trading plan.
A trader will use a demo account to test the various areas of their system & to determine the areas that require to be changed in order to improve the profitability of their strategy.
After coming up with best strategy that makes profit when used to trade the market on a demo environment - a trader can then open a real xauusd account and begin trading the online market.
This demo account will also help a trader to understand all about the online market and help them to know the trading basics and all the other advanced concepts which are required by the new beginner in order to make them successful when trading the online market.
Gold Tips for Successful Trading
One of the best ways to be successful in gold trading is to learn all the topics that explain what gold trading is, the trading basics and the trading key concepts that are required to make a trader profitable and practice these trading concepts on a Account Demo. A good learn trading website like this one has all the various learn trading tutorial lessons that can be found on the learn trading section of this site. By taking the time to learn all these learn trading tutorial lessons and registering for a practice account to learn the market with and gain the experience required to start trading then beginner traders will give themselves the best chance of becoming successful when they are trading the online market.
Other Tips in Gold Trading:
Online traders should also learn the following concepts when using a practice account to ensure their result continue improving to the point where they can begin to trade profitably.
Trade Without Emotions
Fear & Greed should have no place when it comes to online trading. Traders should use a demo account to learn how to avoid the emotion of fear & greed when trading the market. Traders should make their decisions based on their plan and not based on their emotions. Traders must control fear and greed by learning trading psychology principles. Traders should not become greedy & open large positions that might make them lose their money. Traders should reduce their risk in xauusd - and this way they can control their emotions of fear & greed.
Keep a Journal
Traders should keep a journal that will write & record their winning trades and losing trades. By keeping a written journal when practice trading - traders will learn how to improve their trading results. This way a trader can spot what factors in their results in winning trades & what factors in their results in losing trades and online traders can then improve their profitability by trying to avoid the mistakes that result in losing trades & try to improve on the successful trades.
By scrutinizing mistakes & successes from their activity - traders can learn what works and what doesn’t - and use this knowledge to improve their trading results.
Learn Money Management Rules
To become a successful trader - beginners must learn about money management rules, gold money management guidelines helps traders to manage their profits and learn how to protect their profits as well as how to protect the account balance in their trading account. Gold money management guide-lines will specify when a trader will close trade positions if the trades make losses and the rules will also specify when a trader will take profits when his open trades make profits. A trader can practice these trading money management guide-lines when trading on their practice demo trading account.
