8 Steps and Tips To Become A Successful Trader
Step 1: Get yourself a XAUUSD Trading e tutorial or training tutorial
Begin with a training course first so that you can understand the basics of trading as well as how the gold market works.
Step 2: Open a FREE PRACTICE DEMO account with a broker.
This is a practice account with which you can place paper trades & test your strategies before implementing them on a live account.
Step 3: Get a XAUUSD Trading plan
After you have gone through the training course, you will probably know how a xauusd trading system works and how to come up with a plan. This plan you should continue trading with it on your demo xauusd account. Practice it on the demo, Practice practice makes better.
Step 4: Demo practice for about a month until you get used to your system.
If you have not mastered your plan on practice practicing then you can open a live account & start trading the real market. Keep practicing until you have mastered your plan.
Step 5: Implement xauusd money management an XAUUSD Trading psychology
This is an important step and make sure you read XAUUSD Trading psychology tips and xauusd money management rules and implement these proper xauusd money management rules.
Step 6: Open a LIVE account
You should already be quite consistent in your practice when you reach this step. Move on to a standard xauusd account and open a well capitalized capital to increase your chances of profitability.
Step 7: Increase your Profits
Increase your lot size slowly as your skills improve. You might want to increase it when you have 30% returns on investment in your account. Refer to the xauusd money management rules and learn how you can keep increasing your lot size.
Step 8: At this point in time you are a successful trader if you are making consistent profits every month.
You do not have to be an institutional trader to be successful. And then you can begin planning and considering to be a full time XAUUSD trader from here onwards.
The above steps may sound easy but they are not easy at all. So you really have to focus on the learning, discipline, psychology, and xauusd money management sectors before you can be successful.
5 Steps to Starting
Previously online xauusd used to only be available to big corporations and the very rich individuals. It is in the online xauusd market that investors & other participants buy and sell xauusd trading instruments over an interbank network. The goal being to make money from the gold trading price movements.
The xauusd rate floated in the online xauusd keeps shifting every now and then. XAUUSD Prices keep rising and falling. It is a complicated way of placing trades for beginners, but for those who have learned and have experience in XAUUSD, it is a great way to earn money.
You may want to begin xauusd because you also want to earn profits from these movements while you do other regular things you do. You may be envious of your rich friends who are making money even though they do not seem to work for it. Understand that you can also start to take advantage of this opportunity, but you have to follow these simple and very important steps to pave your way to success.
1. Research about XAUUSD.
Find guides and web sites to learn how the xauusd market works. Do some research & exploration - get tips from those who have had their success. Learn from their experiences & adopt their xauusd trading strategies.
2. Start with a Demo Account.
Starting with a practice xauusd account will help you to learn the working of the xauusd market without risking any money. With a demo you will be able to plan and test your strategies for free.
3. Plan your gold trading strategy.
Just like a soldier, you cannot fight a war without a weapon. Your weapon in trading is your plan that you are going to make. Creating a plan which will ensure you start to make a profit using your gold trading strategy.
4. Follow your plan.
Do not go against your xauusd strategy. You have already picked the tools in your plan. Stick to your plan and do not deviate from this plan as it will not work to your favor if you don't follow it. Be patient and follow your plan.
5. Keep doing what works.
If you're satisfied with how your trading develops & start making a profit, then you should keep things the way they are without changing anything. You may be tempted to try another strategy but if the one you've is giving you profit keep it & follow it. Don't forget to keep a journal to track your progress.
Top 5 Strategies
The 5 strategies which are key to your successful & can turn your trading around within no time, and if you really want to be successful you need to begin implementing them.
If you have spent a long time learning, then you might know some of these tips, these 3 tips if you stick to them can improve your results but most beginners will lack the discipline to follow them.
These are the rules that you must master - the rules below when combined with a good xauusd trading system will yield good results.
Gold Money Management - xauusd money management is about controlling your risk, so that after several transactions you are making profits because you have applied the correct xauusd money management rules.
Good Risk-Reward Ratio - a good risk reward is about 3:1 or 2:1, if it isn't, then the rules of statistics will put you at low odds of ever making money, stack the odds in your favor for every dollar you risk make sure you have the potential of making 3 times so that you your net is a profit and not a loss.
Capital - Begin with enough capital, if you are going to be standard lots make sure you've at-least 50,000 dollars to begin with, but don’t start with 5K dollars & open 1 contract the math will not add to your favor.
Discipline - Have the discipline to wait for your system to generate the signals, don’t open a position because you see that the gold trading price is going up or down wait for a signal from your system. Even if it is tough to wait around for a good set up, but not having the discipline to wait for a signal will eventually make you not profitable, so learn to sit and wait for signals from your system
Strategy Planning - You must plan your xauusd strategy in advance, this the time when the most objective analysis is done. What most investors get wrong is the fact that even though they planned their strategy when in the xauusd market they don’t follow this. This one tip alone can improve your Profits.
