Trade Forex Trading

Gold Price Action Strategies

A trader must develop a trading system which they follow when trading the market. A trader must have the discipline to stick to the trade strategy at all times. That is why it's better to come up with trade strategies that are simple - profitable trading systems will be a lot easier to follow and stick to. This is because a xauusd trader knows that by following the rules of their trade system they'll be successful.

A carefully designed strategy that has been back tested and proven to generate profitable trading results is one of the factors to becoming successful when trading the market. This type of strategy will make it easier for the trader to follow the system rules of their strategy because already they know that the trade strategy is profitable, therefore keeping up the discipline required to continue following the system will be much easier.

Successful gold strategies also will include:

1. XAUUSD money management principles

2.XAUUSD Psychology Mindset

These 2 will greatly improve the success of any system.

However, Let us look at price action strategy before expounding on money management and psychology.

Price Action Strategies

Price action is the use of trading price movements to determine when to buy or close trades. Price action will use the study of xauusd chart patterns which form time and time again and these chart patterns can be interpreted in various different ways. The trader will use this pattern to determine the likely market direction which the market is likely to take next based on the price chart patterns that have been formed on the trading charts.

In price action traders may use different methods to generate trading signals from the chart set-ups. Some of these methods are:

Candlesticks trading patterns - a trader might use the study of Japanese candle chart formations and setups which is the study of different candle formations and setups along with how to interpret these candlesticks formations. A candle pattern may consist of only one candle or a multiple of xauusd candlesticks. To learn and know more about candlesticks patterns traders can find these candle chart patterns tutorials on the learn tutorials of this web site under the analysis concepts.

Support & Resistance Areas - traders can use price action and combine this price action with support & resistance zones. One will wait for price to hit the support level to open a buy trade and wait out for the price to touch the resistance level to open a sell gold trade. The concept of trading major support & resistance levels is a very popular method in xauusd. For example in a upward trend a trader may wait & only open buy traders when prices hit support zones - at the same time a gold trader will tp order once the price hits a resistance zone and then wait for another pull-back to open a buy trading again.

To learn & know more about support & resistance levels traders can find these tutorials on the learn tutorials of this web site under the analysis concepts.

Trend lines - traders also can use trend lines to determine price action direction or the trend. For an upward trend-line that shows the market is trending up a trader will open buy trade positions once trading price touches/tests the upward trend-line. For a downward trend that shows the general market direction is downwards a trader will open sell trade positions once the price touches/tests the downwards trend-line.

To learn & know more about how to trade with trend lines traders can find these tutorials on the learn tutorials of this web site under the analysis concepts.

Gold Chart Setups - xauusd chart patterns is different from candle patterns, these are 2 various methods of trading analysis, and traders should learn more about patterns in the tutorials section of this website under the analysis concepts.

Chart patterns is the study of a formation of several candles over a time period. These setups are consolidation trading patterns, xauusd trend continuation patterns and market reversal xauusd patterns. Traders can use the study of these patterns to determine the next likely market move.

XAUUSD Strategy Tips

Once a xauusd trader has develop their trading strategy, they should also try and include the following to make their trading strategy more successful.

1.XAUUSD Equity Management Tutorials

2.Gold Psychology

XAUUSD Equity Management Guide-lines

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

To learn & know more about these 2 xauusd equity management rules, traders should read the equity management tutorial that's on the learn tutorials section of this website under the key concepts courses.

Gold Psychology Mindset

In order for one to become successful when trading the market a xauusd trader has to learn about psychology. The psychology or mindset that's required to become successful in xauusd is one that avoids the emotions of fear & greed while trading the market & is a mindset of total discipline that a trader will follow all their rules and their strategy and only trade with signals which are generated by their strategy. With discipline a trader won't trade unless their strategy gives and generates a trading signal. One will have the mindset of only following their trade system 100 percent% all the time without second guessing the trade system. A disciplined trader also will not open trade positions in market just because the market has started to move up or down-ward, instead a trader will wait for a signal to be derived and generated by their strategy.

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

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