Having a trading plan enforces us to be disciplined.
That is the reason I always try to have a trading plan for each of the instruments and currency pairs I’m trading.
It doesn’t have to be complicated, rather something simple, and easy to follow.
For instance, we all know gold tends to go up when there is economic uncertainty in the world. But it’s not like I’m going long right now, I need to find the right level and time to go long (with technical analysis).
So here is the short term chart:
So right now I’m waiting for the market to break the upper short term resistance level, because I know that once it happens, it is likely to continue its way up.
What do you think? Do you trade gold?