Learn Gold Trading Basics of Trading Strategies

For traders wanting to use trading strategies to trade the xauusd market there are a few other basics that a trader should know that will help to make the trading strategy being used become more successful.

After a trader has learned about technical analysis of indicators & the analysis of gold charts, a trader will need to come up with a strategy. The trading strategy that a beginner trader uses can be based on the following most oftenly used trade strategies in Gold.

A trader can learn about basics of how to come up with a trading strategy by learning from the above examples trading strategies.

Once a trader has come up with their gold trading strategy, they should also include the following so as to make their gold trading strategy more successful.

1.Gold Trading Money Management Rules

2.Gold Trading Psychology

Gold Trading Money Management Rules

Gold trading money management guide-lines should be part of your strategy - these rules will help you as a trader to manage risk. This means that you will use the 2 rules of gold trading money management - these are risk reward ratio & drawdown reducing method when placing your trades to determine the lot size that you will put in the gold market. The most popular gold trading money management rule use in xauusd trading & the one that you should also add to your trading is the rule that says that a trader should never risk more than 2 % of their account equity on any one single xauusd trade.

To learn about these 2 gold trading money management guidelines traders should read the gold trading money management course that is on the learn gold trading courses section of this site under the gold trading key concepts lessons.

XAUUSD Trading Psychology Mindset

In order to become successful when trading the xauusd market a trader has to learn about gold trading psychology. The gold psychology or mindset that is required to become successful in gold trading is one that avoids the emotions of fear & greed while trading & is a mindset of total discipline that the trader will follow all their trading rules & their gold strategy and only trade with signals which are generated by their strategy. With discipline a trader will not trade unless their trading system gives a trading signal. A trader will have the mindset of only following their gold system 100% all the time without second guessing the system. A disciplined trader will also not place trades in xauusd market just because the xauusd market has started to move upwards or downward, instead a trader will wait for a signal to trade to be generated by their gold trading strategy.

In order to study more about gold trading psychology & how to manage emotions while trading the xauusd market a trader can read the gold trading psychology lessons from the learn gold trading courses section of this site under the gold trading key concepts courses.