Learn XAUUSD 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 strategy being used become more successful.

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

A trader can learn about the basics of how to create a strategy by learning from the above example strategies.

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

1.Gold Money Management Tutorials

2.XAUUSD Psychology

Gold Money Management Guidelines

Xauusd money management rules should be part of your strategy - these rules will help you as a trader to manage risk. This means that you will use two rules of xauusd money management - these are risk reward ratio and drawdown reducing method when placing your trades to determine the lot size that you will put in the xauusd market. The most popular xauusd money management rule use in xauusd & 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 gold trade.

To learn about these 2 xauusd money management rules traders should read the xauusd money management tutorial that's on the learn xauusd tutorials section of this website under the xauusd key concepts lessons.

XAUUSD Psychology Mindset

In order to become successful when trading the xauusd market a trader has to learn about xauusd psychology. The xauusd psychology or mindset that's required to become successful in xauusd is one that avoids the emotions of fear and greed while trading & is a mindset of total discipline that the trader will follow all their trading rules & their xauusd strategy and only trade with trading signals which are generated by their strategy. With discipline a trader will not trade unless their xauusd system gives a trading signal. A trader will have the mindset of only following their xauusd 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 up or downward, instead a trader will wait for a signal to trade to be generated by their gold trading strategy.

In order to learn more about xauusd psychology and how to manage emotions while trading the xauusd market a trader can read the xauusd psychology guides from the learn xauusd tutorials section of this website under the xauusd key concepts lessons.