Counter Trend
A trader must come up with a silver trading strategy which they stick to when trading the online xagusd market. A trader must have the discipline to follow the rules of their silver strategy at all times. That's why it is better to come up with trading strategies which are profitable - profitable silver trading systems will be much easier to follow & stick to. This is because a trader knows that by following the rules of their silver system they will be successful.
A carefully designed strategy that has been back tested & proven to produce profitable results is one of the keys to becoming successful when trading the xagusd trading market. This type of strategy will make it easier for silver trader to follow the rules of their silver strategy because they already know that the trading strategy is profitable, therefore maintaining the discipline to continue following the silver trading system will be much easier.
Successful silver trade strategies will also include:
1. Silver trading money management guidelines
2.Silver Trading Psychology Mindset
These two will greatly improve the success of any xagusd trading system.
However, Let us look at xagusd trading price action strategy before explaining more about silver money management & silver trading psychology.
Counter XAGUSD Trend Strategies
Counter silver trend strategies are best used to place trades on major resistance and support areas where xagusd trading price is likely to reverse. These are the support and resistance levels where xagusd price has not broken before.
However, this strategy isn't the most reliable silver trading method because trying to catch the xagusd trading market top or the xagusd trading market bottom is not the best strategy as the silver trend may continue to move in the original direction of the silver trend for quite some time.
This strategy should therefore only be used to trade silver that rarely silver trend. Silver traders can draw support and resistance levels of the xagusd trading price range and they will then use these levels to open trades - traders will open buy xagusd trades at the support level and traders will open sell xagusd trades at the resistance level. For a range bound market the xagusd trading prices will keep bouncing off these points and the traders will open trades and keep trading these xagusd trading price bounces.
Silver Trading Strategies Tips
Once a trader has come up with their silver trading strategy, they should also include the following in order to make their silver trading strategy more successful.
1.Silver Trading Money Management Rules
2.Silver Trading Psychology
XAGUSD Trading Money Management Rules
Silver trading money management guidelines should be part of your silver strategy - these rules will help you as a trader to manage risk. This means that you'll use two rules of silver trading money management - these are risk:reward ratio & draw down reducing method when placing your xagusd trades to determine lot size that you'll open in xagusd trading market. The most popular silver trading money management rule use in xagusd trading and one that you should also add to your trading plan is the rule that says a trader should never risk more than 2% of account balance on any one single xagusd trade.
To know more about these two silver money management guidelines, traders should read the silver trading money management tutorial that is on the learn silver trading lessons section of this web-site under the silver trading key concepts lessons.
Silver Trading Psychology Mindset
In order to become successful when trading the xagusd trading market a trader has to learn about silver trading psychology. The silver psychology or mindset that is required to become successful in silver trading is one that avoids the emotions of fear & greed while trading the xagusd trading market and is a mindset of total discipline that a trader will follow all their rules and their silver trading strategy & only trade with trading signals that are generated by their silver trading strategy. With discipline a trader will not trade unless their silver trading strategy gives a signal. A trader will have the mindset of only following their silver system 100% all the time without second guessing the xagusd system. A disciplined trader will also not place trades in the xagusd trading market just because the xagusd trading market has started to move upwards or down, instead a trader will wait for a signal to trade to be generated by their silver trading strategy.
In order to learn more about silver trading psychology & how to manage emotions while trading the online silver market a trader can read the silver trading psychology tutorials from learn silver trading lessons section of this web-site under the silver key concepts tutorials.
